{"id":1355,"date":"2020-11-16T13:05:53","date_gmt":"2020-11-16T13:05:53","guid":{"rendered":"http:\/\/cashvisory.examinia.com\/?p=1355"},"modified":"2020-11-16T13:10:22","modified_gmt":"2020-11-16T13:10:22","slug":"5-ways-to-get-back-on-track-for-your-financial-goals","status":"publish","type":"post","link":"https:\/\/www.cashvisory.com\/blog\/5-ways-to-get-back-on-track-for-your-financial-goals\/","title":{"rendered":"5 ways to get back on track for your financial goals"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1355\" class=\"elementor elementor-1355\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-10ec1a86 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"10ec1a86\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-18f1f5c\" data-id=\"18f1f5c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-31a7a92e elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"31a7a92e\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-413d2aee elementor-widget elementor-widget-text-editor\" data-id=\"413d2aee\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Key Takeaways<\/strong><\/p><ul><li style=\"font-weight: 400;\"><strong>To get back on track to achieve your goals, you need to look at the urgency of the goal, flexibility of your budget, prioritisation amongst the various goals and your ability to align your financial plans to realise them.<\/strong><\/li><li style=\"font-weight: 400;\"><strong>See if you can reduce the goal amount or postpone the goal for a while if you are off-track.<\/strong><\/li><li style=\"font-weight: 400;\"><strong>Plan early for your goals by saving and investing towards them. Prioritise your goals so that you focus on the most critical ones first.<\/strong><\/li><li style=\"font-weight: 400;\"><strong>If you have to borrow to get to your goals, try to minimise your interest rate to mitigate the long term impact on your financial health.<\/strong><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1fc2c465 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"1fc2c465\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-da768b9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"da768b9\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-bfbd8ff\" data-id=\"bfbd8ff\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-204a728 elementor-widget elementor-widget-text-editor\" data-id=\"204a728\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">All of us have a number of goals we have laid out for our lifetime &#8211; buying a house or a dream car, having a destination wedding or taking that world tour, paying for kids\u2019 education or preparing for retirement. And likelihood is we have multiple goals set out for us at the same time. Now meeting these goals requires financial resources and most of us have a limited pool of these resources. So what should we do if we are financially off-track from meeting our goals as per our plans?<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3d7fc7c elementor-widget elementor-widget-text-editor\" data-id=\"3d7fc7c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Fret not, there are multiple ways to address this and ensure you can achieve these goals in a way that is financially prudent. What you need to do is analyse relevant factors such as urgency of the goal, flexibility of your budget, prioritisation amongst the various goals and your ability to align your financial plans to realise them. In this post, we lay out the five key questions you need to ask yourself and look at some examples to better understand how they apply.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c28b42e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c28b42e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9d4a3b4\" data-id=\"9d4a3b4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8d8daba elementor-widget elementor-widget-image\" data-id=\"8d8daba\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"990\" height=\"611\" src=\"https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/11\/image5-1.png\" class=\"attachment-large size-large wp-image-1356\" alt=\"managing multiple goals\" srcset=\"https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/11\/image5-1.png 990w, https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/11\/image5-1-300x185.png 300w, https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/11\/image5-1-768x474.png 768w\" sizes=\"(max-width: 990px) 100vw, 990px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8ca7f25 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8ca7f25\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4bb2dff\" data-id=\"4bb2dff\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fe23387 elementor-widget elementor-widget-heading\" data-id=\"fe23387\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1) Can the goal amount be reduced?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-f766c06 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f766c06\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-94c2629\" data-id=\"94c2629\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2c1174f elementor-widget elementor-widget-text-editor\" data-id=\"2c1174f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The first option you should consider is whether you can reduce the budget you\u2019ve set out for a goal without compromising on your ability to achieve it. Let\u2019s say you want to take a 2-weeks Europe trip in the summer that will cost about Rs 10,00,000 for you and your family. However, you only managed to save up Rs 6,00,000 for this trip. You can consider flying a budget airline or living in an AirBnB instead of a 5 star hotel to reduce your overall expense. You could also consider shortening your trip to 10 days instead of the 14 days as originally planned. With proper budgeting and meticulous planning, you may still be able to make the trip happen.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-c20ce14\" data-id=\"c20ce14\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-81c68ed elementor-widget elementor-widget-image\" data-id=\"81c68ed\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"996\" height=\"828\" src=\"https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/11\/image3-1.png\" class=\"attachment-large size-large wp-image-1358\" alt=\"Europe trip\" srcset=\"https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/11\/image3-1.png 996w, https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/11\/image3-1-300x249.png 300w, https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/11\/image3-1-768x638.png 768w\" sizes=\"(max-width: 996px) 100vw, 996px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-16b7dc5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"16b7dc5\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1f3edb9\" data-id=\"1f3edb9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d21de9b elementor-widget elementor-widget-heading\" data-id=\"d21de9b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">2) Can the goal be delayed?