So, you have a key financial goal in mind?
That’s a strong starting point as you have a target to work towards. The next step is to develop a plan of action to achieve this goal.
Develop a savings/investment plan
Start by determining how much you need to set aside on a regular basis to achieve your target. For something like a holiday, this can be reasonably easy to work out. For bigger or long term goals like saving for a quality retirement, it helps to further refine your target, noting down the type of lifestyle you plan to lead, as this will give you a clearer picture to work towards.
No matter what your goal – whether it’s simple or complex, a financial adviser can help you refine what you’re aiming for, and help you develop a realistic savings or investment plan to reach your target.
Use debt to achieve goals
In some cases, borrowing money is the often a more realistic means of achieving a goal. This definitely applies if you are saving to buy a first home, or hoping to invest in a rental property. Using debt can also help you achieve other personal goals including buying a car, boat or other asset.
Your Mortgage Choice financial adviser can explain the impact of using debt on your financial wellbeing, and suggest a range of different options to borrow the funds you need.
Draw up a budget
Drawing up a household budget is a useful way to know how much you can afford to set aside regularly to achieve your goals. When it comes to longer term aspirations like growing a retirement nest egg, a range of strategies are available, and your financial adviser can discuss these with you.
If you are borrowing funds to finance your goals, a budget is an essential tool that can show whether your cash flow will comfortably handle the repayments over time.
The main point is that having a goal to work towards is important. Developing a blueprint of action that will see you achieve this goal is just as critical, and your Mortgage Choice financial adviser can offer expert advice and strategies tailored to your needs to help turn your aspirations into reality.