Setting Financial Targets |
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Money Saving Tips 10. Set yourself targets, aimed at giving structure to your finances, and take steps to setting them in motion. Dependant on whether you are a borrower or saver, and on your life stage, you may have different aims and objectives. Debtors getting towards retirement, or towards the end of paying their mortgage may aim to close both secured and unsecured borrowing at the same time. This means that all things you feel you may have to borrow for before that time should be taken into consideration, and the timescale set, making a concentrated effort to avoid further borrowing. Savers may wish to set a timescale to see their savings and investments grow, and seek financial advice accordingly. Again, for example, those near retirement, worried about income in retirement may wish to begin making provisions for this, by seeking advice on low risk investment products, aiming either to put away a monthly amount, or to set aside a lump sum until retirement. It may be the time to consider future life events, such as children’s weddings, education expenses etc, and set time, and amount of money you need to have for these events. Taking care of this now, may save stress and needing to borrow in later life.
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