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-e21f725 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e21f725\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-dc0c55d\" data-id=\"dc0c55d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f76827a elementor-widget elementor-widget-image\" data-id=\"f76827a\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/elementor\/thumbs\/image2-2-qnidf73p8wtyerytsy633h2393klt2qpf39ji1lia8.png\" title=\"buying a phone\" alt=\"buying a phone\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-69fcbbf\" data-id=\"69fcbbf\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4cbaace elementor-widget elementor-widget-text-editor\" data-id=\"4cbaace\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The second question to ask yourself for an off-track goal is whether or not it makes sense to delay the goal by some time. For instance, let\u2019s say you are saving up to buy an iPhone worth Rs 1,00,000. If you don\u2019t have enough to buy your phone just yet, can you wait a while longer to buy it? Is your current phone still in working condition? Will delaying your purchase by a few months affect your ability to operate normally? If not, it\u2019s prudent to wait. It\u2019s also worth noting that it is not recommended to tap on your <\/span><a href=\"https:\/\/www.cashvisory.com\/blog\/are-you-prepared-for-financial-emergencies\/\"><span style=\"font-weight: 400;\">emergency funds<\/span><\/a><span style=\"font-weight: 400;\"> for such non-emergency expenses. <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2bd3b39 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2bd3b39\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-98b6f42\" data-id=\"98b6f42\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ee6820b elementor-widget elementor-widget-heading\" data-id=\"ee6820b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">3) Can you save and invest more to get to your goal in time?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-f641510 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f641510\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-a864f36\" data-id=\"a864f36\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f74d755 elementor-widget elementor-widget-text-editor\" data-id=\"f74d755\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Calculate whether or not you will get to your goals based on your current rate of savings. If your calculations show you are off-track, relook your <\/span><a href=\"https:\/\/www.cashvisory.com\/blog\/the-golden-rule-of-budgeting\/\"><span style=\"font-weight: 400;\">budgeting<\/span><\/a><span style=\"font-weight: 400;\"> and explore <\/span><a href=\"https:\/\/www.cashvisory.com\/blog\/how-to-save-more-in-5-simple-steps\/\"><span style=\"font-weight: 400;\">options to save more<\/span><\/a><span style=\"font-weight: 400;\">. To give your chances of meeting your goal a further boost, <\/span><a href=\"https:\/\/www.cashvisory.com\/blog\/how-to-protect-your-savings-from-the-impact-of-inflation\/\"><span style=\"font-weight: 400;\">invest your savings<\/span><\/a><span style=\"font-weight: 400;\"> to grow them faster and get to your goals sooner. Having the farsightedness to plan for your goals in advance puts you in a better position to meet them and even upgrade them. We are building a tool to help you in your savings and investment journey.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-d290d71\" data-id=\"d290d71\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-23a1c80 elementor-widget elementor-widget-image\" data-id=\"23a1c80\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1024\" height=\"662\" src=\"https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/11\/image6-1024x662.png\" class=\"attachment-large size-large wp-image-1360\" alt=\"save and invest\" srcset=\"https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/11\/image6-1024x662.png 1024w, https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/11\/image6-300x194.png 300w, https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/11\/image6-768x497.png 768w, https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/11\/image6.png 1050w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b24ecfa elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b24ecfa\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8c6f80f\" data-id=\"8c6f80f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9862bb4 elementor-widget elementor-widget-heading\" data-id=\"9862bb4\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">4) Are other goals interfering with the off-track goal?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-6b13e6f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6b13e6f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-a9b020b\" data-id=\"a9b020b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b3dbbce elementor-widget elementor-widget-image\" data-id=\"b3dbbce\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"281\" src=\"https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/11\/image1-2-300x281.png\" class=\"attachment-medium size-medium wp-image-1361\" alt=\"buying a car\" srcset=\"https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/11\/image1-2-300x281.png 300w, https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/11\/image1-2-768x721.png 768w, https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/11\/image1-2.png 890w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-01232a3\" data-id=\"01232a3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-996ba05 elementor-widget elementor-widget-text-editor\" data-id=\"996ba05\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">You may be planning for several goals simultaneously. Buying a car, a new phone and planning a trip all at the same time with the same pool of savings can be challenging. Decide what your priorities are. If your old car has reached the end of its life cycle and you can\u2019t live without replacing it, you know what to focus on. The other two goals could be delayed or you could consider reducing your budget for them if possible. Keeping sight of what is important helps you put your resources to work in the right areas of your life. <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-fd00df9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fd00df9\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d32f861\" data-id=\"d32f861\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9070617 elementor-widget elementor-widget-heading\" data-id=\"9070617\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">5) Do you need to borrow to meet this goal?