Short, Medium and Long-Life Goals

Sophie thinks about what she wants to achieve. She knows that the next step is to get married, but what about after that? Themba says that she needs to write down her goals and plans for the future.

Short-term goals are things you want to achieve soon within a short period of time e.g. within two years.

Medium-term goals are things you want to achieve within three to five years.

Long-term goals are things you want to achieve in five to thirty years.

Sophie needs to decide what her short, medium and long-term goals are. Themba says that her goals should be SMART. Sophie looks confused so Themba explains what SMART goals are:

S stands for SPECIFIC . Your goals need to be as detailed as possible.

M stands for MEASURABLE. You need to be able to measure how you are doing and what you still need to do to achieve your goal.

A stands for ACHIEVABLE. What you need to do to achieve your goals.

R stands for REALISTIC. Your goal must be something that you believe you can do.

T stands for TIME RELATED. You need to set time lines for your goals e.g . I will achieve something by the end of next month.

Sophie’s Goals

Let’s look at an example using Sophie’s goals. Sophie would like to get married, finish school and buy a house. These are great goals to have but they are not SMART. Let’s see how we can make them SMART goals.

Short/Medium/LongShort (with two years)Medium (two to five years)Long (five to thirty years)
GoalGet MarriedFinish SchoolBuy a House
SpecificGet married out of community of property to SakhumziComplete my matricBuy a brick house with a tiled roof near work
MeasurableComplete lobola negotiation
Sign antenuptial contract
Book venue and cateres		Supplement “O” Level Choose subjects for “A” Level. Register for the final ExamsSave ZWL700 a month towards the house for 5 years
AchievableYes, both Sophie and Sakhumzi want to get married.Yes, if Sophie works hard and studies.Yes, if there is a budget in place which is realistic.
RealisticGet married in our home village.“A” Level is realistic after the weddingReview finances and begin saving
Time-RelatedLobola – within the next
3 months
Wedding within the next year		Register for “A” Level within the next year two years
Complete “A” Level within two years		Minimum of 8 years

Remember that short-term goals should be easy to achieve, and these will often pave the way to achieving medium-term goals. Long-term goals are your big goals such as paying for a house or retiring. You need to be disciplined to achieve your short, medium and long-term goals.

To remain disciplined, you need to create a plan to stay on track to achieve your goals. Follow these five steps:

STEP 1: KNOW YOUR GOALS

  • What are your goals for the short, medium and long-term?
  • Write down one reason why you want to achieve each goal

STEP 2: RESEARCH YOUR GOALS

  • Ask yourself – what must I do to achieve my goals? Collect information about them – where and how can you achieve your goals?
  • What are the extra costs involved in achieving your goals? For example, a TV requires a TV license, and a car needs a license, insurance and maintenance
  • Where can you find the best value? Shop around!
  • Who can help you make your decision about your goals – a bank adviser, a financial advisor, a broker, or a friend?
  • Do you need to qualify/apply for something to achieve your goals? If so, what do you need to do to qualify/ apply?

STEP 3: REALITY CHECK YOUR GOALS

  • How achievable are the goals given your current income, level of education or personal responsibilities?
  • What would you need to do to make your goals realistic – earn more, get a qualification, etc.
  • Are your goals really the things you want to achieve? Do you believe you can achieve them?

STEP 4: PRIORITISE YOUR GOALS

  • Prioritize your goals in terms of relevance and urgency
  • Which ones will you start with?
  • Remember medium and long-term goals take longer to achieve

STEP 5: PLAN TO BRING YOUR GOALS TO LIFE

  • Budget for your goals now
  • What are you prepared to sacrifice to reap the benefits in the future?
  • How can you increase your income to help save for your goals?
  • Who can support you and occasionally remind you of your goals?

Sophie has big goals she would like to achieve. What goals would you like to achieve?

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