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Financial Goals: Setting, Tracking, And Achieving Them

Discover the key to financial success with our comprehensive guide on setting, tracking, and achieving your financial goals. Learn how to create a realistic financial plan, monitor your progress, and adjust your strategies as needed. Start your journey towards financial freedom today!
April 18, 2024

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Have you ever dreamed of a life where you’re not constantly worrying about money? A life where you’re financially secure and free to enjoy the things you love? That dream can become a reality. It all starts with setting clear and achievable financial goals.

Financial goals are the stepping stones to your dreams. They are the roadmap to a future where financial stress is a thing of the past. Whether it’s buying a new home, planning for your child’s education, or ensuring a comfortable retirement, every dream has a financial aspect to it. And the first step to achieving these dreams is setting your financial objectives.

In this blog, we’ll guide you through the process of setting, tracking, and achieving your financial goals. We’ll provide you with practical tips, insightful information, and valuable resources to help you on your journey toward financial freedom.

We will also discuss how Cube Wealth's Perfect Portfolio Builder can assist you in creating a personalised investment plan that aligns with your financial goals. With the help of our Cube Wealth Coaches and advanced technology, you can make informed investment decisions and stay on track to achieve your dreams.

How Do You Achieve Your Financial Goals?

Like any other goal in your life, achieving a financial goal involves 4 steps. They are:

  1. Setting your financial goal
  2. Planning and acting for your financial goal
  3. Tracking your progress
  4. Achieving milestones and celebrations

Let's discuss these aspects in depth.

A. Setting Financial Goals

Setting financial goals is like setting a destination on your GPS. It gives you a clear direction and helps you make informed decisions about your journey. It is a multidimensional process that involves following key steps:

  1. Identify Your Goals: Determine what you want to achieve financially, such as buying a house, planning for your child’s education, or saving for retirement.
  2. Prioritise Your Goals: Rank your goals based on their importance to you.
  3. Set SMART Goals: Make your financial goals Specific, Measurable, Achievable, Relevant, and Time-bound. For example, instead of saying, “I want to save money," specify the amount and the purpose, like saving ₹500,000 for a house down payment in 5 years.
  4. Consider Your Current Financial Situation: Assess your current financial status including your income, expenditure, savings, and debt. This will help you set realistic and achievable financial goals.
  5. Create A Financial Plan: Develop a plan based on your goals and current financial situation. The plan should detail how much you need to save each month, what investments you need to make, and any lifestyle changes required to achieve your financial goals.

B. Planning For Financial Goals

Once you’ve set your financial goals, the next step is to plan how to achieve them. This involves creating a financial plan that outlines your savings and investment strategies. This step can be broken down  into several sub-steps, which involves:

  1. Understand Your Income And Expenses: List all your income sources and expenses to get a clear picture of your financial situation.
  2. Create A Budget: Based on your income and expenses, formulate a budget to control your spending and save more for your financial goals.
  3. Plan Your Savings: Determine the amount you need to save each month to achieve your financial goals, considering your income and expenses.
  4. Choose The Right Investment Options: Select from various investment options like mutual funds, stocks, bonds, and real estate in India, considering their risks and returns, and your financial goals and risk tolerance.
  5. Consider Getting Professional Help: If unsure about planning for your financial goals, consider seeking help from our Cube Wealth Coaches for expert advice and a personalised financial plan.

C. Tracking Financial Goals

After planning and selecting the right investment options, it is important to regularly track your financial goals. Monitor your progress and make adjustments as needed to stay on track. This is one of the most important important aspect of achieving financial goals and our following tips can help you stay on top of it.

  1. Regularly Review Your Goals: Check your financial goals at least once every quarter to understand if you’re on track.
  2. Use Financial Tools: Utilize financial tools to monitor your savings, investments, and expenses, and to visually track your progress.
  3. Adjust Your Plan As Needed: If you’re not on track, adjust your plan by increasing savings, changing investment strategy, or redefining goals.
  4. Celebrate Small Wins: Acknowledge and celebrate each step towards your financial goals to stay motivated and enjoy the journey.

