Modern gadgets such as mobile phones have moved on from being simple pocket instruments to mean machines doing everything from photography to handling complex activities such as banking. 

With every new gadget launched in the market aimed at making human life more straightforward, the allure of instant gratification has led many into the inevitable debt trap. So, here are some ways to plan your short-term life goals:

1. Procrastination is Good

If you are a Shopaholic, procrastination is a good habit to cultivate when it comes to your shopping sprees. Avoid using credit cards to spend and avoid buying household related or personal consumption related items on EMI. After all, there’s always an offer around the corner, these days, that will give you a deal on such things. 

2. Create a Financial Bucket List

Planning for your finances is one of the essential tasks that you need to undertake. If you are unsure of where to invest, consult an expert financial planner to set your short, medium, and long-term financial goals. In other words, set a goal for every rupee you invest in.

3. Lifestyle Expenses

This is a new area that is leading even an otherwise sensible person to a debt trap. Buying those new branded shoes on your credit or debit card is okay when you know that those have become an absolute necessity, but using a slight discretion while buying could help you in not just fulfilling that need but also from racking up unnecessary debt. This becomes more relevant, especially for those who know that a pair of the competing brand shoes are sitting in their home’s shoe rack.

That exotic foreign vacation of yours can become more affordable if you plan well ahead in time. For instance, buying flight tickets well in advance is just one of the ways you end up saving money for the same, having a right amount of money for shopping makes the deal even sweeter when you don’t have to swipe your credit/debit card and attract fees on them while using them abroad.

4. Planning

That exotic foreign vacation of yours can become more affordable if you plan well ahead in time. For instance, buying flight tickets well in advance is just one of the ways you end up saving money for the same, having a right amount of money for shopping makes the deal even sweeter when you don’t have to swipe your credit/debit card and attract fees on them while using them abroad. For example, if you are planning a foreign trip for 15 days after a year, plan your SIP well in advance in a debt mutual fund to take care of the trip expenses. This will help you offset most of the cost. 

5. For Food Lovers

This is a very relevant category that hovers between necessity and entertainment for many. Making a budget for this becomes prudent primarily when one socialises a lot as a need or even otherwise. 

6. Use Apps to Save More

From budgeting to offering significant savings on food, travel, accommodation, and even investing there are a huge number of apps that meet our daily needs. Making effective use of those will help you save time as well as money as you stop the unnecessary spending. 

7. Mindset Change

This is the most crucial part of achieving short term goals. Change the mindset to saving first and spending later. This will help you create a budgeted sort of lifestyle as you would be able to identify patterns in your monthly expenses. 

8. Goal Completion

Once you have reached your targeted amount, ensure that you complete the goal for which it is parked. For instance, if you have parked money for a foreign trip, achieve that; this will help you set sights higher as you strike off more and more on your short, medium, and long-term bucket list goals.

So, go ahead worry free, and start your new bucket list with being debt-free as you ring in the new year in style.