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Gol se Goal Tak | Goal-Based Investing

By Shrestha Saha

7th Dec 2022

3 mins read

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Gol se toh sab shuru karte hai, but only those who plan and persevere reach their goal. Are you one of those who have struggled to accumulate money for your dream bike or dream college fee? If yes, then you need this gyan.

Budgeting and sticking to that budget is a very common problem in today's time. Being unable to save at month-end often results in people being unable to fulfil their dreams while watching people around them enjoy life. This leads to a sense of frustration, then a sudden urge to take a personal loan at a high interest, a huge purchase with that loan amount for instant gratification, and then a vicious circle of bad finances.

Sounds scary, right? Well, here's a way to make your goals seem achievable and finally achieve them. Keep reading to discover why goal-based investing is and end to your financial woes.

Increases the likelihood of your goal fulfilment

"Setting goals is the first step in turning the invisible into the visible," American author Anthony Jay Robbins once said.

When you have a specific goal in mind, you are more likely to put in additional effort to achieve it sooner. You’ll prioritize your investments and make conscious efforts to obtain your goal.

Improved financial discipline

The difference between goal-based investing and saving is that the latter is done because you have idle money in your account. So if you don't save enough in a particular month, you won't feel bad about it.
While this might seem fine for a month, your financial discipline will take a back seat, and the inability to invest will become a habit. And your goals will go back to being dreams.

For example, let’s say you plan to buy a house and save for its down payment. Then you come across the Big Billion Days Sale on Amazon and buy the latest gaming console.

Though you get that instant gratification, you soon realise that you have unconsciously reduced the funds intended for the downpayment. You realise that you’ll no longer be able to make the down payment for the house when you want to buy it because you carelessly purchased the new gadget.

Now, had you invested towards your goal (home) at the beginning of the month, you wouldn't have had the money to spend on distractions (gaming console), or even if you did, it wouldn't be out of the downpayment money.

This is how goal-based investing improves your financial discipline by helping you prioritize your goals over instant gratification.

Automated Planning

Suppose you plan to create a Rs 20 lakh fund for your education within 3 years. It might seem intimidating and impossible until you break things down. That's where Spenny comes in. Spenny helps you create an automated plan where your monthly instalment (Rs 46,716)  gets automatically invested towards your goals every month without having to stress yourself. Now that you have figured out your investment schedule, it’s time to invest towards your goals.

Forward Planning

With stable investment goals in place, you can identify potential financial issues and devise a strategy to address them so your objectives are maintained. This strategy will also encourage you to invest towards your goal early.

If you have to make large purchases or pay an instalment on a specific date, you should start investing towards both your goals early. Prioritise accordingly, and you'll see how much you need to invest each month to reach your goal in a specific time.

Given that we live in a highly digital world, where window shopping is just a phone tap away, and sales go on all almost at all times of the year, we tend to make mistakes and miscalculate our investments. Download Spenny to plan your finances in a way that you can enjoy both your present and your future without stressing about your finances. The platform provides accurate financial projections, encourages you to invest, and earns stable returns on your investments so that you have enough funds for rainy days.

With that thought in mind, get started with your goals.

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