D. Achieving Financial Milestones

This is the last and most exciting step in your financial journey. Achieving financial milestones is a testament to your hard work and dedication. However, many  people may find it challenging to reach these milestones without proper guidance and support. The following tips will help  you navigate the path towards achieving your financial milestones.

  1. Understanding Financial Milestones: Financial milestones are smaller, achievable goals within your larger financial goals, acting as checkpoints on your financial journey.
  2. The Importance Of Financial Milestones: They help track progress, provide a sense of accomplishment and motivation, and make the financial journey more manageable.
  3. Celebrating Financial Milestones: Celebrate when you achieve a financial milestone. This doesn’t have to involve spending money but can be a simple treat or relaxation time.
  4. Adjusting Your Financial Plan: Upon achieving a milestone, review and adjust your financial plan to reflect any changes in your financial situation or goals.

How Cube Wealth Can Help You In Your Financial Planning?

Investments is an important aspect of financial planning. Cube Wealth can help you by providing expert advice and personalised investment strategies to help you achieve your financial goals. With our user-friendly app and unique technology driven features, you can easily track your investments and make adjustments as needed.

Build Your Perfect Portfolio

Our Cube Wealth app offers a unique feature - Perfect Portfolio Builder - based on "9 Box Method" - that allows you to create a customised portfolio based on your risk appetite and investment preferences. This feature takes into account various factors such as your age, financial goals, and time horizon to suggest the best mix of assets for optimal returns.

Additionally, Cube Wealth provides access to top-performing mutual funds and alternative investment options that are carefully curated by our team of experts. With our guidance, you can build a diversified portfolio that aligns with your financial objectives and maximizes your chances of success.


Remember, financial planning is not a one-time activity but a continuous process that requires regular review and adjustment. Your financial goals will evolve as your life changes, and that’s okay. The important thing is to stay committed to your financial journey and keep moving forward.

Achieving financial freedom is not an overnight process. It requires discipline, patience, and perseverance. But with the right plan and the right mindset, you can achieve your financial objectives and live the life you’ve always dreamed of.

FAQs Related To Setting And Achieving Financial Goals

1. What tools can I use to track my financial goals?

Tracking your financial goals is a crucial part of your financial journey. It helps you stay on track and make necessary adjustments to your plan. Here are some tools you can use to track your financial goals:

  • Cube Wealth Platform’s Perfect Portfolio Builder: The Perfect Portfolio Builder from Cube Wealth is a unique tool that helps you build a balanced portfolio based on the bucket philosophy. It suggests investments for different needs, such as emergency, protection, short-term, medium-term, and long-term. All the investment options on the Cube Wealth app are tried and trusted by Cube’s leadership team. This can be a great way to ensure you’re investing in a diversified portfolio that aligns with your financial goals.
  • Budgeting Apps: Apps like Mint, YNAB (You Need a Budget), and PocketGuard can help you track your income, expenses, and savings, making it easier to see how well you’re progressing towards your financial goals.
  • Spreadsheets: If you prefer a more hands-on approach, you can use spreadsheets to track your financial goals. You can create your own or use templates available online.

2. What is the difference between short-term and long-term financial goals?

Short-Term Financial Goals

Short-term financial goals are objectives that you aim to achieve in the near future, typically within one to three years. These goals are usually more immediate and require less time and planning. They often involve saving a certain amount of money or paying off a specific debt. Examples of short-term financial goals include:

  • Saving for a vacation
  • Building an emergency fund
  • Paying off a credit card debt

Long-Term Financial Goals

Long-term financial goals, on the other hand, are goals that you aim to achieve over a longer period, typically more than three years. These goals require more planning and often involve investment strategies to help your money grow over time. Examples of long-term financial goals include:

  • Saving for retirement
  • Paying off a mortgage
  • Saving for a child’s education

The main difference between short-term and long-term financial goals lies in the time frame for achieving them. Short-term goals focus on immediate needs, while long-term goals are about preparing for the future.

Team Cube

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