Your financial goals, whether they’re short-term or long-term, are considered the backbone of a sound financial plan. Your financial goals should align with your values and objectives in life – as well as your life stage. 

While it’s great to be financially stable, what brings even more joy is being able to live the life you want without having to stress about money. 

Are you looking to set smart, achievable financial goals for the new year?

Here’s what you need to know when setting financial goals.

Three Types of Financial Goals

Short-term Financial Goals

Short-term goals give us a glimpse of where we want to be in the near future. They should be realistic and attached to a timeline. 

Short-term financial goals may include:

• Setting a budget and sticking to it
• Paying off small debts like credit cards or 
• Save an emergency fund
• Saving a specific amount for a purpose (holiday, new car, renovations etc.)

Mid-term Financial Goals

These goals create a bridge between your short-term and long-term goals. These goals take time, effort and patience to map out. 

Some examples of mid-term financial goals include:

• Buy a home or investment property
• Paying off larger debts
• Secure life insurance cover 
• Start investing

Long-term Financial Goals

These are the long-game goals you want to achieve – likely before you retire. Long-term goals are designed to help you meet your needs and wants in the future. 

Depending on your financial position, you may achieve some of these early in life. If that is your situation, you can take the time and work with a financial planner to secure and protect your wealth. 

Long-term goals include:

• Pay off your mortgage
• Creating a financial plan
• Save for retirement and perfect your retirement plan
• Boost your superannuation
• Secure your investment portfolio

Benefits of Setting Financial Goals

We all want to achieve our dream lifestyle for our future – whether that involves buying a dream home or travelling the world. You’ll need to set financial goals if you want to be financially successful. 

With a clear image of what you want in the future, you’ll be able to take the right steps towards your financial goals. It will also give you a clear picture of what you need and should do to achieve it.

Ready to Set Goals for 2022? 

Work with our financial planners in Sydney or Hornsby 

Hyland Financial Planning has a team of financial advisers in Hornsby that can help you achieve financial success. 

We build personalised financial plans to help individuals, families and retirees achieve all their financial and lifestyle goals. 

We’ll help you determine if you’re on the right path and give recommendations on the next steps to your success. 
Contact us today and take that first step towards your financial goals!