By Rene Wardrop

Setting your financial goals is a lot easier than you think, too.

First you have to think about what you really want your financial goals to be. Getting out of debt needs to be the first step. If you are paying interest on one or more credit cards and have multiple debts, you are wasting potentially vast sums of money. Think of what that money could be spent on instead! Ah - your mind immediately went to exactly what it is that you really want, didnt it!

So theres your next financial goal. If it is large, you need to consider putting away a certain amount each pay until you get there. Heres the tip - never take out your savings last when budgeting. Take that amount out first and put it safely away. You can arrange for your bank to automatically pay it into an account which earns higher interest, and watch the savings grow! After a while you wont even notice the difference.

You may have a smaller financial goal, so whats the best way to achieve that? There may be something you can cut from your budget which will give you that income immediately - for example, a daily cup of coffee adds up to $40 or $50 a month - could that pay for your smaller financial goal instead?

In setting your financial goals, you need to know exactly where all your money currently goes, and how that can be spent more efficiently to achieve what you want.

Which in turn means that to set your financial goals, you need to be aware of your personal goals. For example, if you want to live in a nice house in the country with a hobby farm, you could be saving to purchase a house and possibly to do courses related to animal husbandry.

Financial goal setting is just the same as setting personal goals. You need short, medium and long term goals and they need to be achievable (and a bit of a stretch) so that they make you feel as though you have achieved something. Whats something you can achieve in two to six months? One to two years? Five years?

Goals dont need to be set in stone, but they do need to be a good indicator of where you want to go, do or be. Once you have them written down, you can modify and improve them.

So what are you waiting for? Go for it!

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