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How Do You Plan And Achieve Your Financial Goals?

General ,   Borrowing ,   Education ,   Information ,   Learn ,   Lifestyle ,   Personal Finance ,   Singapore Personal Finance

by CashOctopus • February 14, 2022


“I earn a decent paycheck, but where does my money go?” If you ask this question, your financial state is not on the right track!

You can always hire a professional to set up your financial goals and plan how to achieve success. But when you are flat broke, how can you spend money on a costly service like this?

Do you have to take up a fast cash loan to solve your emergencies?

Well, don’t feel blue about that part anymore as we are here with the solution. This article focuses on how to plan and achieve your financial goal to have a blissful future.

To find out more, keep scrolling!

What Are Financial Goals?

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Your financial goals represent what you want to do with your money. It reflects our values and things that are important to us. And without enough money, some goals can never be achieved in life.

Financial goals are specific, measured, and time-bound. Therefore, you should act on it as soon as possible. Moreover, these targets should be realistic; otherwise, you will never reach your destination, and the journey will be frustrating.

Here are some examples of financial goals:

– “I want to save S$50,000 in the next five years as a down payment for my HDB flat.”

– “I want to have a retirement income of S$4000 by the time I am 65 years old.”

– ‘Repay my education loan within three years.”


Financial Goals By Your Age: 20s, 30s, 40s, 50s


It is never too early when it comes to planning for your future.

And if you start late, you will have to save more money to meet your requirements. So, it would be best if you worked on your goals from an early age. In this way, there will be less financial stress, which is all we want.

Every person has a different outlook on their life, and they need to live their lives according to that. But let us tell you about some things to do in the different stages of your life so you can lead a breezy lifestyle.

Financial Goals to Set in Your 20s

In your 20s, it is natural for you to have fun, and no one will stop you from doing that! But you should know your limits and live your life according to them.

The opportunities at this age come with good paychecks, but we spend those dollars on a lavish lifestyle. And that’s something we need to avoid. For some individuals, they end up overspending and deep in credit card debt. To clear their credit card debts, they may need a personal loan with a fixed interest rate.

If you skip this period and start saving for your future in your 30s, you will have to save a  considerable amount of money, which can hamper your lifestyle. But when you start saving early, you can always get the things you want without any trouble.

So, you should save all you can in your twenties and gradually increase that amount over time. And if you are not good with financing, this age is the perfect time for taking advice from professionals to build a breezy life.

Things to Do at This Stage:

– Stay away from tempting lifestyle

– Get some effective financial advice if you can afford


Financial Goals To Set In Your 30s

Your thirties are the most beautiful times of your life. At this age, you are at the top of your youth, your career, and it is the prime time to build a solid financial background.

In your 30s, you can start taking home loans, car loans, renovation loans or any personal loans for making some investments. But always make sure that the interest rates are affordable to repay the borrowed money easily.

As you will borrow money to improve your lifestyle, you should carefully manage your debts. Otherwise, you will end up losing everything, and you don’t want that!

For successful debt management, you can hire professionals to set a timeline for you. They will also tell you how to take care of your loans and strategically help you with the repayment.

At this age, your expenses will be higher with all those monthly installments and savings. Therefore, you should work hard in your thirties to live the life you desire.

If your primary income isn’t paying you enough, you can always go for part-time jobs. But make sure it is not hampering your healthy lifestyle; otherwise, you’ll have to pay massive hospital bills. Hence, don’t do something that stresses your mind and body; your health is wealth, remember?

Things to Do at This Stage

– Avoid unnecessary debts such as credit card bills

– Follow a strategically-planned debt management

– Hire a professional for a solid financial plan if possible

– Earn more and save more!


Financial Goals To Set In Your 40s

The 40s is a bit hectic time in your life as there will be tons of responsibilities upon you. You need to take care of your children, parents and plan your retirement as well. But if you have lived your 30s thoughtfully, you can go through this phase without much trouble.

Cautiously planned financial goals are much-needed in this stage. Most Singaporeans feel puzzled in this stage as they are sandwiched between taking care of their family and tend to neglect their retirement savings. But you should maintain a proper balance to keep your future secure.

Things to Do at This Stage

– Hire a professional to maintain a proper balance of your finances

– Don’t neglect your retirement savings


Financial Goals to Set in Your 50s

Around 78% of Singaporeans actively manage their family’s finances in their families. And as you have worked hard in your life, now you deserve all the enjoyment. So, if you haven’t neglected your retirement plans, you can easily do both without any hassle.


Steps To Map Your Financial Goals

If you successfully map your goals, you can effortlessly handle your finances. Well, there are basically three types of financial goals, and they are:

1. Short-term Goals

2. Mid-term goals

3. Long-term Goals

Short-Term Goals

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Short-term goals are easier to achieve and are the building blocks of a financially secure future. Therefore, if you don’t want to live in scarcity, you should complete these short-term tasks to plan a better time.

What are the short-term goals, you ask? Here are some examples!

– Set a budget

– Build an emergency fund

– Repay your debts and don’t make any new ones

– Keep track of your daily budgets and follow that strictly

– Research for investment opportunities, try to make more money


Mid-Term Goals

When you have successfully completed the short-term tasks, here are the next steps you need to take.

– You can get life insurance to protect your family financially

– Keep clearing your debts and start saving for your retirement plan

– Make your dreams come true, like buying a vehicle or getting a home loan


Long-term Goals

Long-term goals are made for the future, and it requires strategic management. You need to invest deep thoughts into this planning to have an incredible life ahead.

Here are some examples of long-term goals.

– While planning long-term goals, you need to sort out your priorities. For instance, if you are happy with an HDB flat, start saving according to that; and if you want to go for more expensive options, give some extra effort and make more money

– You need money to buy your desired things, such as a brand new car, or get your dream house in the long run; therefore, look out for excellent investment opportunities to increase your savings

– When planning your future, constantly monitor your plans and make changes if needed

– Besides having a retirement plan, create an emergency fund; when people get older, they go through plenty of health problems; in that case, you can use your emergency fund instead of your savings


What Are the Realistic Goals & Over-Valued Goals?


If you want to build a solid financial background, you have to make realistic financial goals. But how do you know the differences between sensible and overly valued goals? Well, take a look at the section below to understand the difference.

Overly Valued GoalsRealistic Goals
I want to buy a home.I want to buy 4-room HDB flats by the time I am 37.
I want to become wealthy.I want to earn S$ (your desired amount) by the time I am 50.
I want to ensure a lavish lifestyle for my family.I want to achieve a net worth of S$ (your desired amount) when my child goes to preschool.
I want to retire early.I want to have savings and net income of S$ (your desired amount) and S$ (your desired amount) passive income by the time I’m 45, so I can retire early.


When you plan your features with solid numbers, you can easily monitor your progress and take action. Otherwise, you may keep saving, and when the time comes, it won’t be enough. And you cannot afford this kind of mistake.

Always track your goals!


The Bottom Line

So, here is everything you need to know about how to plan and achieve your financial goal. Now that you have learned the correct ways to build your future with rock-solid plans, you can enjoy a life without worrying about money!

If you’re caught in a sticky situation, you can obtain a fast cash loan through CashOctopus here!