Defining your goals and objectives and putting them into a framework of short, medium and long term is the first step in drafting a financial plan. With clear goals and an understanding of your capacity for risk, you can make the most appropriate investment decisions for each stage of your investing journey.

About financial planning

  • If you could achieve your financial goals by simply putting money in the bank you wouldn’t need a financial plan. Unfortunately life is a little more complex.
  • Explore the Financial Planning Association of Australia website to learn more about what to expect from the financial planning process.

Steps to setting financial goals

  • Setting meaningful financial goals may be the smartest thing you do that will provide you with financial security and freedom in the future.
  • Time frames for your goals are an important factor in deciding which investments are suitable to help you reach those goals and they will often depend on your stage of life.
  • You can have goals that are short-term (e.g. saving for a holiday), medium-term (e.g. saving for a deposit for a house) and long-term (e.g. saving for retirement).

Identifying your goals

Check out FPA’s information on making sure you have the right goals for your stage of life!

Choosing investment goals

You can’t choose the right investment strategy until you’re clear about your investment goals and timeframe.

How do I turn my goals into a investing plan?

ASIC’s Moneysmart says that putting a plan together involves developing strategies and choosing the right investments.

Eight steps to create a DIY financial plan

A simple approach from Switzer Daily to help you create your own basic financial plan.

12 Tips to organise & manage your finances

Having a financial plan in place is key to creating a better financial future.