How to start saving money Now to afford your Dream Home later
The economy is fluid: as prices rise, a single unit of currency will inherently lose it value, impacting the overall cost of living. With the way inflation is affecting the cost of living in Singapore, more and more Singaporeans are adjusting their financial goals to ensure they can be prepared for the future. While a home costs $400,000 in 2020, the same house may cost upwards of $902,000 in 2050 (Dollars & Sense 20171). And if you’re struggling right now to achieve your basic financial goals, this could pose a problem in your future. See how you can begin to build on your financial goals in preparation for the future.
Clearly Define the Goal & Path to Achieve It (Sport of Money 20194)
Since long term goals take a longer period of time to work towards, it’s easy to get dejected and lose sight of it during difficult times. Solidifying in your own mind why this goal is crucial to your future success will help you to stick with it over time. It can also help to break this large goal into smaller, bite-sized pieces.
Audit Your Progress Towards the Goal & Realign as Needed (Investopedia 20202)
Benchmarking your success as you reach smaller milestones that indicate you’re headed in the right direction of that long-term goal is important. Every step in the right direction should be celebrated – after all, it’s lots of little successes that will comprise your larger success! As you move through life, review how well you’re doing to make progress towards the long-term goal.
Accept that Long-Term Goals Take Time (The Simple Dollar 20203)
If you take each day as it comes and make financial decisions while keeping that long-term goal at the front of your mind, you will be successful in time and learn the difficult lesson of discipline as a byproduct of your work!
In the end, long-term financial goals are not only practical for your future but also help to train you to be more financially disciplined over time. By breaking down the goal in bite-sized pieces, keeping track of your progress and adjusting as needed, and understanding that these goals will take time to get to, you can be successful in meeting your goals in the end – and unafraid of the potential inflation costs that will inherently rise in the future!
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