Question

How would you track your progress towards achieving your buying a house financial goal? If you found yourself off-track, how would you get yourself back on track to achieve your goal within the timeframe you identified?

Answer 1

The best way to track your progress towards achieving your financial goal of buying a house is to divide and categorize the set goals into 3 sorts: short-term goals (achievable in 3-6 months), medium-term goals (achievable in 6 months -1 year) and long-term goals (1year to 3 years). Keep a tight check on the categories every month and you will never miss your long term financial goal.

Though, there is a time in everybody’s life that things go south and you miss on your targets. Do not panic when you have a set-back in your planning. You can always take some extra measures to put yourself back on track and achieve your goal within the timeframe decided by you. If you miss your short term goal, it can be easily met by cutting down on the spending for 2-3months. However, if you miss you target in medium to long term then you need to take it seriously. You need to find additional income streams to cover it or take some freelancing work. You can also Increase your career potential, working yourself on what needs to be done to get a promotion or raise.