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in this video i am going to talk all about why setting goals for your finances is really important different types of financial goals you can set i'm going to talk about some of my financial goals that i've set before and that i have i have set for this year too hello everybody and welcome to my youtube channel my name is laura and i am going to be posting videos all about money mindset and motivation to help you transform your relationship with money to learn to save more invest more and just be better in general with money so it's the start of a new year happy 2021 which feels weird saying the one thing that everybody does at the start of the new year is set themselves new year's resolutions now it's not that i am against them but i think that there is a much better way of goal setting i think if you use new year's resolutions as a chance to reevaluate and reflect on the year before and create some intentions for the year moving forward that's great but what i don't think you should do is feel that you have to set goals only on the 1st of january i think the problem with the idea of new year's resolutions is that a there's a lot of pressure to get to the new year and it's like how are you going to reinvent yourself and then also a year is a long time so you get to near the end of the year like november time and how many of us are guilty of being like it's a new year soon i'll wait till then to do x y and z now i'm a massive fan of setting goals i set goals throughout the year little goals big goals mainly because i like to have something to work towards not always a good thing but you can use the goals to make improvements and changes in your life to become the person who you want to be i don't think they only need to happen once a year i think you should set them review them change them work towards them throughout the whole year now there's no set way to create a goal there's no like magical formula it's different for everybody i think that most of the time financial goals get overlooked because a talking about money is so taboo or if you have debt or you're not where you thought you would be financially i think it feels easier to not acknowledge it kind of like no goals no problem but that mindset i think keeps us stuck and if you're not the one taking control of your money your money will take control of you ain't nobody got time for that so let's talk about why is it important to set financial goals we all usually set goals that fall into categories such as personal i want to learn how to hula hoop it's health and fitness i want to lose 20 pounds this year my friends i was too fat career and business i want to get x job or x promotion one thing we need to think about is factoring in money into that unfortunately we live in a capitalist society and we need money for things so unless we're gonna run away together go live off of the land grow in our own veg maybe we can be in a commune and you don't need money we need money for things and that's just how it is and the quicker that we can accept that the quicker we can move on to understanding that as adults we're the ones who have to pay things for ourselves we have to find money earn money make money learn how to manage money if you don't set yourself goals i think it can be really easy to sort of bumble through life and then get to a certain point and be like oh no i needed money for this so for example we set goals around i want to have a family you need money for that i would like to quit my corporate job and set up my own business you need an emergency fund to fall back on and maybe some money to start the business i want to go on the trip of a lifetime i want to travel around the world you need money to do that by setting yourself those goals you can help yourself work towards the life that you want to lead now sometimes it is hard to get crystal clear on what you want and you're not always going to know every single step of your life what you want to be doing and that is okay but you shouldn't allow that to be the reason that you don't set yourself goals because there's never going to be a point in your life where having money and savings and money investments is a bad thing it's only ever going to be good and helpful for me i was saving and i had 15 000 pounds ready to go when the opportunity came up for me to go traveling with my best friends at the drop of a hat i was able to go yeah let's go now doesn't mean you have to have that much money saved but having that financial freedom of that money being sat there gave me the opportunity in that moment to say yes as opposed to having to turn it down because for the last few years i've been living paycheck to paycheck and haven't been thinking about potential things that i might want to do with my money in the future now one thing we have to bear in mind is that it is a really privileged position to be able to consider ways in which you might want to save spend and invest your disposable income because there are a lot of people in this country who do not have that privilege so that is something i'm very aware of for me and also for you guys who feel like you're in that position too so i'm not gonna lie normally when it comes to goals i'm really good at like going yes this is what i want to do because last year was so unexpected it has put a bit of a blurry cloud over what 2021 is going to look like there are still goals that you can set yourself to do with life and to do if your finances are still going to help you improve even if you don't exactly know where your life is going right now because i feel like nobody really knows where their life is going right now okay so let's get on to what type of financial goals can you set yourself so i like to think that there's like three different types one is number based goals like i will save 5 000 pounds by the end of the year or i will clear 3 000 pounds off my credit card by 2022. they're number based and they're more tangible because you can track your progress