Do you set yourself money/financial goals?

Legacy_user

Do you set yourself financial goals? I’m interested to know what others’ money goals are for the next 3 months, 6 months and 12 months. Or what your short-term, medium-term and long-term money goals are?Whatever suits you! For me it’s: 3 months - replenish car fund by £200, 5 months - 7 months - save 5K and max out LISA, 12 months - have at least 10k saved and a separate £650 Emergency Fund.

kidmugsy

I don't think we ever had explicit goals, except that to convert our conventional mortgage into a flexible, interest-only mortgage we had to promise to pay it off by age 67.

Otherwise it was to accumulate enough for old age (i) taking advantage of savings and investment opportunities as they occurred, while (ii) avoiding boneheaded expenditure - such as frequent changes of car.

bostonerimus

My immediate goal is to max out my contribution to my self employed pension plan. Then add something to my long term savings and put some cash aside to paint the house.

Filo25

Yes, I have a fair number of short term and long term goals.

Ultimately most are working towards the overall goals of paying off my mortgage early (within the next 12-14 years) which is an important one for clearing the decks for retirement as I was a very late FTB.

Also hope to hit the LTA in my pension by the time I hit 60-62, although as I am relatively late to hammering the pension whether that is possible or not will be heavily dependent on any future changes to pension contribution rules, unfortunately I doubt any of those changes are likely to be favourable to me!

I basically want to be ready to retire around the 60 mark as I don't want to be dependent on still being able to have a well paid job at that stage, although obviously there is plenty of risk of me effectively being forced to retire before then!

Mnd

Yes, we are looking to my wife's retirement in exactly 4 years.
We know how much we want in savings/pensions etc to bridge the gap between her retirement at 62 to taking her state pension at 68
I've got 48 stepping stones of targets to build this bridge, so monthly, annually and 4 year targets