Tax, investments and pension rules can change over time so the information below may not be current. This article was correct at the time of publishing.

How do I define my financial goals?

At Four Wealth Management, when you have an initial no-obligation meeting with a Financial Adviser, you will typically be asked what your financial goals are. Your Financial Adviser will then work with you to create a bespoke financial plan tailored to help you to achieve your goals.

However, we often find that people are unclear on what their financial goals are.

Creating financial goals give you motivate to create a budget and stick to it. Financial goals are often motivated by future needs.

What are the three different types of financial goals?

At Four Wealth Management, we work with clients to define short, medium and long term financial goals.

Short term goals

When looking at saving, you should first make sure that you have an ‘emergency’ fund of at least three-times you monthly salary to cover any unexpected expenses such as if your car or boiler breaks down.

Medium term goals

Medium term goals are usually what you hope to achieve in 1-5 years such as saving for a new car.

Long term goals

Long term goals can take a long time to achieve such as buying a house or saving into your pension. Usually you should try to put aside 10% of your income each month towards long term goals.

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What are financial goals examples?

Your goals will depend on your personal circumstances; our financial advisers can assess your current situation and help you set achievable goals.

Some examples of common financial goals include buying a new car, house, saving to send children to private school or university and funding retirement.

How do you achieve financial goals?

It can take a long time to achieve financial goals. A Financial Adviser will help you to achieve your goals quicker by looking at your current financial situation and recommending ways you can increase the amount that you currently save.

For example, analysing your current expenditure and reducing unnecessary spending will mean you have more money to put towards your savings goals.

A Financial Adviser will also recommend investments suitable to your circumstances as interest rates are at historic lows meaning that investing may help your money work harder for you instead of keeping all your assets in cash.

Find out more about investment planning

Make a Financial Plan today

For help defining your individual financial goals and developing a bespoke plan tailored to you to help you achieve your goals quicker, contact Four Wealth Management on 0117 973 0500.

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The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and the value may therefore fall as well as rise. You may get back less than you invested.

An investment in equities does not provide the security of capital associated with a deposit account a bank or building society.

Enquire Now

If you have any queries or would like to arrange a face to face meeting with an adviser for a no obligation review of your personal finances, simply book a call back using the form below. Alternatively, you can call us on 0117 973 0500.

The Partner together with St. James's Place Wealth Management plc are the data controllers of any personal data you provide to us. For further information on our uses of your personal data, please see the Partner's Privacy Policy or the St. James's Place Privacy Policy.

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How do I define my financial goals?
FourWealth Management