Reach Your Money Goals with RCBC: Where to Begin

Financial success doesn't happen by chance. It's the result of careful planning, dedication, and a clear setting of your financial goals. Whether you're dreaming of homeownership, paying off debt, or simply achieving a comfortable retirement, the path to these aspirations begins with a well-structured plan. 

In this article, we dive into the fundamental principles of financial goal planning by equipping you with the knowledge and tools necessary to navigate your financial journey. We'll go through the importance of setting your goals, using different tools, and making a strategy for how to achieve your financial goals. 

Join us on this essential exploration of planning for financial goals and take that first step toward turning your financial dreams into a reality.

State Your Goal

The first step to achieving your dreams is financial goal setting. After all, you can’t plan for something without knowing what you’re working towards. We recommend following the SMART formula when setting your goals. 

SMART is an acronym that stands for Specific, Measurable, Achievable, Relevant, and Time-Bound. This formula helps you set goals that are feasible to attain with what you have. It also helps you make a clear plan on how to execute it.

Here are some examples of what a SMART goal looks like:

• I will pay off my credit card debt of Php 50,000 in ten months. I will pay at least 5,000 pesos above the minimum balance and look for additional income sources that can go towards paying off my debts. 
• I will save Php 400,000 for a house downpayment within eight years. I will transfer Php 4,167 to a savings account every month to meet this goal.
• I will invest Php 2 million pesos for my retirement. Currently, I have 40 years ahead of me, so I’ll need to invest Php 4,167 pesos monthly to meet this goal.
• The next part of this is identifying if your goal falls under a certain category: short, medium, or long-term.

Short-Term Goals

Short-term goals usually have a time horizon of less than two years. These kinds of goals can also be building blocks for long-term goals.

An example of short-term goals would be something like saving for a vacation happening in the next six months or purchasing a new laptop by next year.

Medium-Term Goals

Medium-term goals require a longer time horizon than short-term goals. These will often range from two to ten years. 

These types of goals can be something like saving for wedding expenses or saving up for a down payment on a house. 

Long-Term Goals

Long-term goals have the longest time horizon. These types of goals will usually start beyond ten years because of the amount of money required to achieve them.

An example of a long-term goal would be saving up for your retirement or paying off a house loan.

Look for the right financial tools

The next step in financial goal planning is to look for the right financial tools. 

There are different types of financial instruments available for your money goals. All you need to do is recognize which one is the right one for your company. That being said, the first thing you should do is open a bank account. 

Opening a bank account is a crucial first step because it gives you access to the other financial instruments that a bank can provide, thus enabling you to leverage a bank’s savings and investment tools.

Commit to the plan

Once you’ve set your goals and found your tools, it’s time to get started. 

The hardest part of completing a goal is committing to it. This is because you may pass up on certain luxuries in the present for your future. However, learning how to say “no” to yourself and practicing delayed gratification can pay off in the long run.

Track your progress

Tracking your progress is an essential step to meeting your financial goals. Seeing the result of your hard work can give you the reassurance that you need to see. Follow your progress and take notice of how much closer you are now in meeting your target than when you first started.

If you’ve opened a bank account online, you can use your bank’s app to view your progress.

Reevaluate your plans

Sometimes, well-thought-out plans don’t work out. An emergency can happen that’ll require you to reach into this goal fund, which can set you back on your progress – and that’s okay.

Readjusting your plans to meet your new reality is an essential part of goal setting. 

Every couple of months, it may be a good idea to reassess where you are and adjust your goal to reflect these changes.

Think about present

Finally, while your financial goals are for you, don’t forget to think about your present as well. Planning too much for the future can make you forget to enjoy the present.

Taking care of and rewarding yourself can help you meet your goals or even exceed them. Reward yourself every now and then when you meet small milestones or big milestones. 

Let yourself enjoy things, but don’t forget to set a budget and monitor your expenses using your digital banking tools. 

Meeting your Money Goals with RCBC

To meet your money goals, you need to be smart, take advantage of digital banking features, and make your money work for you. All that’s left is finding a trustworthy partner for the journey ahead.

When you open an RCBC savings account, you get access to the numerous financial instruments that RCBC offers – from loans, and wealth managers, to investment instruments. 

Make the most of the knowledge that you can get from the experts. Choose RCBC as your partner for your money goals!