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How to Set and Achieve Short-Term Financial Goals?

April 21, 2023

Table of Contents

    Table of Contents

      Read about the short-term goals anyone can achieve by following a well-thought-out investing practice.

      Investments play a vital role in wealth creation. While saving money is essential and good practice, smart savers like us must know how to put our money to work and potentially build wealth. By investing money, we can outrun inflation, achieve short-term and long-term financial goals, and stabilize our financial future. We can invest money in different avenues like stocks, equities, mutual funds, and fixed deposits. Some of the best investment plans in India can be considered for both short-term and long-term goals.

      Let us learn about the areas of investment. Some of the types of investments that we can consider are:

      ●      Stocks

      ●      Fixed deposits

      ●      Mutual funds

      ●      Senior citizen savings scheme

      ●      Public provident fund

      ●      NPS

      ●      Real estate

      ●      Gold bonds

      ●      REITS

      ●      Crypto

      The Australian Investors association recommends using the SMART format.

      Specific: Make each goal clear and specific.

      Measurable: Frame each goal so that you know when you achieve it.

      Achievable: Take practical actions to achieve the goals.

      Relevant: Determine whether your goals are realistic and related to your life.

      Time-based: Assign a time frame to track progress.

      Short-Term Financial Goals

      Short-term goals need to be concentrated on. These are the goals on which we will have to spend money in a few months or years. Short-term goals should include setting a budget, reducing debt, and starting an emergency fund.

      'Forgone consumption' is a term for putting aside some money apart from all the expenses into your savings account for future use. This can be of great use for your future endeavors. It also helps inculcate the habit of saving money and later investing money for profitable returns and meeting long-term goals.

      Short-term goals can be categorized based on two parameters: the tenure of the goal and the importance of the goal.

      What can be the selection criteria for investment?

      ●      Safety of capital

      ●      Liquidity of investments

      ●      Return potential of investment products

      Some of the short-term goals that we can be achieved with a strong investment practice are:

      ●      Emergency fund

      ●      Payments of rent, fees, loans, insurance, etc.

      ●      Credit card debt payments

      ●      Personal goods

      ●      Travelling

      ●      Weddings, events

      ●      Minor repairs and home improvements

      ●      Medical bills

      Investment is one such stage that requires planning and proper execution. With a strong investing practice, we can achieve two important investment goals:

      ●      Make our money grow

      ●      Generate income at regular intervals

      Short-term investing offers flexibility, as we do not have to wait for the security to mature to get cash. Choosing the short-term goals that best suit us is of utmost importance. We may take advice from a financial advisor to sort out our short-term goals. 

      Why is Investing in Digital Gold Better Than Investing in Mutual Funds?

      Historically, gold is safe and more likely to resist market fluctuations than any other financial instruments available for investments. Gold is a commodity that retains its value over a long period and is trusted by millions. You can save and invest in digital gold to always remain on the profitable side of the population.

      Jar is helping millions of us to rediscover the undeniable, cumulative advantages of saving and investing money. Jar is helping reintroduce our old friend in a modern way by saving in digital gold and staying bank agnostic so that no matter who a user banks with, they can always keep using Jar. 

      How?

      Jar app is available on Android as well as iOS mobile devices. Once we sign up, we can choose between automatically rounding off our daily expenses to the nearest 5 or 10, depending on our needs. For example: if our daily spend is Rs. 93, Jar will invest Rs. 2 or Rs. 7 for us in digital gold.

      For more information on the automation of digital gold, check the question How to set up Jar daily savings/Autopay? under the FAQ tab.

      Jar app ensures that the gold corresponding to every purchase we make is stored in world-class vaults and secured by a SEBI-regulated independent trustee so we can enjoy guaranteed 24K gold.

       

      When Can I Withdraw My Savings?

      Jar keeps no minimum lock-in period; therefore, we can withdraw our money after 24 hrs of investment.

      Who Can Invest?

      Any Indian citizen over 18 who banks with a SEBI-recognized bank may invest in Jar. Jar app is completely secure for our daily savings and investments in gold. SafeGold powers it, and all the payments happen over protected banking networks.

      To Wrap Up:

      You can automate your daily savings using the Daily Savings app and the Digital Gold Investment app. Download the Jar app now!