Wealth

Starting out

Starting out and wanting to embrace your freedom? Setting some goals is a great place to start!

Starting out

Starting out and wanting to embrace your freedom?

Set some goals, consider your habits, consider your options as you build your wealth.

Setting your goals

To find your financial freedom and stay on top of your finances it’s important to set some goals. Be clear on what is short, medium and long-term so you don’t feel overwhelmed. Next, think about what changes you need to make or habits you need to introduce to achieve these goals. Follow the steps below and download our Financial Goals Tracker, it’ll help you set and monitor your goals.

Short-term goals

Focus first on the short-term (next 12 months). What financial goals do you want to achieve that will set you on the right track? What changes do you need to make to achieve them. For example:

  • set a budget and stick to it - download a budget tracker app and be realistic about your inputs 
  • build a savings buffer in a separate account just for emergencies
  • consolidate your debt into one credit card that offers incentives and helps you pay off debt faster

Medium-term goals

Next, it’s time to start thinking about things you’d like to achieve over the next 2-5 years and the changes you can make now to achieve them. Be bold and dream big. For example:

  • buy a new car – consider starting a side-hustle and dedicate your extra income to saving 
  • purchase a home or investment property  - the bigger your deposit, the less of a burden your mortgage will be
  • if purchasing a property is out of reach, there’s lots of funds that invest in the property market to start off with

Long-term goals

Long-term goals can be 5 years or 25 years in the future - this really depends on where you’re at in life and how comfortable you are with planning ahead. When planning for the long-term, seeking expert advice from a financial adviser is an important step because getting the right financial advice early on can put you on the path to financial wellbeing sooner. Examples include

  • pay off your home - making extra repayments on your mortgage can cut your loan by years
  • plan for a once in a lifetime trip - boost your holiday savings by saving your money in an account that offers a high-interest rate return
  • looking for a career-break, reduce your working hours, study or even retire early - use your living expenses today to predict what they’ll be in the future and to save for the lifestyle you want