Set Financial Goals - Deepstash

Bite-sized knowledge

to upgrade

your career

Ideas from books, articles & podcasts.

Set Financial Goals

Set Financial Goals

A clear set of goals can keep you motivated and help you plan to reach it faster.

Have different goals for what you want to achieve in the next 3-months, 1 year and 5 years. This way you'll have some short and long-term goals to look forward too.

STASHED IN:

2.05K

MORE IDEAS FROM THE SAME ARTICLE

Get to working on improving your finances today, not tomorrow. Reading the steps and thinking you’re capable of doing it but postponing it is just an excuse, an unprofitable one.

In order to do this, you need to track your spending by either writing your purchases down or using a free personal finance app.

Take note of all your expenses, subtract them from your income and find out how much you have left per day, so you have a better idea how long it will take to reach your goals.

Act as if your savings account is a bill to pay, so you’re less likely to spend it. Automate savings transfers if possible.

You should have a savings account, but your money is depreciating if that’s your only investment - average savings don’t yield more than inflation.

You can't predict an emergency, but you can prepare for one. The best way to do so is to set up an emergency fund of 3-6 months of living expenses.

You don't have to sacrifice all of your free time to start a side hustle, use the time you’re comfortable with and make a little bit of progress every day. 

That’s the debt that's acquired through purchasing something that depreciates, something that's going to lose value and generate zero revenue.

Is debt acquired to purchase something that is going to benefit you financially in the future, usually with low interest. That means it's either going to generate income or allow you to make more money in the future.

Create a plan for your money so you know where it's going every month.

Credit card usage can lead to debt and the debt grows itself while unpaid. However, used responsibly, it's a good way to start building credit. 

Net worth is what would be left if you were to sell everything you own and pay what you owe. If you have a positive net worth, continue working to increase your net worth, but if you have a negative net worth, analyze your budget and plan how to increase it.

Talking about your financial goals, and scheduling time once a month to go over your finances together can prevent money from affecting your relationship.

666 Reactions

2 Comments

It's time to

READ

LIKE

A PRO!

Jump-start your

reading habits

, gather your

knowledge

,

remember what you read

and stay ahead of the crowd!

Takes just 5 minutes a day.


TRY THE DEEPSTASH APP

+2M Installs

4.7 App Score