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Financial Goal Work Sheet

How to Set and Achieve Financial Goals Using A Financial Goal Work-sheet?

by Holistic 1 Comment

Dreaming to be an affluent without financial goals is like climbing the tree without any reason.

So you are planning to clear your home loan, you are setting aside a part of your income, and you have decided to spend less on restaurants and movies. Good that you are doing or planning to do these things. But do you feel this habit is of any use?

Insurance

Obviously not! You are saving, but for what? It is good that you have planned to clear your debt, but have you decided when? If you have no target to achieve, there is absolutely no point in saving.

You are having many important and fruitful financial ideas in mind, but without financial goals you still don’t have any idea what you are trying to accomplish. Ideas are similar to dreams if you don’t exploit it at the right time. If you utilize your ideas to fulfill a goal, it is a reality. Studies show that

people who set realistic goals are far more likely to succeed in accomplishing them.

So stop thinking and start doing!

Difference between Financial Goals and Financial Dreams

While financial goals are something you aim to attain, financial dreams are something you wish to accomplish. Aiming and Wishing are two different concepts. When you aim you do whatever it takes to fulfill your objectives, and when you dream/wish you take it lightly and often find excuses for not accomplishing it.

The below illustration will help you understand the difference between GOALS and DREAMS:

Arjun

* Wants to pay off her credit card bills and vehicle loan
* Wishes to buy a BMW
* Want to set aside a part of her income

Rahul

* Will pay his bills and loan in 2 years from now
* Will buy a BMW by the end of the current month
* Is setting aside 15% of his income in the retirement plan

Here, who do you think is a dreamer and a winner? Needless to say, Arjun is a dreamer and Rahul a winner. Because Rahul has a clear vision; he is clear with his ‘what’ and ‘when.’ People with a solid financial plan/idea need to have a fool proof financial goal sheet to achieve set objectives.

Determine WHAT is important to you

Your core values and beliefs are important to set and achieve goals. Don’t get influenced by other’s goals. No two people are alike; similarly no two people have the same goals. Your values, financial condition and belief determine your goals, which may not be similar to your neighbors’.

Therefore, take a minute and think what you want and what is important to you before setting your goals. When your thoughts are clear pen it down properly.

List down your Financial Goals

Listing your goals requires information to be placed in order. Read below to understand the steps:

  • Identification of Goals
  • Setting deadlines to achieve the set goals
  • Determine the total cost to achieve the set goals
  • Determine the budget requirement per month (realistic)
  • Identification of specific way to fulfill your objectives
  • Monitor and review your progress

Here, it is important to maintain a goal sheet.

Table # 1 – Goal Identification & Setting Deadline

Goal Deadline Total Cost (per year) (Rs) Budget (per month Action to Achieve
Create a contingency fund 24 months

Table # 2 – Determining Total Cost and Committing Monthly Contribution

Goal Deadline Total Cost (per year) (Rs) Budget (per month Action to Achieve
Create a contingency fund 24 months INR 3 lakh INR 12,500

Table # 3 – Identifying Way/Action for Goal Achievement

Goal Deadline Total Cost (per year) Budget (per month) Action to Achieve
Create a contingency fund 24 months INR 3 lakh INR 12,500

Reducing the no. of international vacations, restaurant dinner and credit bills and doing SIP in liquid funds or ultra short term debt mutual funds

This is a tentative figure for your understanding. The amount, goal, budget and action plan may differ from person to person. You can make such goal sheets to ensure you can achieve it at the right time.

Prioritizing Your Goals

Now this is very important! Most of you may have goals, but not resources to fulfill it. At times, it is difficult to achieve every goal at the same time, when you have fund shortage. In that case, don’t get discouraged. Instead, start prioritizing your goals. Classify your goals into short and long term goals.

It is generally wise to fund your short term goals over longer ones. Since short term goals tend to revitalize your financial stand in the current time. For instance, choosing to fill retirement fund account over emergency fund account makes no sense. Your retirement account can wait, but emergency cannot.

Also over a period of time, your income will go up and you will be able to save more meet your long term goals.

The Bottom Line

The above points prove the importance of a goal sheet. Setting Goals is the first step in turning the invisible into the visible. It is vital to have a financial goal worksheet to achieve your set goals. If you have no goal or vision, your financial health may deteriorate within a few years.

People with clear, written financial goals, accomplish far more in a shorter period of time than people without them could ever imagine. You must take action now that will move you towards your financial goals.

If you want to create a workable financial plan, then I firmly vouch for you to take advantage of

 
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Comments

  1. Emmanuel says

    May 30, 2018 at 4:52 am

    Thankyou.

    Reply

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24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
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aksaswadkar
24. September, 2021.
I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.
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Financial planning brings peace in life. Holistic Investment have supported in arriving financial plan based on future goals. My investments are regular since then. They are professionals in their business, will recommend others.
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6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
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This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
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I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
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I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
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