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Goal Setting: Examples of Financial Goals and How to Set Them

December 19, 2023
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5 mins


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Regardless of what stage you’re at in your financial journey, setting goals is a crucial way to remain financially healthy and ensure you’re staying on top of your money. But what are some examples of financial goals, and how can you set them? In this blog, we’ll navigate financial goal setting and how to customise your goals to suit your needs. 

What are financial goals?

Financial goals are specific objectives or targets related to your financial well-being and aspirations. These goals help individuals and businesses plan, prioritise, and work towards achieving a stable and secure financial future. Financial goals vary widely depending on individual circumstances but often fall into common categories. They can be short, medium and long-term goals – anything from saving for a holiday to something longer term like investing in your retirement. 

An Inovayt financial advisor is here to help with all your goals. Once you’ve achieved one goal, we’ll help you create the next one, meaning we won’t leave you when the first goal is complete. 

Who should have financial goals? 

Financial goals aren’t just for older, wealthy people – they’re for everyone. Depending on what stage of your financial journey you’re in, it will depend on the goals you set. If you’re unsure, a financial advisor can help you develop goals that are right for you. 

How should I set financial goals? 

Setting financial goals is best done with a financial advisor. These goals should also consider the following: 

  • Identify your objectives – What are your short, medium and long-term plans? How do these goals fit in with these plans? Are they realistic? Be clear about what you want to achieve. 
  • Clarity is everything – Reflect on what matters to you the most. Don’t make buying a house one of your goals if you’re only doing so because you think you ‘should’. Your financial goals should align with your values and priorities, whether that’s family, education, travel, or other life aspirations.
  • Assess your current financial situation – We know it isn’t always fun to comb through your budgets and see where your money is going, but understanding where your money is coming from, where it’s going, and your current financial standing is vital for realistic goal setting. 
  • Make sure your goals are SMART – SMART goals are goals that are Specific, Measurable, Achievable, Relevant, and Time-bound (SMART). For example, instead of saying ‘save money,’ set a goal like ‘save $5,000 for an emergency fund in the next 12 months.’

Examples of financial goals

What are some examples of financial goals?

Inovayt professionals are with you through every step of your goal-setting process. They also provide ongoing support and are constantly checking in with you. If you’re unsure where to begin, we’ve listed some examples of financial goals below and how our Inovayt financial advisors can help. 

Achieve financial independence and retire early 

Many people choose to achieve financial independence and retire early as a financial goal. The primary benefit of achieving financial freedom is having a structure in place so you can choose to work because you want to, not because you have to. An Inovayt financial advisor can assist you with the FIRE movement (Financial Independence Retire Early). Even though you might not want to cease working immediately, achieving financial freedom means you have enough passive income if you choose not to work. 

Become debt free

Tackling your debt early in life allows you to create wealth and set yourself up for the future, allowing you to spend more time doing things you’re passionate about. This debt can be anything from credit card bills to car loans – even your HECS debt. Becoming debt free is also one of the most significant steps in achieving financial independence. 

Buy an investment property

Dreaming of a beachside holiday home? What about a cosy cabin in the hills? Or maybe you’re after something to rent out. Whatever your reasoning, buying an investment property is a fantastic investment opportunity for your future. Our Inovayt financial advisors and mortgage brokers can assist you with the process of starting or building upon your investment property portfolio. 

Buy your first home 

Many Australians are excited at the prospect of buying their first home. Still, with significant deposits and an array of hidden costs, this dream can quickly turn into a nightmare if not done correctly. Buying your first home will be one of your most significant financial milestones, and there are many ways you can achieve this. Our team of financial advisors and mortgage brokers have plenty of tips for first home buyers to help you get into your first home sooner. 

Set your children up for the future

As a parent, it’s only natural for you to want the best possible future for your children. Our financial advisors can help you put plans in place to leave you and your children in the most ideal position.

Plan for your future 

Planning for your future is a lengthy and involved process. While most of us live a fast-paced, busy lifestyle, it’s wise to take a step back and look at things with a wide lens when it comes to preparing for your future. Our financial advisors will assist you with goal-setting for all areas of your future. 

Other financial goals 

The list of financial goals you can set is endless. While the above examples of financial goals are the ones we see most frequently, other examples of financial goals you might want to set include: 

  • Sending your kids to a private school
  • Going on a holiday
  • Buying a holiday home
  • Planning a wedding 
  • Donating to charity more regularly 

Your short, medium and long-term financial goals will vary depending on what stage of life you’re in. Our expert team at Inovayt has a full-service team that can offer advice on buying a home and planning for retirement, all in one place.

How can an Inovayt financial advisor help me with my financial goals?

Whether your goal is to become debt free, plan for retirement or purchase an investment property, our team of financial advisors at Inovayt are here to help set you up for success. Get in touch with us today to discuss your financial goals.

Do you need help creating your financial goals?


Start your journey, contact Inovayt today