“Saving is not just about putting money aside, but about creating the lifestyle of your dreams.”

Why You Should Set Financial Goals: The Beginning of the Journey to Financial Independence

When it comes to managing money, getting started early can set the foundation for a lifetime of financial wellness. Although as a teenager, setting financial goals might seem like a daunting task and you may think unnecessary at this stage of life - the benefits of having a clear financial plan are numerous and can significantly impact your future for the better. Here are our top reasons why setting financial goals should be on your to-do list.

Give Your Money a Purpose: It’s Easier to Save

If you give your money a purpose, its easier to stay committed to saving. Its so easy to impulsively spend, but when you know you have a plan and a special something to work towards, then its easier to stay on track.

Avoid Overspending

Without goals, it's easy to spend money on things that might seem important now but aren't in the long run. Setting financial goals helps you prioritise your spending on what really matters to you, reducing the chances of regretting impulsive purchases later. It teaches you the value of making informed decisions with your money.

Track Your Progress Towards Your Goal

There’s nothing quite like seeing your savings grow as you get closer to your goal. Tracking your progress can give you the motivation to keep going, but it also provides important insights into your spending habits which will help you adjust your plans as needed - YES your plans can be adjusted !!! Nothing is set in stone. However, setting and tracking your financial goals is a healthy financial habit can lead to a lifetime of good financial management.

Sets Healthy Financial Habits for the Future

By setting goals and working towards them, you’re not just saving money; you’re also building discipline. These healthy financial habits—budgeting, saving, and planning—will benefit you well into adulthood. Starting early means you’ll be way ahead of your buddies in financial preparedness.

 Feels So Good Once You Meet Your Goal

The satisfaction of achieving a financial goal is immense. Whether it's buying something you've saved up for or reaching a savings milestone, achieving your goals gives you a sense of accomplishment and boosts your confidence in handling money. It's a positive reinforcement that makes financial discipline more rewarding.

Why It's a Crucial Part of Your Overall Financial Management Plan

Incorporating goal setting into your financial management plan helps you build a really broad view of your finances. It ensures that you’re not just thinking about immediate needs but also planning for your future self. This is something we find extremely important here at Teens Financial Wellness. This holistic approach is crucial for long-term financial stability and success.

By setting financial goals as a teen, you’re not only preparing for immediate purchases but also setting the foundations for financial freedom in the future. Financial freedom looks different to each person. Thats a whole other topic! For now.... start small, think big, and watch as your financial skills and bank balance grow together. Remember, every big journey starts with a simple, well-planned step. Why not take that step today?

If you're interested in diving deeper into this subject and setting yourself on the path to financial wellness, watch this space.... We're launching a 13-week course designed to empower you with the financial skills you need to succeed.  Don’t worry it won’t take chunks of your time.  Just one hour a week is the commitment you’ll need to get this under your belt. One our a week to invest in your future wealth.

 Until next time....

Fiona 🤩