A new year inspires new resolutions, and we often commit to those resolutions without truly considering the realities of life. We aim high – and there’s nothing wrong with that! But without proper thought and planning, the things we most want to achieve can soon feel unattainable. And that’s not the way to a happy new year!
So let’s talk about goal-setting. It’s like travel. You set the destination, but the journey takes planning.
It’s the same with goals. You set the goal, and a proper plan of action will get you there and maybe take you further than you thought.
Setting goals that work for you
The fundamentals of goal-setting are the same whether your goal is personal or financial, big or small, short or long-term. Consider the following for each goal you set:
- Get to the heart of your goal by defining exactly what the goal is and what it will mean to you when you achieve it (or don’t achieve it);
- Be clear on the finish line and how you will track your progress;
- Check the reality of your goal and plan achievable steps;
- Make the goal important to you and connect with it; and
- Set a time period to the finish line.
Thinking deeply about your goal before you get started will ensure you are clear on its purpose and how you plan to achieve it. This will help keep you motivated towards your goal and able to steer a course through everyday distractions.
Staying on track
One thing we should always expect is life’s surprises. When these occur, be kind to yourself. Stay positive – revisit your goal and adapt the path if need be.
You may need to reduce your contribution or shift your time frame to keep your goal doable. That’s okay. In the future, you may be able to increase your contribution in a bigger way than originally planned.
And don’t miss the opportunity to celebrate the milestones. A little reward along the way will keep you feeling good about your progress.
How Six Park helps with your financial goals
Identify your account with your goal
When you create a Six Park account, you can add a description in the Account designation or Display Name to personalise the account you create.
The Account designation is regularly used by clients to add a name when creating an account they will hold on behalf of a child, or to differentiate between multiple accounts. You can also use the Account designation to link to a financial goal, for instance ‘House Deposit’ or ‘Wedding’.
We mentioned earlier in this post that one of the fundamentals of goal-setting is to make the goal important to you and connect with it. So why not use the Account designation and give your goal the recognition it deserves?
To rename your account, log onto your Six Park dashboard, click on the relevant Account > Settings > Display Name > Save Changes.
Use the Goal Explorer tool to help stay motivated
In your Six Park Dashboard you have access to the Goal Explorer tool, which you can use to visualise how your wealth might grow over time, based on Six Park’s targeted returns and your recommended portfolio.
Visualising your financial goal gives life to your goal-setting. The Goal Explorer is therefore a great tool to use when you first establish your Six Park account. It can also help you stay on track when things change.
Maybe you earned a pay rise. Or perhaps your surplus has been reduced due to unexpected expenditure. Or even your attitude to risk and investing has shifted and you’re contemplating a change to your portfolio.
The Goal Explorer enables you to model a different investment strategy, change the level of your monthly contributions, the time frame and even the end goal amount, and displays an illustrative chart of the path to your new or adjusted goal.
When creating a new account with a financial goal in mind, or adjusting how you plan to achieve an existing goal, using the Goal Explorer will help keep you motivated and connected to what you set out to achieve.
Setting a regular savings plan
Regular investing is an excellent choice for those wanting to grow their wealth over the long term and help meet their financial goals.
Read more about the benefits of regular investing and how Six Park can help you.
This article may contain general financial product information but should not be relied upon or construed as a recommendation of any financial product. This information has been prepared without taking into account your objectives, financial situation or needs.
For further details on our service please see our Financial Services Guide at http://www.sixpark.com.au. Past performance is not a reliable indicator of future performance.