One thing you can do to bring you closer to your financial goals without it costing you a cent

We’ve all heard about SMART goals and about how being specific is important.. but we tend to not actually do it. We have these goals like "I want to have kids" for example - which is so ambiguous. If we actually have a go at getting specific and costing this out, it can make a massive difference.

You can never get anything like this completely perfect but you can do some research and there are figures on what it costs to raise kids, including how much it costs to get set up for the first time, how much it costs to raise a kid in certain age bracket - per week, how much it costs to send them to school, and you can roughly work out what kind of buffer you want to have in place beforehand. It sounds technical but by just having a go and doing a rough costing out makes it so much more real. You actually know what you’re aiming for.

It becomes “I am aiming to save $50K to have kids”, rather than an ambiguous goal of “I want to have enough money to be able to have kids one day”. I’m not saying that you have to do that if you want to have kids, but if you’ve got a goal and you feel like you need finances behind you to achieve it, to actually have a go at costing it out and making it as specific as you can is really important. You start imagining what you need to do to achieve that specific goal, and it brings it into reality somehow. It’s a really interesting exercise and giving it a go yourself is a great first step. You can always get a professional help afterwards to refine if you feel you need it.

So there we have it, cost out your goals, it doesn't cost you a cent and brings you that much closer to achieving them.