How to… be your own financial life coach

Whether you long to travel the world or buy your dream car, it’s time to take action if you want achieve your goals

A new study by wealth managers Brewin Dolphin has found only 11% of adults with life goals know how they will achieve them, and a third of Brits said a lack of money prevented them realising their dreams. So what can you do about it?

Decide on your plans

Instead of telling yourself you want to go on a blowout holiday for your next milestone birthday but never deciding where, or you want to build a nest egg for your children but don’t have a figure to aim for, you need to decide exactly what you want.

If you work out your ultimate trip is a safari, look online to see how much it costs, and if you want to put away cash for your kids then plump on a specific amount as your goal.

Make it happen

Once you know how much achieving your goal will cost and the time frame in which you hope to do it, work backwards. For example, if you want to save £5,000 for something in five years’ time, you need to set aside £1,000 a year until then – around £83 a month. You could have a standing order that goes out of your current account into a savings account on pay day, or set up a regular savings account.

Stay focused

If your goal is several years away, it’s essential to remind yourself about what you’re working towards. Make a note to check your savings progress regularly and keep a photo of your inspiration somewhere where you will see it every day.