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My last post – All you need to know about your REAL Financial Goals was received extremely well. And given that it was almost 3500 words long, I was happy to see that many of you did read it ‘completely’ 🙂 and mailed me back regarding its usefulness.
But several mails also asked me share the goal planning worksheet that I discussed in the post.
So here is a simple Personal Financial Goal Planning Worksheet. It’s fairly basic but still useful to get you started.
You can download it using the below link:
Or drop me a mail if you are unable to do so. I will send it to you directly.
Please note that the worksheet will help you:
- List down all life goals
- Identify important ones out of them
- Identify which are ‘Needs’ and which are ‘Desires’
- Categorize them into short term goals, medium term goals and long term goals
- Prioritize each of these goals
- Rationalize goals and costs if need be
The worksheet already contains several pre-populated examples of personal financial goals (short-term, mid-term and long term goals). You can either use them as your own (if relevant) or fill the sheet with your own unique goals.
[Strongly] Suggested Readings:
- Before using the worksheet: Financial Goals & How not to mess identifying them?
- After using the worksheet: Goal based Financial Planning
Once you have honestly filled up the goal planning spreadsheet, you will be in a good position to further explore answers to these important questions:
- Cost of goals in future?
- How much you need to invest for these goals (monthly SIP or lump sum)?
- Where to invest for these goals?
- Whether existing investments can be earmarked for these goals?
You can answer these questions on your own or take help of trustworthy and professional investment advisors. But whichever approach you take, the final decision in goal setting process will be yours.
After all, its your life and your goals… and ofcourse your money. 🙂
But this worksheet won’t help if you are not convinced about the whole idea of saving money for future. If that’s your case, I suggest you also read this article on Save vs Spend. It will help clear your thoughts. And by the way, tax saving is not a financial goal. So don’t list it as a goal. 🙂 Though it should be a desirable side effect of a good financial plan.
So download this free financial goals excel worksheet. I hope you find it useful… atleast as a first step towards putting your finances in order.