{"id":26511,"date":"2024-01-03T23:26:27","date_gmt":"2024-01-03T23:26:27","guid":{"rendered":"https:\/\/www.lendingstream.co.uk\/blog\/?p=26511"},"modified":"2024-01-07T17:56:31","modified_gmt":"2024-01-07T17:56:31","slug":"how-to-set-financial-goals","status":"publish","type":"post","link":"https:\/\/www.lendingstream.co.uk\/blog\/how-to-set-financial-goals\/","title":{"rendered":"How to Set Financial Goals and Achieve Them in 2024"},"content":{"rendered":"\n<p>Did you set yourself new year\u2019s resolutions for 2024? What about <span style=\"font-weight: normal !msorm;\"><strong>financial goals<\/strong><\/span> \u2013 did you set yourself any of those? It might not have been something you\u2019ve thought about before but <span style=\"font-weight: normal !msorm;\"><strong>setting financial goals really can benefit you<\/strong><\/span>.<\/p>\n\n\n\n<p>Have you ever run out of money before your next payday? Did you look at taking out a <span style=\"font-weight: normal !msorm;\"><strong><a href=\"https:\/\/www.lendingstream.co.uk\/loans\/payday-loans\/\" target=\"_blank\" rel=\"noopener\">payday loan<\/a><\/strong><\/span> or <span style=\"font-weight: normal !msorm;\"><strong><a href=\"https:\/\/www.lendingstream.co.uk\/loans\/short-term-loans\/\" target=\"_blank\" rel=\"noopener\">short term loan<\/a><\/strong><\/span> to keep you going? Having financial goals will help you notice how and where you\u2019re spending. They\u2019ll help you hold on to your money rather than run out of it. &nbsp;<\/p>\n\n\n\n<p>So, let\u2019s look at how you can set your financial goals \u2013 and achieve them.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f27fbd385f7\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f27fbd385f7\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/how-to-set-financial-goals\/#decide_what_you_want_in_2024\" >Decide What You Want In 2024<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/how-to-set-financial-goals\/#know_how_much_you_need_to_achieve_your_financial_goals\" >Know How Much You Need to Achieve Your Financial Goals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/how-to-set-financial-goals\/#evaluate_your_current_financial_situation\" >Evaluate Your Current Financial Situation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/how-to-set-financial-goals\/#track_your_progress\" >Track Your Progress<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/how-to-set-financial-goals\/#stay_positive_and_dont_get_discouraged\" >Stay Positive and Don&#8217;t Get Discouraged<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/how-to-set-financial-goals\/#conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"decide-what-you-want-in-2022\"><span class=\"ez-toc-section\" id=\"decide_what_you_want_in_2024\"><\/span><strong>Decide What You Want In 2024<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Start by looking at what it is you actually want. Do you want to make home improvements or buy a house? Do you want to go on holiday or <a href=\"https:\/\/www.lendingstream.co.uk\/blog\/how-to-save-money-on-food\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>save money on food<\/strong><\/a>? Have you got <a href=\"https:\/\/www.lendingstream.co.uk\/debt-management\/\" target=\"_blank\" rel=\"noopener\"><strong>debts you\u2019d like to pay off<\/strong><\/a>? Write down what it is you want to achieve. But make it something you really want, more than anything else.<\/p>\n\n\n\n<p>Giving yourself a reason to save money is important. It\u2019ll motivate you to do it and it\u2019ll keep you focused.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"know-how-much-you-need-to-achieve-your-financial-goals\"><span class=\"ez-toc-section\" id=\"know_how_much_you_need_to_achieve_your_financial_goals\"><\/span><strong>Know How Much You Need to Achieve Your Financial Goals<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Work out exactly how much you need in order to achieve each financial goal. For example, if you want to go on holiday, look at what it\u2019ll cost you. Include everything in those costs. From what you need to buy before you go, to every expense you\u2019ll have from the minute you leave the house.<\/p>\n\n\n\n<p>Being clear on how much you want helps you find ways to make it possible. This might mean you change your holiday destination to one that costs less. It doesn\u2019t mean your holiday is any less desirable, just more achievable.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"evaluate-your-current-financial-situation\"><span class=\"ez-toc-section\" id=\"evaluate_your_current_financial_situation\"><\/span><strong>Evaluate Your Current Financial Situation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>This is where you need to take a close hard look at your income and outgoings. Write down everything you spend your money on. If you\u2019ve got any money left over each month, then set up a savings account straight away. If your goal is to pay off debts, then pay this spare amount towards your <a href=\"https:\/\/www.lendingstream.co.uk\/blog\/how-to-pay-off-a-loan-early\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/www.lendingstream.co.uk\/blog\/how-to-pay-off-a-loan-early\/\" rel=\"noreferrer noopener\"><strong>loan repayments<\/strong><\/a>. Send that spare money into your savings account or to your loan the same day you get paid.