Once you have a clear idea of your goals be sure to balance your shorter-term goals with medium to longer-term goals.

• Short-term: something you want to achieve in the next 2 years.
• Medium-term: something you want to achieve within 2 – 5 years.
• Long-term: something you want to achieve that will take 5 to 30 years to reach.

Once you know which short, medium and long-term goals you want to plan for, you must break them down in more detail and plan how to reach each one.

Develop a plan?

A plan will help you to outline in detail exactly what you want to achieve and by when you want to achieve it.

Step 1: Know your goals

• What are your short-, medium- and long-term plans?
• Write down one big reason for wanting each goal.
• Imagine achieving your goals.

Step 2: Research your goal

• What will it take to achieve it?
• Where and how can you get it/them?
• Are there potential obstacles?
• Find out about extra costs involved.
• Find an expert to help you make your decision.

Step 3: Take a reality check

• Are your goals achievable?
• What would make them more realistic – a higher salary, more education?
• Are you serious about achieving them and are they really what you want?

Step 4: Prioritise your goals

• Which goals will you start with?
• Medium to long-term plans take longer to save for and may take priority over shorter-term achievements.

Step 5: Plan your savings

• Create a budget.
• Decide what you are prepared to sacrifice now for your future.
• Identify how you can increase your savings.
  

As you start achieving your goals, you will need to review and update your vision. You might develop new goals to match your new earning potential. New circumstances in your life might also make you change your goals.