2.3 Financial goal setting
Financial planning requires defining your goals and prioritising them. You can divide your goals into one-year goals or short term, up to five-year goals called the medium-term loans, and more than five years goals called the long-term goals and making your budgets and plans accordingly.
Benefits of Financial Planning
Illustration 2.8- How one can set their goal priorities.
THINK ABOUT IT!
Now you know why you are unable to save your pocket money. List down the goals you want to achieve in your life. Divide them into short, medium, long term goals.