Achieving healthy finance without setting financial goals is a dream that is never going to be true. In fact, one won’t even last a week to maintain a good financial condition without a proper financial goal. Thus, your life endeavors which include traveling, starting your own business, buying a house for yourself or any other, can be achieved with well-defined financial goals.
At NIC ASIA Bank, we are always making efforts to understand our customers and their nature of spending, saving, and investing. And we have found that most of our customers are lagging behind, especially in “defining specific financial goals.” So, to address these shortcomings, we have come up with this blog.
|
|
What are financial goals?
Financial goals are subjective; thus, we can’t have one exact definition for this. According to Nerd Wallet, “A financial goal is personal, big-picture objectives one sets saving and spending money.” So a financial goal is something a person sets to achieve their end desire. These goals change over time and depend on the availability of funds with a person. We have three financial goals: short-term, medium-term, and long-term. Short-term goals include budgeting, debt reduction, and setting up an emergency fund, whereas key insurance policies are included in medium-term goals, while retirement planning is kept in long-term goals.
Why are financial goals vital to you?
A normal graph of success includes- 1) Having bigger dreams 2) Setting goals 3) Putting action to achieve your goals. The second stage of setting financial goals matters a lot. But why? Here, we have 5 points to justify its importance and they are:
- With financial goals, you can create an effective financial plan policy.
- Your attitude towards financial expenses changes.
- You can calculate your economic progress.
- It nurtures saving and investing concepts that are fruitful to the person and their family.
- You seek out smart financial tips to grow.
5 Tips to Set Financial Goals for your future
Let’s head towards five valuable tips that you can follow to achieve your financial target.
- Pay off your debt completely.
The first and foremost thing you should do is pay off your debts. The more time you take to clear debts, the more delay will be in achieving your financial goals. If you keep pending or avoiding debts, you can’t progress with your money. So, first, focus on fixing debts before pursuing financial goals.
- Set a budget and stick to it.
Budgeting is an excellent initiation to staying economical, but it is ineffective if you are not on the right track. So, for budgeting, first, calculate your net worth, and check on expected expenses- BASIC, ADDITIONAL and UNNECESSARY. After that, make a plan and stick to it. If needed, you can make some adjustments as we know adopting new plans in the initial days are tough.
- Build up an emergency fund
Life is unpredictable. However, you can still arrange any approaching monetary issues if you have redeemed a reasonable sum of money. It can be helpful for any approaching medical expenses, unemployment, home maintenance or even car maintenance. But when you hold an emergency fund, you can relax and stay calm, knowing that you can cope with such emergencies.
- Save for early retirement.
Retirement could be years away, but you must plan early for retirement days. The earlier you begin, the more you save. Such money can be helpful to get through retired or aged-care days. This certainly gives you the feeling of independence and freedom to live in your old days of life.
- Update and Educate Yourself
People can look for trends and side hustles on the internet. You can educate yourself about them and, if necessary, start doing them. Thus, with a salary and side hustle, you can earn well and achieve your financial goals faster.
Why Plan Financial Goals with NIC ASIA Bank?
If you want to set your financial goal, working on yourself and getting yourself a trusted financial institution (bank) is necessary. Talking about banks, these financial institutions provide you with personalized and flexible banking offers to ease your financial goals. NIC ASIA Bank, which is also tagged as the “No.1 Bank in Nepal,” always puts its best effort into helping its customers achieve financial goals. In fact, our services explained below have been helping numerous customers in achieving their financial goals.
This is a one-of-a-kind banking service available in Nepal and only offered by NIC ASIA Bank. The iServe serves as a one-stop banking solution platform in Nepal with more than 35 different digital services for multiple banking functions.
Secure digital banking services
NIC ASIA Bank is, in fact, the digital-first bank that ensures instant, safe, and secure digital banking services. The bank offers its clients digital services such as mobile banking, internet banking, online account opening, fixed deposit services, online credit cards, interactive voice response (IVR), missed call banking, QR payments, Viber payments, and card payments.
A broad range of saving accounts
Customers at NIC ASIA can discover and get access to an array of Sarbashrestha accounts. Moreover, you can find a special savings account devoted to your special purpose. All our saving accounts are suitable for short, medium and long-term financial goals and saving plans.
10X Muddati (Fixed Deposit) Plan
NIC Asia Bank’s 10X Muddati Yojana (scheme under Sarbashrestha Muddati Bachat Khata) is a uniquely crafted High-Interest Fixed Deposit Account in Nepal With the offer, our investors are returned their stock or deposit by double(2X) to 10 times. To have a secured future with long term investment gaining benefits, this scheme fits to all three customer segments:individual, institutional and remittance.
NIC ASIA MoBank App
NIC ASIA MoBank App has Amazing features that make customers access their individual accounts from anywhere and anytime through smartphones. Our App is secure, instant and easy to use.
24 hours customer service
NIC ASIA Bank provides professional 24/7 customer service, both online and offline. Through our professional, reliable and caring customer satisfaction, we stay connected with customers and serve them right away.
People may reconsider their decisions when it comes to obtaining bank loans in Nepal. But with No.1 Bank in Nepal, NIC ASIA Bank, your loan and borrowings are easy and transparent. We provide loans for homes, businesses, livestock, cars, and education. These loans include competitive interest rates and a simple application process.
Insurance that comes with Sarbashreshtha savings account
Our savings account holders are provided with the benefits of insurance. In our Sarbashrestha savings, insurance benefits up to Rs 84 Lakhs are available to the account holder and three-person nominated by the account holder.
The bottom line is,
NIC ASIA Bank is here as your bank and friend, helping you in achieving your financial goals. We care and understand the value of your hard-earned money and hence ensure the utmost security for them.
To get the best of our services, you can download the NIC ASIA MoBank App and avail the instant digital banking. In case of any issues or problems, you can contact us. We will address it right away.
Be a NIC ASIA Family, experience financial stability and achieve your financial goals.
Let’s get started with online account opening.
If you enjoyed reading the article, please share it with your friends and family. Let’s help them learn tips to set and deal with financial goals
Share in
Leave A Comment