As individuals, we all have different priorities, therefore financials goals should not be a one size fits all rather, it should be created according to your preference. Creating a financial goal should be based on your income, expenses, budget and how much you want to invest. Therefore, there is no fixed formula or template for that. You should also bear in mind that the purpose of creating a financial goal for the year is to have a foresight of what your finances would look like. All it takes is planning and execution. Here are some tips for you.


This is the first step you need to take when creating a plan. A financial plan should be quantifiable and measurable. You need to understand the purpose and importance of having a plan for your finances. Write down your goals, and your goals should keep you focused and accountable. An example of a financial goals could either be saving for a house or saving to start up a business. Therefore, a measurable plan toward these goals should keep your spending tendencies in check. Break down your goals into monthly tasks, this will keep you motivated, and you will hit your goal faster. Make them specific and measurable.


A good and effective financial plan is time sensitive. Giving your goals a specific time and date is important. Do not be afraid to give yourself a deadline. This is all about intentionality and accountability, therefore, deadlines will stretch you farther than you think you can go. Every goal comes a live when you hit the deadline switch. Always remember that, until you get what and when in your financial plan, nothing will be done.


Writing out your monthly budget for the year may seem like a simple goal, but it is difficult to adhere to. The first step to overcome this is to write out your spending plan for the month and place every expense on a budget. Write down every penny you spend and do not go overboard. Sticking to your monthly budget could be tough and that is why having a financial plan will help you. Your goal is to spend less and save more, no matter your financial situation, it is the best decision to cut down on too much spending.


The secret to saving more is spending less. It is always advisable to save at least 10% of your monthly income and the best way to do this is to make little sacrifices. Cut off excess spending and cultivate the habit of accounting for every penny that comes in. Set a monthly savings goal, invest more, stop eating out always etc. Did you know that having money saved somewhere makes it easier to overcome emergencies and unforeseen circumstances? Then you need to start now.

Financial goals differ and converting them into your reality requires financial discipline, accountability, and intentionality. Create a plan that works for you and you will be on the right path.