8 strategies to hit your financial goals

So you want to buy a house? Or you want to move abroad? Or you want to save for a distant goal i.e. retirement? All these financial decisions are possible with the listed down strategies plus if you will be financially disciplined, it will be much easy. If you find the term ‘goal’ as tough or scary then you can replace the word with “promise”. And you can promise yourself to accomplish all the financial goals of your life. Future is uncertain and risks are many and it’s all about saving vs spending and risk vs return.
1.Spend less money than you make: Always spend less than what you earn. This will help you lead a good lifestyle. Choose a budget and stick to it. Be financially strict and don’t waste money on unnecessary expenditures. When you spend less, it gives a scope for your financial health improvement.
2.Put visual reminders: Do you remember art and craft as a school subject? If yes, do make a scrapbook of how your future life looks like? You want a vacation? You want to secure your children’s future? What is it that you want? Make visual reminders on walls and keep reminding your years to come by. For ex- remind yourself how your life looks 20 years ahead…
3.Make an emergency funding: Set money aside for unexpected expenses. For example: medical bills, car repair, rent if you get laid off etc. Ideal safety net is between 3 to 6 months of expenses. Do some planning as plan is a trap laid to capture future. Making an emergency fund will make you more secure in life and you can also pay for them whenever the need arises.
4.Have a saving goal for yourself: Save for the rainy day. Make saving a habit for yourself. Try to save more than 15% of your paycheck. It is said that you sow, so shall you reap. So, sow well so that your future self is proud of yourself. Saving equals not spending and it will reap you returns in future when invested properly.
5.Research your investment options: What is that you want to save in? Mutual funds, SIPs, stock market, Gold, or Fixed deposits. Start researching about them from market and use various internet forums to gain knowledge about them. It’s about determining how much risk can you take vs return you get. For example: Gold has medium risk and medium return whereas Fixed deposits have less risk and less return.
6. Do a financial SWOT analysis- SWOT means what is the strength, weaknesses, opportunities, and threats related to your personal financial life. Take pen and paper and write them down. Talk to a financial planner or a chartered accountant, he will guide you and you can start knowing and implementing the finance-related decisions better in your life. For example- how much loans you have to pay, what are your expenditure areas, how much can you save from salary to buy a house for yourself etc.
7.Financially groom yourself- Go and buy membership of various entrepreneurship programmes. Financially educate yourself and see the difference. Talk to the mentors and angel investors and you generate better ideas for a better life. See yourself as financially successful person in the times to come. The time you invest in it will prove to be an asset.
8.Daily goal setting: This strategy requires setting the goals every single morning. What will you achieve today? To stay on track, measure your performance everyday. Break your goals into milestones and create a new financial reality. Just write your own financial script by visualizing and completing daily goals.

We have heard money doesn’t buy happiness. But to feel satisfied in our lives and to raise our economic status, it is required. Ok, let’s be strict with our financial decisions/goals.