Life Planning
19th May 2025
6 minutes Quick Look
Focus – How to set practical money goals that you’ll actually follow through on Key Takeaways:
Introduction
Getting on top of your finances doesn’t start with spreadsheets—it starts with goals. But not just any goals. The ones that stick are realistic, clear, and built for your life right now.
Whether you want to save for a home, clear your credit card, or boost your super, the trick is turning big ideas into bite-sized actions. Done well, goal setting becomes a personal roadmap—one that helps you feel more in control and less overwhelmed.
Many Australians set financial goals at New Year or after a big life change. But according to Money Smart, most people abandon them within weeks. Why? Because the goals are too vague, too ambitious, or not tracked.
Without a clear reason and a way to measure progress, it’s easy to lose motivation. And when life throws curveballs—like rising costs, interest rate hikes or unexpected bills—the goals we set without structure tend to fall apart.
The good news? A little planning upfront can make your financial goals far more likely to succeed.
Example:
Think about your goals across three horizons:
Step-by-step example:
Each type of goal serves a purpose. Short-term goals keep you motivated, while long-term goals build your future.
Set up automatic transfers into savings or investment accounts before you spend it. Even small amounts can add up
Automation removes the temptation to spend and builds consistency. Set regular dates in your diary to update someone close to you about your progress like a parent, mentor or very best friend. It’s your goal and up to you to be honest with it.
4. Use simple tools to track progress
You don’t need fancy software—a notepad, spreadsheet or free app can do the job. Just a separate bankcard is usually the easiest. Track:
Seeing the numbers change helps you stay on track, especially if you are sharing your progress with someone important to you.
5. Adjust as needed—without guilt
Life changes. If a goal no longer fits your situation, tweak it rather than abandoning it. For example, if you lose income, reduce your saving rate rather than stopping completely.
“ I ’ m not earning enough to set goals.
Even small amounts count. A $10 weekly saving goal is still a goal—and builds the habit
What if I don ’ t hit the goal on time?
Should I focus on debt or saving first?
Do I need financial advice to set goals?
Conclusion
Financial goals work best when they’re realistic, specific and fit your life. They give you direction, motivation and a sense of progress—even if life gets messy along the way.
The real power of goal setting isn’t perfection. It’s momentum. And that starts with a plan you can actually stick to.
Want to grow your savings more effectively?
Money GPS provides personalised recommendations based on your goals, income, and timeframe—plus financial modelling to show the long-term impact.
Available online for $198. Start free and get the advice when you’re ready.
Need Full Scope Financial Planning?
If you think you might need a holistic roadmap that leaves nothing out, consider booking a discovery meeting with a fully licensed Financial Planner.
Disclosure: General information only. Consider your objectives, financial situation and needs, and seek professional advice before acting.
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