Practical advice to build a stronger financial future
Whether it’s saving for a house deposit, investing for retirement or simply building a buffer for life’s unexpected turns, most of us have financial goals we’re working towards.
The hard part, of course, is following through. We start with good intentions, but life gets busy, priorities shift and our motivation falls away.
Research by ASIC’s Moneysmart found that more than half of Australians set a financial goal for 2025, but only 1 in 8 (12%) manage to stick to it.
No matter what your goal is, these simple tips can help you stay focused and make steady progress.
Tip #1: Set a SMART goal
Vague goals like “save more” or “spend less” are easy to forget. A SMART goal — meaning one that’s Specific, Measurable, Achievable, Relevant, and Time-Bound — gives you a clear target and a roadmap to get there.
For example, rather than saying you want to save for a house, you could aim to save $20,000 for a house deposit by December 2026, setting aside $300 each week to get there.
SMART goals can be a useful way to drill down what you’re trying to achieve and to stay on track.
As always, good planning helps. For example, it helps to anticipate potential roadblocks, like big bills or events that could interfere with your progress.
Once you’ve settled on your goal, consider how you can automate it — for example, by setting up regular transfers for savings, or a regular contribution to an investment account.
For example, Vanguard Personal Investor’s Auto Invest feature can be used to make regular, automated investments into a wide range of managed funds and ETFs with as little as $200 per fortnight, month or quarter.
While automated investing features can help with consistency, it’s important to understand the risks and consider whether they suit your goals.
Tip #2: Monitor your progress
One of the most effective ways to stay on track is to monitor your progress regularly.
Research by the American Psychological Association found that people who consistently tracked their progress towards goals like losing weight, quitting smoking or improving their diet were significantly more likely to be successful. The more frequent the monitoring, the greater the chance of success, the researchers found.
The takeaway? Regular check-ins can help you stay motivated, spot issues early, and make adjustments as needed.
That might mean tracking your progress in a spreadsheet, jotting updates in a notebook, or using an app that helps you visualise your savings or investment goals.
The key is to make it part of your routine.
Tip #3: Stay flexible and adjust when needed
Even with a clear goal and a solid plan, life doesn’t always go as expected. You might face unexpected expenses, changes in income or competing demands.
Staying flexible means checking in on your goal and being willing to adjust it if needed.
Maybe you need to reduce your savings or investment contribution for a few months, push out your timeline, or rethink your strategy altogether.
The important thing is to keep moving forward, even if it’s at a slower pace.
Progress is still progress, and small, consistent steps can add up over time.
Book a time to chat here, and we’ll discuss how you can start secure your financial future.
Source: Vanguard
Vanguard Investments Australia Ltd (ABN 72 072 881 086 / AFS Licence 227263) is the product issuer and the Operator of Vanguard Personal Investor. We have not taken your objectives, financial situation or needs into account when preparing this article so it may not be applicable to the particular situation you are considering. You should consider your objectives, financial situation or needs, and read the relevant disclosure documents before making any investment decision. Before you make any financial decision, you should seek professional advice from a suitably qualified adviser. A copy of the Target Market Determinations (TMD) for Vanguard’s financial products can be obtained at vanguard.com.au free of charge and include a description of who the financial product is appropriate for. You should refer to the TMD before making any investment decisions. You can access our IDPS Guide, PDSs Prospectus and TMD at vanguard.com.au or by calling 1300 655 101. Past performance information is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance. This article was prepared in good faith and we accept no liability for any errors or omissions.
