As part of our Great British Budget campaign, we’re encouraging people to take control of all aspects of their finances, starting with the basics. As well as getting your day to day budgeting in order, a crucial part of financial planning is setting your goals; knowing where you want to go is the first step towards getting there! In this post, some of the bloggers on the Great British Budget expert panel share their financial goals to get you inspired.
Freelance Bristol Mum
Blog: Hijacked by Twins
Goal: “Our financial goal is to stop needing to use the credit cards! We always clear them at the end of the month but it would be great to not need them in the first place!”
If used carefully, credit cards can be helpful depending on your circumstances - see our guide to reducing the cost of debt for more information. However, regularly relying on borrowing to make ends meet wouldn’t usually be considered ideal. By carefully monitoring your everyday spending, you can see which areas you’re overspending on and where you can make savings to stay out of the red.
Freelance Bristol Mum
Blog: Ellie Bear Babi
Goal: “My financial goal is a joint one with my hubby. We are saving for a house as we have rented up until now and in 2014 we are hoping to take the leap into homeownership! So the goal is complete our deposit savings.”
Getting on the property ladder is a goal for lots of people, but it can be difficult to achieve. In order to access the best mortgage rates, you will usually need to raise a fairly high deposit. Take a look at our guide to getting on the property ladder for more information.
Freelance Bristol Mum Blog: Freelance Bristol Mum
Goal: “With our second baby on the way in April and starting to feel the pinch after our first daughter, we're trying to kit out the new nursery and all the baby essentials while spending as little money as possible.”
For something so tiny, a baby can be very expensive! If you’re planning to start or grow your family it can be a good idea to look into the financial aspect, so that you can plan your budget in advance. Check out our guide to budgeting for a baby.
What are you waiting for?
Setting your financial goals is a key part of longer term financial planning. It can help to give you a sense of what you’re working for, and can be really rewarding! Check our guide to setting your goals for tips on making your goals achievable, specific and realistic.
With our Money Hub technology, you can set your goals and track your progress towards them as easily as sending a text! Why not try it today?
Meet the rest of our panel and keep up to date with the campaign by visiting the Great British Budget homepage.
What are your financial goals? Share them in the comments below!