Advertising
Advertising

20 Cool Hostels In Europe For Every Traveler Who’s On A Budget

20 Cool Hostels In Europe For Every Traveler Who’s On A Budget

Hostels are no longer lousy, cheap temporary stays you’d love to escape as fast as you could, but trendy and stylish hubs, competing with each other in terms of creativity and extra free perks. Here’s a list of 20 affordable and cool hostels around Europe you may want to stay in for months!

Lavender Circus Hostel, Budapest, Hungary

1

    This is a Vintage, apartment styled hostel, situated in a 19th century mansion at the very heart of Budapest. With a warm and cozy atmosphere with a touch of former imperial bliss, Lavender circus is a perfect place for couples seeking romance and privacy, yet are not ready to splurge.

    • Prices: double rooms from 14€ per person/night
    • Location: City center, close to Kálvin tér metro station
    • Facilities: free Wi-fi, 24/7 reception, free towels, linen and hairdryers, common area, outdoor terrace, kitchen facilities with free tea and coffee, laundry service
    • Attractions: opposite to Hungarian National Museum; within walking distance to Budapest Castle Hill, the Parliament House, Gresham Palace and spectacular Andrássy Avenue. 

    Prison Hostel, Karosta, Latvia

    3260047937_02308a6618_b

      There once was a notorious military prison that no one ever managed to escape. It used to be even more protected than the US Alcazar! The building is said to be haunted, so good luck wandering around this place at night! Are you ready to spend a night at an authentic prison bunk or an iron bed, and to try to enjoy a typical prison meal? P.S. Visitors are bound to sign a release form acknowledging that they will be treated as a prisoner and verbally abused. Ah, and yes, expect to get punished with physical exercises for inappropriate behavior.

      • Price: 15€ per person/night.
      • Location: Karosta (Naval Port) is 5 km (2.5miles) from historical centre of Liepāj, located in central district.
      • Facilities: authentic prison hospitality.
      • Attractions: free historic tour around the prison and the museum is included into your stay. Other attarctions: a nearby grand fortress and the Karosta canal – main parts of the military complex of Karosta; Maritime Cathedral of St. Nikolay; Officers’ Palace.

      The Babushka Grand Hostel in Odessa, Ukraine

      2

        This quirky styled hostel is welcoming you with a wholehearted warmth of your grandma (babushka). All the rooms are decorated in rustic vintage style with chandeliers, floral wallpapers, gold gilded ceilings, red patterned rugs styled after the palace of an 18th century Odessa aristocrat. There’s even a fireplace available in the common area!

        • Prices: 7€ per dorm; 11€ per private room.
        • Location: at the city center, close to all the main attractions in Odessa. 15 min away from Arcadia neighborhood with best beaches and clubs.
        • Facilities: Air-con (Ukrainian summer can be super hot!); 24 hour reception/No lock-outs; laundry service; fully equipped kitchen with free tea and coffee; box spring mattresses and board games.
        • Attractions: close to vibrant Deribasivska Street (main city street) and gorgeous Odessa Opera Theater.

        Franz Ferdinand Hostel in Sarajevo, Bosnia

        Advertising

        1240163_216492008518505_1603961760_n

          This is the one and only boutique hostel in Bosnia, Franz Ferdinand was designed and launched by a bunch of young architects and artists, telling you the story of assassination of the Austro-Hungarian Archduke – a mysterious event that initiated the First World War! Modern, quirky designed rooms with large pictures will leave you impressed, along with how little the price will seem for such an impeccable stay!

          • Prices: start from 9.90€ per bed in dorm; 15.90€ per private double.
          • Location: city center, Jelića Street, one turn from the main pedestrian street Ferhadija.
          • Facilities: reception 24/7; free wi-fi and computer access; free breakfasts and unlimited coffee and tea supply; TV, games and cool music in common area.
          • Attractions: a few minutes away from the old part of the town, famous Baščaršija and the Sacred Heart Cathedral in the opposite direction.

          Kadir’s Tree House, Olympos, Turkey

          23062011150600_kadirs-tree-houses20

            Did you love playing in a tree house when you were a kid? Or did you grew up in the city, envious of those TV kids who had one? Enjoy your siesta up in the branches with a terrific view of the National Park of Olympos and gorgeous beach waiting for you down your rope ladder at Kadir’s Tree House!

