Alkansiya Ni Juan

Financial Goal Setting

“Goal-setting is powerful because it provides focus. It shapes our dreams. It gives us the ability to hone in on the exact actions we need to perform to achieve everything we desire in life.”

— Jim Rohn

“Kapag nanalo ako sa lotto magpapatayo ako ng dream house ko.”
Narinig mo na rin ba ‘yan? Does it seem a good plan? Or is it just a mere dream or desire? The question is, how do you make your dreams and desires come true?
Ilan na ba ang gustong magpapayat, ‘yung magda-diet na raw, pero hindi pa rin nagka-totoo?
You need to plan how you should apply your time and resources to make progress and eventually make each of your dreams a reality. Without setting goals properly, it can be difficult to determine how to reach milestones you want to achieve.
Below is a goal setting guide answering specific criteria to ensure a goal is bound to be achieved.
Mindmap process of SMART Goal Setting (click image to open)
(Click images to enlarge)
After you make your SMART Goal statements, you need to tabulate them to a Summary of Financial Goals. You need to do that because you are not going to make only one goal in your lifetime. Below is an example of the summary table of Chris and Sarah’s SMART Goal.
First, go the website shown below. We will be using the information highlighted in yellow. https://online-calculator.org/time-value-of-money-calculator.aspx
Input the required information in this online calculator to find out if the savings plan can reach the target fund. As you can see Chris and Sarah will have P948k after they savings period and thir target fund is only P900k. Tuloy ang kasal!!!
You may follow this template or you can create your own. Good luck!

If you have questions regarding SMART Goal Setting, just please comment them below.

#FinanciallyLiteratePH

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