8 Financial Goals Examples to Grow Your Wealth

Financial Goals Examples To Grow Your Wealth
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Jul 25, 2023 last_updated min_read

Saving money can be daunting — juggling income streams with credit card debt, student loan debt, and preparing an emergency fund is a full-time job. Often, the jar or piggy bank with the leftover coins from your grocery shopping will get you an iced latte instead of tangible financial goals examples.

Many financial advisors tell you to stop spending money and plan, plan, plan. Such goal-setting can help you save enough money to cover your living expenses. However, will it help you to retire early, for example in your 30s? That's unlikely.

Don't fret — there are other ways to achieve financial independence with these financial goals examples. Having long-term objectives is the first step. The second step is getting educated about your finances and decisions to boost your financial situation and get you on track!

What Is A Financial Goal?

Personal finance is a tricky concept — it varies from person to person and depends on situations like having unexpected expenses or getting a higher-paying job. That's why setting a financial goal should start by evaluating your current and future possibilities.

Essentially, it's anything that requires you to spend money. You can set short-term financial goals for smaller expenses and long-term financial goals for something like getting a mortgage. However, it's also about saving money!

What are your money goals? If you want to have a certain number in your bank account, set a financial goal and get a savings account. Every goal is attainable if you have a plan!

money as dollar bills

Types of Financial Goals

Financial goals can include your retirement goals, big purchases, and expenses on education. Perhaps you need a new laptop or a learning course for your career. That can be a financial goal. Additionally, consider cars, houses, and even children's comfortable life as a financial goal.

Long-term goals can seem overwhelming for young people. But mid-term financial goals can help you get a car loan, cover your credit card debt, and even make more money in the future. Don't forget about short-term goals like buying a new microwave to get a sense of financial security.

No matter how you classify your financial goals, you should adjust it to fit your needs and wants. As with any personal finance plan, your goals will be personal and reflect what you want to achieve. Just have some self-discipline, and everything will be okay.

Financial Goals Examples

You don't need to feel stressed and live to make ends meet. Rich people use their money to make more money. If you change your mindset, you can have a healthy relationship with your finances. Feeling thirsty for financial freedom and growing your wealth? Set one of these financial goals and watch your life transform.

Sign Up for A Retirement Plan

One of the most important financial goals is planning for your retirement. Nobody wants to work forever, so solid retirement planning provides you with financial resources when you're older. It's one of the long-term financial goals as a retirement account has decent interest rates but overall long investing time.

What does it mean? You'll need to invest a little bit each month for a long period of time. The investment depends on your personal finance, but it's important to save money through a retirement plan. Your investment portfolio should include it for financial success in the future.

Start an Emergency Fund

Personal finance goals include saving money for a rainy day. Putting money in a piggy bank was a 2000s trend, so don't make your money depreciate. Instead, start an emergency fund and open an investing account. Just make sure you can withdraw money easily in case you need it.

It's a great financial goal and one of the first ones you should have. It'll bring you more financial stability and help you prepare new, long-term financial goals. The key to having a profitable emergency fund is to look for banks that offer the best interest rates on your deposits.

Save for A House Down Payment

house

That's easier said than done. With the current cost of living crisis reaching new heights, many people can't afford to rent and let alone buy their first home. However, you should take innovative approaches to saving for your big purchase.

Get a mortgage or a bank loan for your first property. Some countries offer waivers and other financial support for young people to afford a down payment — consult an advisor for it. If you need a certified financial planner, you can hire one through agencies.

Also, people are finally understanding private mortgage insurance and its benefits. It'll help you feel more financial stability knowing your mortgage payments are protected. It's a fantastic financial goal to help you once you save enough money for a down payment! Financial freedom, here I come.

Settle Credit Card Debt

The constant headache of going over the limit on your credit card must stop. If you strive for financial freedom, using credit cards everywhere you go should be on your list of financial goals. It hurts your credit score, it's stressful, and doesn't yield any profit for you.

Your goal-setting should include eliminating or at least minimizing your spending on your credit card. This step will help you get closer to financial freedom and become independent. It can be one of your mid-term financial goals as it can be to get the perfect credit card balance. However, you've got it, so don't give up!

Paying off credit card debt goes hand in hand with improving your credit score, and if you’re looking for an accurate tool to monitor your credit score, check out MediaCoverage’s list of trustworthy credit score monitoring tools.

Pay Off Student Loan Debt

Student loan debt has everyone in its clutches. It's a comforting thought that you're not alone in this, but it's restraining you from achieving your financial goals. While getting a college education is great for your personal and professional life, the thousands of dollars you need to pay for it can become unmanageable.

You'll likely get a higher-paying job due to your qualifications, and it'll help you with the aforementioned examples of financial goals. Just keep in mind that your student loan has high-interest rates, so paying it back should be your priority.

There are many examples of people paying their loans back by having good discipline and a college education (we love that for them!). So get out your monthly budget, a financial planner, and a pen to start drafting a plan. You can track progress and update it whenever you get a raise!

Create Multiple Income Streams

Having a financial goal is great and getting multiple income streams is even better! It's a no-brainer that earning more money allows you to live more comfortably. However, you'll be able to feel more secure in case of layoffs or unexpected circumstances if you have money flowing in from different sources.

You can utilize the skills you already have for freelance consulting, creating online courses, or earning passive income with apps like Honeygain to achieve your money goals. You should identify how much money you want to make from each activity and write it in your financial goals.

Make Extra Mortgage Payments

Don't save money in your regular bank account. If you have some leftover cash, invest it in your retirement savings (especially if it has a compound interest) or put it towards your mortgage payments. Start saving larger sums to cover your mortgage and become a rightful owner of your real estate!

Such long-term financial goals will get you on the right track for growing your wealth. Make sure you negotiate with your bank for the best agreements regarding extra mortgage payments. It'll help you avoid unnecessary charges or other expenses!

Save For Parental Leave

While parenthood might not be everybody's cup of tea, it's an important aspect to consider for young families. If you're planning to have children, one of your financial goals has to be centered around parental leave once the baby arrives!

There are different ways to go about it — open an additional savings account, withdraw money from your current bank accounts, or even negotiate some coverage with your job. Setting financial goals for such an event becomes a crucial part when you're considering how impactful it is to your life!

Examples Of Financial Goals Are Everything For Your Success

While short-term goals will help you save for a family vacation, long-term goals will set you up for life like paying for your college tuition or house. Any financial goal you have can become a reality by prioritizing the right things and identifying your situation.

Investing in the stock market isn't the right fit for many people — that's why we provide you with other examples of financial goals to get you started. You need to prioritize becoming debt free from your credit card debt, payments for your college tuition, or mortgages.

Other examples of achieving your short-term financial goals can be proper goal setting when it comes to your daily life. How much do you pay your Internet provider? How many bills do you have to pay? What things you can live without? Answer these questions and reconsider your short-term financial goals!

Additionally, Honeygain helps you on your financial journey by enabling you to make free money! All you have to do is download the app and share your unused Internet connection. Cha-ching! Watch how easy it is to earn passive income.

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