Setting Financial Goals

financial goals

I’m sure many of us feel like there is no money left after we have paid our rent, bills or student loan repayment. Fear not as this will not be long-term!

Setting financial goals is the first step in order to get yourself on track, no matter what stage you are at in life. You may be a graduate, entrepreneur, student, teenager – it is never too late to set yourself goals in order to be financially stable.

Take an hour, even 30 minutes out of your day to sit and think about things you are trying to achieve that involves money. This could be buying that purse or bag you’ve had your eye on for the last 6 months, the opportunity to travel multiple times throughout the year or that apartment you want to move into.

Here are our top 5 tips for setting financial goals both in the short and long term:

1. Focus on eliminating any debt 

Focus on eliminating any debt you may have – this can include a student overdraft from university, credit card bills, an IOU outstanding with a friend/family. Once outstanding debt has been reduced, this open an opportunity to improve your finances. Also, ensure to budget in order to cut unnecessary expenses.

2. S.M.A.R.T 

Make sure your goals are SMART. They need to be sustainable, measurable, attainable, realistic and achievable within a personal deadline. This shows that you are in control and conscious of how important these goals are to you. An example of this could be: “I want to save £300 per month by the end of 2016 to put towards my first home”.

3. Keep it simple 

Do not over complicate your goals. Ensure that your short and long term goals are differentiated, although they may overlap and further do not make them complicated so that you do not take them seriously or they do not stay in your mind clearly.

4. Pension plans

Retirement may be far away but it’s never too late to save for it. By the time our generation reaches 50, state pensions may not be the same due to the ever-changing government. This means that we should consider the importance of saving for the late future, to ensure that upon retirement we do not have to work endlessly into our 70s like some of our parents may have to do.

5. Priorities

Prioritize your goals in order of importance. Consider which are a priority to you whether it be clearing your debt, travelling or saving for emergencies. This will help you understand which of your personal financial goals needs to have better focus.


Please share your financial goals with us! Here at Refined Currency, we encourage our fellow working and studying women to take ownership of their finances; in order to preserve their futures and build foundations to grow within society by being financially healthy.


This post was written by Melisa

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