Home / Blog / What Defines Financial Goals and How to Achieve Them

What Defines Financial Goals and How to Achieve Them

July 26, 2022 | Financial Advice

Everyone’s circumstances differ when it comes to money. If you want to take charge of your finances, you’ll need a customised strategy that addresses your unique circumstances, needs and goals. The most important way to resolve these issues is to establish your financial objectives.

In this article, we discuss how you should outline your financial goals and the steps you can take to start achieving them.

What Defines A Financial Goal?

Financial goals are your targeted aims or desires when it comes to wealth management. Saving, spending, earning, and investing all form part of your financial goals.

First, create a budget while listing your finance goals. Working toward your goal is easier when you have a clear image of what you want to achieve. That implies your objectives must be quantifiable, detailed, and time-bound.

MoneySmart offers a free Budget Planner which you can find here.1

What Are the Types of Financial Goals? 

There are 3 main categories of financial objectives:

  • Short-term
  • Mid-term
  • Long-term

Short-Term Financial Goals 

These are shorter-term financial goals that you can accomplish in a year. A few examples of this include:

  • Repaying a credit card
  • Starting an emergency fund
  • Taking an overseas holiday

Mid-Term Financial Goals 

Mid-term goals usually take roughly five years to achieve. They are typically a little more expensive than your short-term targets, but they are attainable with dedication and hard effort. Mid-term goals can include:

  • Saving for a new car
  • Paying off your HECS-HELP debt
  • Saving a new house deposit

Long-Term Financial Goals

Long-term goals take much more than five years to achieve and tend to involve significant investment. Some long-term goals are:

  • Repaying your mortgage
  • Building your retirement nest egg
  • Saving for your children’s education

What Are Examples of Personal Financial Goals? 

Are you still uncertain of what you want to achieve? Here are some examples of personal financial goals to get you started.

Educational Investment 

Unfortunately, paying off HECS-HELP debt has become a modern long-term ambition due to the rising tuition expense. University expenses are a significant aim to build your budget around, whether you’re repaying your own debt or a parent preparing for your child’s education.

Emergency Savings 

Life is unpredictably unexpected; therefore, being prepared is essential. One of the few goals that are a must is saving for emergencies.

When something unexpected and costly occurs, emergency savings are there to protect you from financial blows.


A popular long-term financial aim is to purchase a home. Homeownership is an important financial goal to pursue, whether you’re saving for a deposit or striving to pay off a mortgage.

The easiest method to secure a modest house loan is to save up a substantial deposit. You can also avoid the expense of lender’s mortgage insurance (LMI) if you save enough, which would save you even more money.

Retirement Fund 

Many people aim to save for retirement. It’s a fantastic example of a long-term investment.

It’s critical to think about your retirement requirements in detail. The most profitable approach to investing in your future is creating a retirement plan. Remember that the sooner you begin, the better off you will be in the long run.

Start Achieving Your Financial Goals Today!

Whatever financial goals you have in mind, make sure to include developing (and continually enhancing) your financial literacy. Being a lifelong learner committed to learning more about saving and investing is one of the most critical aspects of your success. You’ll be able to establish the proper goals at the right time if you make that commitment to education with financial planning services at Coastal Advice Group.

In fact, the IOOF The True Value of Advice 2020 research paper found that:

  • 93% of survey participants believe advice provides clarity around goals and progression towards them
  • 91% of survey participants agreed that receiving advice helped them to achieve their financial goals2

Our goal at Coastal Advice Group is to support Australians to unlock their financial futures and live a life of possibility through our award-winning advice solutions. Our financial advisers will assist you in determining your particular financial goals and developing an investment strategy to help you achieve them sooner.

We have offices located in Newcastle, the Central Coast, Sydney, Port Macquarie, and Byron Bay. Call us or book online to secure your first appointment with us today and get started!


  1. https://moneysmart.gov.au/budgeting/budget-planner
  2. https://www.ioof.com.au/financial-advice/the-true-value-of-advice#:~:text=93%25%20believe%20advice%20provides%20clarity,towards%20and%20reach%20their%20goals

DISCLAIMER: Coastal Advice Group Pty Ltd is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.

(Trading names of Coastal Advice Group Pty Ltd include Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Compass Advice Port Macquarie, Wealth for Life Financial Planning and Coastal Advice Group Brighton/Somerton Park).

The views expressed in this publication are solely those of the author; they are not reflective or indicative of the Licensee’s position and are not to be attributed to the Licensee. They cannot be reproduced in any form without the express written consent of the author. Opinions constitute our judgement at the time of issue and are subject to change. Neither the Licensee, nor their employees or directors give any warranty of accuracy, nor accept any responsibility for errors or omissions in this document.

Any advice or information in this publication is of a general nature only and has not taken into account your personal objectives, financial situation and needs. Because of that, before acting on the advice, you should consider its appropriateness to you, having regard to your objectives, financial situation or needs.

Before making a decision to acquire a financial product, you should obtain and read the Product Disclosure Statement (PDS) relating to that product, it is important for you to consider these matters and to seek appropriate advice.

Past performance is not a reliable guide to future returns.

Any tax estimates provided by us in this publication are intended as a guide only and are not intended to be a substitute for specialised taxation advice. We are not registered tax agents and you should consult with a registered tax agent to determine your liabilities, obligations or claim entitlements that arise or could arise, under taxation law.

The information in this publication reflects our understanding of existing legislation, proposed legislation, rulings etc as of the date of issue. In some cases, the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way.

The publications on this site is designed for Australian residents only. Nothing on this website is an offer or a solicitation of an offer to acquire any products or services, by any person or entity outside of Australia.