Let’s Talk about Real Life Examples of Financial Goals

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Short-Term Financial Goals

Setting short-term financial goals gives you the foundation and confidence boost you’ll need to achieve the bigger, more time-consuming goals. These first steps can be relatively easy to achieve in as little as a year.

Short-term financial goals should focus on immediate needs like housing, job security, family support, and professional development while balancing adaptation to living standards.

Here are some Examples

Housing and Utilities

1. Set aside ₦50,000 monthly to buy a generator by mid-2025
2. Set aside £800 for rent top-up by December 2025.
3. Save ₦100,000 to furnish my apartment by May 2025.
4. Save £200 monthly to cover winter heating bills for the next 4 months.

Job-Related Goals

1. Save £50 for a professional CV review and LinkedIn optimization by March 2025.
2. Complete 10 applications weekly to secure a part-time job within 3 months.

Savings Goals

1. Save £2,000 by June 2025 to meet my UK visa renewal requirements.
2. Save ₦200,000 in an emergency fund by May 2025, contributing ₦40,000 monthly
3. Set aside £1,000 emergency fund by April 2025, saving £250 monthly.
4. Start a cooperative savings plan with ₦20,000 monthly contributions for 6 months.
5. Invest ₦100,000 in a mutual fund by June 2025.

Midterm Financial Goals

Once you’ve tackled short-term financial goals like budgeting, saving, and reducing debt, you can shift focus to mid-term goals that bridge the gap to long-term financial success. These goals typically span three to five years.

Here are some Examples

Savings and Investments

1. Build an emergency fund of £5,000 by the end of 2025, contributing £250 monthly.
2. Invest £3,000 in low-risk options like a Stocks and Shares ISA by mid-2025, saving £150 monthly.

Education and Career Development

1. Save £2,000 for a professional course or certification like ACCA, PRINCE2, or Data Analytics by March 2025.

2. Budget £1,500 for online courses and industry events to grow professionally over the next 2 years.

Family Support

1. Save £2,000 for a family visit to Nigeria by Christmas 2025.

2. Send £200 monthly back home to family for the next 2 years, totaling £4,800 by December 2025

Home Ownership Preparation

1. Save £10,000 for a mortgage deposit by December 2026, contributing £400 monthly.
2. Save £3,000 by mid-2025 for legal and valuation fees involved in property buying.

Long-Term Financial Goals

Most people’s biggest long-term financial goal is saving enough money to retire. But to make sure you’re saving enough, you need to figure out how much you’ll need to retire.

Here are some Examples

Homeownership

1. Own a House in Nigeria by 2030: Save ₦20 million for a house in Lagos, Abuja, or your hometown.
2. Build a Family Home in the Village: Save ₦10 million to construct or renovate your family home by 2030.

Wealth Creation

1. Invest ₦15 million in a Rental Property by 2035: Generate passive income through real estate.
2. Grow an Investment Portfolio Worth ₦50 Million by 2040: Invest in stocks, bonds, mutual funds, or agriculture ventures.

Retirement Planning

1. Save ₦40 Million in a Retirement Fund by Age 60: Contribute ₦500,000 annually to a pension or private savings plan.
2. Acquire Passive Income Sources Worth ₦20 Million by 2045: Invest in businesses, land, or technology for consistent income post-retirement.

Final Thought

Setting financial goals gives your money a purpose and direction. Without goals, you risk spending aimlessly, but with them, you build a structured path toward financial security and success. Stay committed and adaptable to make your dreams a reality.

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