<\/p>\n\n\n\n<p>If you don\u2019t have anything left over then look at where you can spend less. Make new rules for yourself, for example cook meals rather than getting takeaways. Create a strict budget and stick to it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"track-your-progress\"><span class=\"ez-toc-section\" id=\"track_your_progress\"><\/span><strong>Track Your Progress<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Check in with your bank, savings accounts and <a href=\"https:\/\/www.lendingstream.co.uk\/loans\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>loans<\/strong><\/a> regularly. Keep an eye on how you\u2019re doing. If you find you\u2019ve had to dip into your savings look at why. Think about what else you could have done to stop this from happening.<\/p>\n\n\n\n<p>Look at how well you\u2019ve been doing at sticking to any new rules you set for yourself. Celebrate how successful you\u2019ve been. Then see if you could improve on them, maybe go a step further?<\/p>\n\n\n\n<p>Always remember, before you spend any money ask yourself this question. Do you need the item you\u2019re spending your money on more than what it is you want to achieve? Because every penny you spend is a penny less towards making your goal become a reality.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"stay-positive-and-don-t-get-discouraged\"><span class=\"ez-toc-section\" id=\"stay_positive_and_dont_get_discouraged\"><\/span><strong>Stay Positive and Don&#8217;t Get Discouraged<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>We all have unexpected bills that crop up and force us to use our savings or to borrow again. Don\u2019t beat yourself up when this happens. Be grateful that you\u2019ve managed to save money to pay for it, or that you\u2019ve reduced your existing debt up to this point. Little setbacks like these aren\u2019t the end of the world.<\/p>\n\n\n\n<p>You can always look at finding other ways to top your savings back up to where they were, or to reduce your debts again. You could sell things you don\u2019t use. You could take on a little part-time job. Whatever happens, don\u2019t be disheartened. It won\u2019t be long before you\u2019ll be back on track again.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"conclusion\"><span class=\"ez-toc-section\" id=\"conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Having financial goals are just as important as any other goals you set for yourself.<\/strong> They give you a focus in your life that motivates you to keep going even when times are tough. The progress you make as you head towards your goal is uplifting. Not to mention how much better it is to know you\u2019re in control of your money, instead of your money controlling you.<\/p>\n\n\n\n<p>So, if you haven\u2019t set any financial goals for yourself yet then do it today. There\u2019s no time like the present, and your future self will thank you for it.<\/p>\n\n\n\n<p><span style=\"font-weight: normal !msorm;\"><strong>Disclaimer:<\/strong><\/span> <i><span style=\"font-weight: normal !msorm;\">We are not providing financial advice, these are just tips for informational purposes.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Did you set yourself new year\u2019s resolutions for 2024? What about financial goals \u2013 did you set yourself any of those? It might not have been something you\u2019ve thought about before but setting financial goals really can benefit you. Have you ever run out of money before your next payday? Did you look at taking [&hellip;]<\/p>\n","protected":false},"author":48,"featured_media":26523,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[139],"tags":[],"class_list":["post-26511","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money"],"_links":{"self":[{"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/posts\/26511"}],"collection":[{"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/users\/48"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=26511"}],"version-history":[{"count":4,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/posts\/26511\/revisions"}],"predecessor-version":[{"id":27870,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/posts\/26511\/revisions\/27870"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/media\/26523"}],"wp:attachment":[{"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=26511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=26511"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=26511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}