As we enter a new financial year, it's an excellent time to set new goals or review existing ones. But before diving into the goal-setting process, there's a crucial step that often gets overlooked, and that is, discovering your "why" – what really matters to you and what you value most in life, essentially the reason you wake up in the morning.

While this may sound like a clichéd exercise, it holds significant importance. Many people haven't taken the time to identify their values, and that's perfectly okay. There’s no time like the present moment to start this introspective journey.

It may take time, reflection, and mental decluttering, but it's the first step towards gaining clarity and aligning your values with your desired goals. By understanding your values and what brings you joy and fulfillment, you'll gain direction in your goal-setting process.

Identifying the ‘why’, or contributing factors, behind each value can be a journey in itself.

Your ‘why’ may be influenced by many factors such as, your life experiences, your upbringing, inspirational role models, your sense of purpose, or your desire to contribute to society.

Everyone’s values will be unique, but here’s just a few to get you thinking, and a corresponding example of ‘why’ these values may be important to someone:

• Family and Relationships:

You value close family bonds, fostering meaningful connections with friends, and prioritising quality time with loved ones.

o   Why? You’re from a loving and caring family. Your happiest memories are of family celebrations and get-togethers with friends who are important to you.

• Adventure and Exploration:

You value new experiences, travel, and stepping out of your comfort zone to explore the world.

o   Why? Your best mate passed away in his early 30’s and sadly, his goal of travelling extensively was never realised. This has had a big impact on you and your desire to travel while you’re still young.

• Personal Growth and Learning:

You have a thirst for knowledge, seeking self-improvement, and embracing new challenges for continuous growth.

o   Why? Your grandparents instilled in you, a love of learning and they highly valued education. Your mum is a university lecturer and you admire her achievements.

• Financial Security:

You seek stability and independence through considered financial planning and responsible money management.

o   Why? You were raised in a single parent home where money was always an issue. You need to have financial security in your life and would like to give to charity organisations who support people living in crisis.

Once you've spent some time thinking of (and writing down) your own set of values and the ‘why’ behind them, your goal planning will become more purposeful.

If you've ever thought about working with a financial planner, at Sound Life, we have the tools and expertise to guide you towards finding your ‘why’. We then help you to align your goals with your values - so much more than just a financial plan.

Click the button below to see what's important to our Sound Life team.

The next step? The Goal Planning Process - Using your ‘Why’

The information contained in this article is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.