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-f4079b6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f4079b6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-6fa14c1\" data-id=\"6fa14c1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f53ec6d elementor-widget elementor-widget-text-editor\" data-id=\"f53ec6d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Whether you should borrow funds to achieve your goals is contingent on the type of loan as well as the goal that you wish to achieve. For situations where a <\/span><a href=\"https:\/\/www.cashvisory.com\/blog\/leverage-debt-can-be-your-good-friend-if-used-wisely\/\"><span style=\"font-weight: 400;\">good debt sponsors a productive purchase<\/span><\/a><span style=\"font-weight: 400;\">, loans can help you achieve your goals faster, leave you financially better off and even help you make money if used wisely.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-04163bf elementor-widget elementor-widget-text-editor\" data-id=\"04163bf\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">In case of a <\/span><a href=\"https:\/\/www.cashvisory.com\/blog\/debt-the-good-the-bad-and-the-grey-in-between\/\"><span style=\"font-weight: 400;\">bad debt<\/span><\/a><span style=\"font-weight: 400;\"> that is used to support a lifestyle beyond your means, for instance, taking a trip, you should first consider the above mentioned approaches to the goal. I<\/span><span style=\"font-size: 15px; font-weight: 400;\">f that is not feasible and you are considering loans as a last resort, make sure you survey the various available options from banks and NBFCs to choose the best one with the lowest interest rate.<\/span><\/p><p>\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-1a88a90\" data-id=\"1a88a90\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-03aebfd elementor-widget elementor-widget-image\" data-id=\"03aebfd\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"222\" height=\"238\" src=\"https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/11\/image4-1.png\" class=\"attachment-large size-large wp-image-1362\" alt=\"borrowing from a bank\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b0aa726 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b0aa726\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a753ae6\" data-id=\"a753ae6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0a18383 elementor-widget elementor-widget-heading\" data-id=\"0a18383\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Pro Tip<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-58f105e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"58f105e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6a3df27\" data-id=\"6a3df27\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-49dd4af elementor-widget elementor-widget-text-editor\" data-id=\"49dd4af\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">One of the key goals everyone must have is ensuring they are well-equipped to handle unprecedented situations such as loss of a job or medical emergencies that have significant financial impact. You should make sure your <\/span><a href=\"https:\/\/www.cashvisory.com\/blog\/are-you-prepared-for-financial-emergencies\/\"><span style=\"font-weight: 400;\">emergency fund<\/span><\/a><span style=\"font-weight: 400;\"> reserves are sufficient to cover you in these scenarios. Only borrow in cases where the expenses surpass your emergency reserves and look out for loans that give you the most favourable interest rates and loan terms. You will be able to do so on the Cashvisory platform in the near future. Stay tuned!<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e2addb8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e2addb8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9cef546\" data-id=\"9cef546\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0ba0c2e elementor-widget elementor-widget-heading\" data-id=\"0ba0c2e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Bottom Line<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5b072f9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5b072f9\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a068ede\" data-id=\"a068ede\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-381e818 elementor-widget elementor-widget-text-editor\" data-id=\"381e818\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Most of the approaches we have covered in this article are to assist you in case you find yourself in a difficult situation and off-track from your goals. However, with proper financial planning, you can maximise your chances of comfortably achieving all your goals in the time frame you have in mind. That\u2019s what you should be striving for. <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Key Takeaways To get back on track to achieve your goals, you need to look at the urgency of the goal, flexibility of your budget, prioritisation amongst the various goals and your ability to align your financial plans to realise them. See if you can reduce the goal amount or postpone the goal for a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1356,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,5,6],"tags":[],"class_list":["post-1355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-expenses","category-investments","category-loans"],"uagb_featured_image_src":{"full":["https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/11\/image5-1.png",990,611,false],"thumbnail":["https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/11\/image5-1-150x150.png",150,150,true],"medium":["https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/11\/image5-1-300x185.png",300,185,true],"medium_large":["https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/11\/image5-1-768x474.png",768,474,true],"large":["https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/11\/image5-1.png",990,611,false],"1536x1536":["https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/11\/image5-1.png",990,611,false],"2048x2048":["https:\/\/www.cashvisory.com\/blog\/wp-content\/uploads\/2020\/11\/image5-1.png",990,611,false]},"uagb_author_info":{"display_name":"Admin","author_link":"https:\/\/www.cashvisory.com\/blog\/author\/admin\/"},"uagb_comment_info":3,"uagb_excerpt":"Key Takeaways To get back on track to achieve your goals, you need to look at the urgency of the goal, flexibility of your budget, prioritisation amongst the various goals and your ability to align your financial plans to realise them. 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