Why people who set goals do better financially

As we move into the new financial year it is the perfect time to evaluate how you are tracking against the goals you set at the beginning of the year.

What were you saving for?

• A holiday like 53% of Australians
• Building your rainy day fund with 46% of Australians
• Or with 40% of Australians saving to buy or renovate a home

How have you tracked with this goal? Are you any closer to having the financial goals structures and plans in place to achieve what you want in life? Or are you struggling?

You are not alone…

• 41% of people incur unexpected expenses or change in financial goals circumstances
• 27% experience a lack of willpower
• 17% set an unachievable goal

Importance of Setting Financial Goals for Success

It’s as simple as understanding the importance of financial goals setting. Without a goal, there’s nothing to work towards. Like a game of darts without a dartboard, where do you aim? The real question is where do you want to go, what’s your ‘why’

By having a goal, research tells us you reap further benefits such as; increased performance, happiness, focus, energy, strength and success.

Long term goals allow you to understand your big picture, helps you to set small goals in order to reach that big goal. Short term goals set you up for success achieving regular wins and keeping you motivated giving you the ability to quickly know if you are on track or not.

So, set a goal, make your dartboard and let’s hit the bull’s eye!

If you don’t have any goals or are struggling to achieve the ones you previously set, let’s talk. At PrimeAdvisory our ‘why’ is to keep you on track!

References: ASIC MoneySmart

Source: https://www.moneysmart.gov.au/managing-your-money/saving/how-australians-save-money