            • Prices: 12€ for a bed in a 6 beds dorm; 22€ per double private.
            • Location: at the heart of marvelous Olympos village.
            • Facilities: Air con, Wi-fi, hot showers 24/7, credit cards accepted, washing machine and laundry service, car parking, safety boxes, cool bar and resto.
            • Attractions: Olympos national park with famous Mt Olympos at the background; turquoise water and splendid golden sand beaches.

            Generator Hostel, Barcelona, Spain

            599253_10152719351225512_1994036504_n

              Vivid, stylish and affordable Generator is a perfect place to stay in such a vibrant city as Barcelona. It seems like the designers team have pulled all of the color from the streets right into the rooms inside! Add up bright colorful lanterns everywhere, floors forged with ornate Hungarian tiles and a huge terrace with best views of the city. Fiesta never ends at this place!

              • Prices: dorms from 11.40€ per night; privates from 21.60€
              • Location: in the heart of the stylish Gracia neighborhood, 5 min walk to two main metro stations, Diagonal and Verdaguer.
              • Facilities: free wi-fi; inspiring events held nearly every week; laundry; 24/7 reception.
              • Attractions: loads of incredible Gaudi Houses at the same district, close to stunning La Sagrada Familia church; Las Ramblas street; Pablo Picaso museum.

              St Briavels Hostel, Gloucestershire, England

              000199_st_briavels_exterior_001

                Nope, staying in a real 800-years old castle won’t ruin your budget! In fact, it’s one of the most affordable lodings located at this beautiful English country side. As it usually does, the castle is thought to be haunted and you’d definitely hear the story about a baby crying out in the night for a few times. All rooms are full of character with original stone walls and furniture features from the Victorian period.

                • Prices: beds from €24; privates from 74€ per night.
                • Location: City Center of St Briavels, Lydney, Gloucestershire.
                • Facilities: credit cards accepted; huge park, bike rental, library, free board games, self-catering kitchen, restaurant and conference hall.
                • Attractions: Explore atmospheric Clearwell Cave nearby; get lost at the Puzzlewood forest with numerous trails and rock formations inspired by Tolkien; go ape at the rope park nearby or get to know the local history at Dean Heritage Centre.

                Praakli Farm, Saaremaa, Estonia

                Advertising

                kaev

                  This cute eco-farm, located at the charming Saaremaa countryside, is a perfect place to unite with Mother Nature and taste rustic, organic food grown by the owners. Animal lovers will be thrilled to know there are 180 sheep and lambs on the farm, plus: goats, rabbits, chickens and cats to play with!

                  • Prices: bed&breakfast for 16-21€
                  • Location: Parish of Kärla, Saaremaa.
                  • Facilities: Playground for children, swings, trampoline, sandbox, pentaque; bike rentals. volleyball; basketball; open fireplace in common area.
                  • Attractions: gorgeous Lake Karujärv within walking distance where you can camp, swim and fish; 12km to the Baltic Sea coast with a nice sandy beach; Mihkli Farm Museum – 10 km away; Kuressaare castle – 23 km away. Vilsandi National Park – perfect spot for bird-watchers – 15 km away, Kaali meteorite craters – 25 km away.

                  Oops Hostel, Paris, France

                  246929_404741856239919_463983830_n

                    Incredibly chic boutique hostel situated at the beginning of the Latin Quarter – one of the most gorgeous and less-touristy districts in Paris. Bright, spacious dorms for 4 people and super friendly stuff to show you around and spill a few secret places where Parisians usually hang out. Even though Paris is a pretty pricey city to visit, you can still have awesome times here on a limited budget!

                    • Prices: from 27€ per dorm; 70€ per private.
                    • Location: at the beginning of Latin Quarter, close to Line 6 and Line 7 metro stops.
                    • Facilities: 24/7 reception, free breakfast, free Wi-fi, Air con, free luggage room and lockers.
                    • Attractions: within the walking distance is the glorious Sorbonne University, The Pantheon and Jardin des Plantes; direct metro lines to the Louvre, Arc de Triomphe; Champs Elysées and the Eiffel Tower (of course); Marais and Montmartre neighborhoods.

