It’s imperative to have financial goals along with relevant timelines1 min read . Updated: 08 Oct 2020, 10:20 PM IST
If you are in your 20s or early 30s, you may have goals such as funding your own higher education or marriage, or buying a car or house
As the name suggests, a financial goal is an objective for which you need money. However, most of our life goals have a direct or indirect correlation with the way we manage finances. For instance, writing a book may be a goal that can’t be quantified, but you would need money to fund expenses during the time you take off to write one.
Individuals have different financial goals at different life stages. If you are in your 20s or early 30s, you may have goals such as funding your own higher education or marriage, or buying a car or house. But if you are in your late 30s or 40s, your goals may include children’s education and your retirement.
Financial planners say that it is imperative to have financial goals along with the relevant timelines. Once you have an idea about how much money you will need after how long, it will be easier to save in a disciplined manner to achieve that goal.