number by number essentially number two is habit-based goals so it's things that you're changing to your everyday life that improve your financial well-being and finances in general so that could be like i am gonna make it a habit to check my bank account every day or i'm going to make it habit to every time i get cash i'm gonna put it in a money pot which i did it for a few years and at the end of the year i had like three or four hundred pounds in there i mean a bit different now because we're turning into a cashless society but little habit-based things where it doesn't matter what the end goal is but what matters is what you're actually doing on a daily weekly monthly basis and number three is education based goals so i'm going to make sure i learn about investing cryptocurrency how to manage my money better it's about learning so reading a financial book every single month subscribing to a personal finance youtube mine or doing things where you're going to be learning the good thing about educational based goals is if you find yourself in a position especially now where you're on a low income or you have no income that is the cheapest way to progress your finances because if you have access to the internet then there's so much free content out there it's a way to help yourself better your finances and better your financial education so that in a year's time or whenever it is hopefully when your income increases or you're in a more stable financial position you go i already have that knowledge now that i can start saving or that i can start investing so you're setting yourself up it's like the pre-work whatever one you pick they all relate back to your financial well-being improving your finances for the future so let's talk about the best way to set financial goals these are my top tips for you first of all make sure it is realistic now i'm i like to dream big but there's dream and big and creating a goal that is so unrealistic and unachievable that you fall at the first hurdle you're setting me up for a while already so for example let's say you get paid every month you've worked out your budget and you get 500 pounds disposable income to spend how you like if you set yourself a goal i'm gonna save 500 pound a month and that is your entire budget of money that you needed to split between savings investments and fun money going out spending on the things you like going out for dinner takeaways clothes whatever it is if you think that you're going to save that entire amount and every single month you're going to have a no spend month you're setting yourself up for a loss because the chances are you put that money away and then within two three four days you're gonna have dip back into it and then you're teaching yourself a bad habit that it's okay to dip into your savings so a more realistic goal would be i'm gonna save 300 pounds 200 pounds i'll spend how i like 300 pound goes away and i don't touch it you're far more likely by the end of the year or in six months to be at a point where that money is still there and it's growing make sure your goals are something that you want this is the issue with social media is that you see what other people have or what other people are saying they're working towards and sometimes you internalize that and you're like maybe i want that too for me right now for example buying a house is not on the cards anytime soon but i see loads of people everywhere all over instagram and online saving for a deposit and buying a house that is absolutely fine but there was a period of time where i convinced myself maybe i should be investing in property right now maybe i should be getting myself a house just because i'd seen other people doing it luckily i took some time to reassess and go no that's not what you want you want this and it didn't lead me down a path towards something that i didn't want but it can be really easy to get swept away in that so have a think about who you're trying to become and the life you want to lead and then think about the goals you need to set yourself to get there and make sure that that aligns and that you're not taking on what other people want find ways to be accountable for your goals so whether that's telling people telling friends telling family talk about it and get other people to hold you accountable and also create a tracking system if it's something that you're you're trying to save a certain amount of money trying to clear a certain amount of dare read a certain amount of books keep and know as you go and turn them into mini goals this month i'm going to save this much this week i'm going to read this many pages because when you're tracking your progress you have something to keep you motivated as you're going along especially if it is a goal for the whole year because a year is a long time so the biggest financial goal that i set myself last year was to hit 20 000 pounds in savings by the end of the year now i will go into this in more detail in another video but i was really privileged and my job was still quite secure throughout kovid so that did mean the combination of lockdown not needing to travel not needing to spend my money i was actually able to hit that goal by june so i set myself a new goal for the second half of the year which was to have 10 000 pounds in investments and i did not hit that goal that's absolutely fine just being honest with you for my financial goals this year i'm gonna stick to the aiming to have ten thousand pounds in investments but most of it is going to be around my education and learning more about investments in regards to things like cryptocurrencies and different types of investing i just want to continue to learn more and extend my knowledge and i don't really have any savings goals because i already have my emergency fund saved yeah that's really it to be honest hopefully this video has helped some of you have a think about the type of financial goals that you can set and the best way to do it and thank you for watching and i'll see you in the next video