How to Set Financial Goals Correctly
Automatically translated summary. The full text is available in Romanian.
An information note from the National Financial Education Campaign, implemented by the National Bank of Moldova and Independent Think Tank “Expert-Grup”, explains why setting financial goals matters and how to do it properly, covering goal types, SMART criteria, budgeting rules and practical tips for people in Moldova.
According to the “Assessment of the Financial Education of the Population of the Republic of Moldova aged 18-75”, 86.5% of respondents had identified at least one financial goal, yet 31.3% of them had taken no step towards it. A financial goal needs three elements: an objective, the required amount and a timeframe. Goals are short-term (up to 12 months), medium-term (1-5 years) or long-term (over 5 years).
The note recommends tracking expenses, prioritising debt repayment and splitting income 50% for needs, up to 30% for wants and at least 20% for savings. Goals should be SMART: for example, saving MDL 3,333 a month for five years to reach MDL 200,000. Further tips include using cards and mobile apps, keeping savings in interest-bearing instruments, building an emergency budget, practising discipline and seeking professional help.
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