Do you have a financial dream that feels out of reach?
Whether it’s moving house, changing careers, starting a family, or planning a big holiday, these dreams can seem distant or even unachievable.
But they don’t have to be and I am here to help you get there.
This month, we’re focusing on a favourite topic of mine, goal setting and creating an effective action plan.
If you haven’t identified your financial goals yet, don’t worry, check out our previous video on how to pinpoint what matters most to you. Then once you’ve got your vision and goals sorted, it’s time to get working on turning it into reality.
Want to read?
The article below covers everything you need to know as well as some questions to get you thinking.
Prefer to watch a video?
No problem! Watch the 12 minute video below and let Ed guide you.
Step 1: Categorising Your Goals
When working with clients, I find talking about envisioning their “future life” can feel overwhelming to think about and process. But breaking goals down into time frames makes it much easier to find the head space for.
Short-Term Goals
These are goals you want to achieve within the next five years, such as building an emergency fund, paying off a small debt, or saving for a holiday or starting a family. For me, it’s saving for a trip to Bali with the whole family.
Medium-Term Goals
Typically spanning from five years until retirement, these might include saving for a deposit on a house, funding a home renovation, or saving for your child’s education.
Long-Term Goals
These are the big ones, often closer to retirement. Think about retirement savings, supporting your children's future plans, or buying a second home.
Step 2: Prioritising Your Goals
Once your goals are categorised, it’s time to prioritise them.
Which ones are most important to you?
Which goals keep you awake at night?
Which one’s would you fight for?
Write them down in order of priority (remember your long term goals could be at the top of the priority list, even though it’s a while away) and use this as the basis for your action planning.
Step 3: Creating an Action Plan
Good work. Almost there!
With your goals and priorities set, it's time to create that all important action plan/road map to get you there.
Here are some very useful ways to figure this out:
This is where we get really SMART...
I know, I know. SMART goals aren't new and they get a bad rep sometimes as boring or over the top, but they really aren't, especially when it comes to your finances. In fact, they're essential to achieving your dreams.
Below are the steps I use with all my clients to turn their goals into reality. If you follow them, they'll work for you too!
Vague goals like “save more money” simply don't work. Instead, be clearer and make your goals SMART: Specific, Measurable, Achievable, Relevant, and Time-bound.
Good example: Instead of "save more money," set a goal to "save £5,000 for an emergency fund by 12 months time by putting £417 into my separate savings account every single month."
Go through each of your goals and make a SMART version of them! Really challenge yourself. The more specific, the more likely they are to happen.
Step 4: Implement Your Action Plan
A really big tip...Automate Savings!
Don’t do it manually. You have enough else to do, so take that to-do item off your list.
Make saving easier by setting up automatic transfers (standing orders) from your bank account to a savings account. Treat it like paying yourself first.
Step 5: Track Your Progress
Regularly check your progress. Are you on track? If not, what adjustments can you make?
If you are, celebrate your successes! It is super important to recognise the fruits of your labour.
Step 6: Get some Support
You know having financial goals and an action plan is important, but sticking to it can be the toughest part (we’ve all been there!). Here are some resources that can help:
Financial Coaches (like me!)
We offer personalised guidance to help you set realistic goals, create action plans, and keep you accountable along the way and offer you support/kick up the bum! It’s like having a personal trainer for your finances.
If you like the sound of this, I offer a free 30-minute coaching session where we can figure out how I can help you reach your goals. Book something in and let’s chat.
Financial Advisors
If you need help with complex issues like investing or retirement planning, a financial advisor can provide expert advice tailored to your situation.
Read more on how Financial Coaching differs from Financial Advice here.
Online Tools and Apps
Many apps are designed to help you manage your money, from budgeting tools to investment apps. There are some really neat apps out there!
In summary...
Creating financial goals and creating an action plan might seem overwhelming, but every journey (or adventure!) starts with a single step.
Identify your short, medium, and long-term goals, break them into manageable steps, automate your savings, and track your progress.
If you need one-on-one support, don't hesitate to reach out to us at The Parent Money Coach.
You can get a free 30-minute financial session with no strings attached. We are here to help and I am happy to chat with you.
Taking control of your finances today sets you up for a more secure and stress-free future. It’s not just about money; it’s about building the life you want and feeling confident about your future.
You’ve got this!
Want support turning your dreams into reality?
The next one is all about how to turn your goals into REALITY by creating that all important action plan
Excited by your financial goals and can't wait for the newsletter...
Book in a FREE 30 minute call with Ed today
Let's get working on turning your dreams into reality TODAY!
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