Financial goals are like personal milestones you set to help you manage your money wisely.

Think of them as a roadmap for your finances, guiding you towards stability and growth. These goals can be divided into three types based on how soon you want to achieve them:

Short-term goals (up to 1 year) might include building an emergency fund or paying off small debts.

Medium-term goals (1-5 years) could involve saving for a down payment on a house or funding a significant holiday.

Long-term goals (5+ years) often focus on retirement savings, children’s education funds, or paying off a mortgage.

Start by setting small, manageable goals to build your confidence. As you achieve these, you can gradually move on to more significant objectives. Regularly review and adjust your goals to ensure you stay on track and can adapt to any changes in your life circumstances.

The acronym SMART is a great way to help set your goals

Specific: Clearly define your goals

Measurable: Be able to track your progress

Achievable: Make your goals doable

Relevant: They need to align with your money values

Timely: Have a realistic timeframe to achieve them

By setting these goals, you can create a clear plan to manage your money effectively and reach your financial dreams.

Check out our ‘Useful Documents’ section for helpful resources, including examples of financial goals and a worksheet to help you create your own goals.

This information is of a general nature and is not intended as personalised financial advice. RIVAL Wealth is a Financial Advice Provider (FAP) licenced by the Financial Markets Authority to provide financial advice. Our disclosure document is located at rivalwealth.co.nz or a written copy is available on request