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How can I plan out my financial goals?




Planning out your financial goals can be extremely difficult for some. There isn’t any specific way to plan out your financial goals, and each person has a different way of planning.


Planning your financial goals can be beneficial in many ways. It can help you see the path ahead, and how you can reach your financial goals. Planning your financial goals can also help highlight other areas of your life such as; your spending habits, and expectations of financial markets among other things.


Whether you are fully set up with your financial planning, or if you need a little guidance and insight keep reading.


Step 1: Write it all down

Getting your financial goals on paper is key. When you have your financial goals written down you can begin to plan out the best strategy to meet those goals.


Having your financial goals written down will help you when you go to speak with a financial planner. They can see how you plan to reach your goals and might be able to offer insight into where you can improve your financial success.


There are two main ways you can write down your financial goals. You can use a bullet journal, or any journal method. Alternatively, a spreadsheet might work best for others.

Bullet journal method

The bullet journal method of planning your financial goals is simple. Take a notebook and use the first page or two to write down your financial goals. Use the following pages to write down your expenses, and what you have left over.


Assess your ingoings and outgoings and set a figure you can comfortably set aside for your goals. If you want to look at investing, speak to your financial planner to see what the best course of action is.

Spreadsheet method

Using a spreadsheet might be easier for those who prefer to keep things digital. In a similar way to the journal method, you would use each column to detail your goals. And then lay it out to include your expenses, if you are an expert with spreadsheets you can use formulas to calculate your totals automatically.


Step 2: Make notes on your finances

When you are planning out your financial goals, understanding your finances and where you are is essential. Make notes on what you spend and where, keep track of your spending and what bills increase or decrease.


Analysing your finances allows you to understand how your money is spent. This provides you with the insight you need to make the right decisions surrounding your finances.

Step 3: Set budgets

This might be obvious, but setting budgets is necessary in order to reach your financial goals.


Setting budgets doesn’t have to be restrictive, it is simply making you accountable for what you spend and where. Make a list of your expenses, and then look over past months spending. Set a budget for each thing you do and stick to it. For example, buying takeaway coffee is great. However, set a budget for only buying 2 a week. This allows you your coffees but also saves you the money that you may have spent on additional coffees.


Rinse and repeat your budgets and documenting your finances for each month. That is how you plan out your financial goals, one week or month at a time.


Financial planning is key to reaching your financial goals. If you need to speak to a financial planner consider Schofield. Our independent financial planners are chartered and have access to the whole financial market. This means we can find you the best solutions to help you achieve your financial goals. Speak to us today.



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