This is about creating a budget, which is the most financial goal.

Family Funds and Financial goals

This is about creating a budget, which is the most financial goal.

financial
goal
creating
budget
savings

Zina Okoye

Post By Zina Okoye
1 year ago

A financial goal is a specific method in which you've for your savings/money.

here're many steps on setting up a financial goals like for example

1 making your aim/goal specific.

you need to meet your goal and set your goal accordingly, you might ask yourself how do I go with this.

2 Your objective must be quantifiable.

So you want to pay off your debt, okay. Now is the moment to choose a precise amount—something you can quantify to determine whether or not you achieved your goal.

Your ultimate objective should be to be debt-free in full (this is Baby Step 2), but it's a good idea to split that goal down into smaller pieces. You won't feel too defeated before you even begin in this manner.

3 Put a time limit on yourself.

Here's the thing: If your goals aren't time-sensitive, it's quite tempting to put them off. There are seven days in a week, and "someday" is not one of them, according to author Benny Lewis. Don't keep saying someday. You must set a deadline for yourself that is both acceptable and moderately difficult.

Returning to the student loan illustration, when do you hope to achieve your objective? You'll need to pay $1,250 per month if you want to pay off $15,000 in a year. Is this conceivable but also a little bit unrealistic? If so, good.

4 Ensure that these are your own objectives.

Let's have a brief discussion regarding comparison. It's simple to observe what other people are doing and assume that you ought to follow suit. Do your neighbors have the newest models of vehicles? Does that one gal who posts on Instagram usually go on fancy vacations? Hey, congrats to them! But, it does not follow that you must follow suit.

We are playing a game we can never win when we evaluate ourselves in relation to other people. Hence, be sure the financial goals you set are appropriate for you. In other words, you shouldn't take out a second mortgage simply because all of your friends are doing it for newly renovated kitchens. Put on your blinders, concentrate on your lane, and run the race in your own direction.

5 Publish your objective.

Did you know that writing down your goals will increase your chances of success? It's true what they say about writing things down helping you focus on the task at hand.

Now go ahead and write down your objectives. After that, attach them to your desk, car, or bathroom mirror. To make sure you see them right away when you pick up your phone, type them into the Notes app on your phone, take a screenshot, and set it as your wallpaper. You'll stay motivated and on track if you maintain your goals in plain sight.

There are more to be said on this, but if you have any other idea I would love to learn as well
Thanks!

1 comments

Oyaleke Afolasade

1 year ago

A budget is an indispensable tool for managing your money and keeping track of your expenses to ensure you don't overspend. A budget helps you prioritize your spending, meet your financial goals, and save for the future.

To create a budget, follow these simple steps:

1. Determine your income: Your income is the amount of money you earn. To make an effective budget, you need to know how much money you have coming in. Make a list of all your sources of income, including your salary, rental income, business profits, interest, and any other sources that contribute to your income.

2. Identify your expenses: Expenses are your costs or outflows of money. To create a budget, make a list of all your expenses, including rent, utilities, groceries, transportation, entertainment, and any other costs. You may use your bank and credit card statements to help you identify your expenses.

3. Prioritize your expenses: Once you have identified your expenses, prioritize them based on their importance. Fixed expenses are expenses that must be paid each month, such as rent or mortgage payments, utilities, and car payments. Variable expenses are expenses that fluctuate each month, such as groceries, entertainment, and clothing. Prioritizing your expenses will help you determine which expenses you can trim back on, if necessary.

4. Set financial goals: Setting goals is an essential part of budgeting. Goals help you stay focused on the big picture and keep you motivated. Make a list of your financial goals, such as saving for a down payment on a house, paying off debt, or spending less on eating out. Your goals should be specific, measurable, achievable, realistic, and time-bound.

5. Create a budget plan: Using the information you have gathered, create a budget plan that fits your financial goals and helps you prioritize your expenses. Allocate enough money to your fixed expenses first. Then allocate money to your variable expenses based on their priority. Finally, allocate money to your financial goals. Be sure to allow for unexpected expenses or emergencies.

6. Track your progress: It's important to track your progress and make adjustments as needed. Review your budget regularly, such as every month, to make sure you're staying on track. If you find you're spending more than you budgeted, adjust your budget and make changes to your spending.

In conclusion, creating a budget is essential in achieving financial stability and saving for the future. By following these steps, you can create a budget that works for you and helps you achieve your financial goals. Remember, organizing your finances takes patience and discipline, but the reward is worth the effort. Happy budgeting!