Don’t Let the Loan Become Barrier in Achieving Financial Goals

Krause Cutt

, Strategy

Can you become financially stable by the time of retirement age without setting and achieving financial goals? Everyone plans for retirement age but majority of people don’t feel financially satisfied. Interestingly many don’t know the reasons of behind but they held the frequent needs of personal loans for bad credit like costly borrowing facility because of having no funds in bank account to meet emergency. Everyone comes across financial emergencies in life; still, many succeed to achieve their financial goals soon or little late. 

Reasons for Failure in Achieving Financial Goals: 

Who knows what is ahead after 30 years? Still, financially smart people s make the accurate guesses the possibly best. We all wish for buying own home, car, or going on holiday tour abroad; these wishes are linked to financial goals.   

Do we all succeed to live all our wishes? Many of us fail to achieve a financial status by a particular time that we needed to live our plans and wishes. Here are five prime reasons that drag us behind from achieving financial goals; and taking high priced loan is the common result of all: 

  1. Habit of postponement – Delay in starting the saving 
  2. Lack of Self-Restraint or discipline – Inability to do what you must and when you must
  3. Not having long-term perspective – inability to guess future needs; people tend to take saving as the sacrifice, while, it is the best return-on-investment
  4. Ignorance – Lack of knowledge about the best ways to save and invest
  5. Aimless saving approach – Unreasonable spending habits seeing funds in bank account; such people ignore the needs in future

Can We Save More To Achieve Financial Goals? – 11 Smart Ways To Save

The year 2018 was full of surprises and with Brexit looming, there are very few people who can predict much in 2019. Wider global economy fall in the coming years can’t be ruled out. So, would you be ready to face the financial crash by having adequate funds I bank accounts? Should you save or invest? For many people both are the same thing but there is a thin line in between the both. Saving is a practice to put small money aside regularly. Investing is the practice to use the saved money to get better return in specific period.  Therefore, your primary focus should be on saving. Following eleven ways will help you save more conveniently with limited income:   

  1. Track the regular expenses
  2. Clear the debts with higher interest rates with priority
  3. Automate monthly savings 
  4. avoid the takeaway meal plans 
  5. start using cheaper brands 
  6. search for discount codes and mobile apps before online shopping 
  7. Maximize the pension pot
  8. Reduce non-essential expenses like gym and club memberships
  9. Review you debts and consolidate all the loans 
  10. Use the free overdraft facility to avoid high priced payday loan
  11. If you are a jobless person, instead of relying on direct loans for unemployed, use the job seekers allowance  

5 Easy Ways to Develop Saving & Investing Habit: 

It is never too late to start saving; start just now. Here are five simple tips to develop saving & investing habit:  

  1. Just develop the habit of not having cash facility with you; if you have cash in hand, you tend to spend more. 
  2. Try cookie jar approach: You can start by putting $10 per week in a jar. OK, it is not a big amount but over a year, you will have $500.  
  3. Enroll with retirement plan: If not till today, get enrolled yourself for the retirement plan of your organization
  4. Invest low initially in mutual funds: Some mutual fund companies follow  a minimum investment slab anywhere between $500 to $5,000 while some companies waive off this limit for the 1st time investor
  5. Set Achievable Saving Goals: If you vision the goal, you get a roadmap also with fair idea of required pace. For example, if you are determined to save £ 1200 in 12 months, you will have to deposit £ 100 per month. Don’t look for £ 1200, focus on putting aside just £ 100/month.       

  Concluding Note: 

Can you avoid borrowing completely? It is a tricky question because the answer depends upon how much money you have in saving account. Financial emergency or short-term financial crisis is the part of life. The habit of using the invested money for financial emergency wouldn’t let you achieve your financial goals. You can use rightly priced borrowing facility but only by optimizing the required amount, minimizing the repayment period, and justifying the need according to cost you will pay. 

Must to think-  The numbers of Govt. benefits are not used even by eligible candidates; use this facility to avoid borrowing need –don’t make direct borrowing a habit to save more for achieving financial goals.  


The numbers of Govt. benefits are not used even by eligible candidates; and people pay the cost for borrowing that drags them away from financial goals. Don’t make dependency upon loans a habit. Save more for achieving financial goals by changing your habits.