                    Dream Hostel, Tampere, Finland

                    23819_410324813244_653975_n

                      As a perfect example of simple, yet sophisticated Scandi design, Dream Hostel has been named #1 Hostel in Finland in 2013! Modern funky decor, warm hospitality of the local stuff and highly-reasonable prices, along with cozy rooms and central location makes this place so attractive.

                      • Prices: from 19.80€ for a bed in 16 mix dorm; privates from 62€ per night.
                      • Location: situated in the university neighborhood area Tulli5 minutes away from Tampere train station.
                      • Facilities: free Wi-fi, bed linen, luggage storage, lockers, tea and coffee, laid back company and excellent atmosphere. You can also borrow a book to read or an umbrella for the rainy day.
                      • Attractions: close to Pyynikki Park and Observation Tower; Tampere Cathedral; Lenin and Spy Museum.

                      The Independente Hostel, Lisbon, Portugal

                      546354_260086614084504_1430422608_n

                        Arguably, Lisbon’s is the best city in Europe for budget travelers and the Independente hostel is a perfect place where you can get luxury service for a frugal wallet. Situated in a former Swiss Ambassador’s residence, the place was set up by three brothers as meeting point where travelers as well as locals can mingle together. The Independente design is a mix of modern details with original architectural features and cool vintage items with 11 comfy dorm rooms, 4 private suites and a rooftop terrace with awesome views of the city!

                        • Prices: from 10.92€ for dorm and 85€ per suit.
                        • Location: Set on the border of the Principe Real and Bairro Alto districts and a few minutes away from Rossio train station.
                        • Facilities: 24-hour front desk, Luggage storage, free Wi-fi, sun terrace, fax and photocopying,
                        • Attractions: across the road is the São Pedro de Alcântara viewpoint with marvelous views of Tagus river, the downtown Lisbon districts and the iconic St. George’s Castle. Close to Ascensor da Glória, one of this city’s oldest funicular route connecting hill-top Liberdade Avenue with historical Baixa district.

                        Plus Hostel, Florence, Italy

                        Advertising

                        _MG_1270

                          Craving to have an awesome party at Florence? Check in at Plus Hostel with free outdoor pool, sauna and awesome terrace bar with epic fiestas till late. Now this may not be a particularly relaxing place, but definitely the one to meet new cool people from all over the world! The hostel offers stylish triple and doubles suites, along with 4,6,8 people mixed-dorms just 10 min away from Duomo Cathedral.

                          • Prices: from 24.96€ per dorm; 44.16€ per double room.
                          • Location: 10 minute stroll from the train station; close to the City Center.
                          • Facilities: free indoor and outdoor pool, sauna and Turkish bath (in winter), free wi-fi, Internet cafe, free linen, parking available, two bars and one restaurant.
                          • Attractions: a few blocks away from Duomo Cathedral, Piazzale Michelangelo, Uffizi Gallery and Piazza della Signoria.

                          Kex Hostel, Reykjavik, Iceland

                          IMG_0192

                            Once a Frón factory, producing Iceland’s favorite biscuits, the Mjólkurkex, today a nifty eco-hostel blending vintage industrial vibes with an eclectic, contemporary details. The furniture here is almost entirely recycled and second-handed, but you would have never guessed it if I haven’t spilled it to you. Hostel designer Halfdan Pedersen spent weeks at the auctions all around Europe and  even in the USA, bringing home authentic Amish church benches and Bauhaus lamps from Pittsburgh. Kex hostel quickly became a top meeting point both for locals and travelers, hanging out at the local resto or bar, serving craft beer. There’s also a barbershop for a quick trim, plus a gym called Box for sparring.

                            • Prices: from 20.54€ per dorm, €42.79 per double private.
                            • Location: in the center of Reykjavik, with a view across the sea to Mt. Esja across the bay.
                            • Facilities: 24 Hour reception and security; free Wi-fi, bike rentals and parking, free board games and book exchange, lockers and luggage storage, bar, gym and barbershop.
                            • Attractions: unusual Hallgrímskirkja church is a few blocks away. Get all the way up for amazing panoramic views of colorful Reykyavik down below; soak at funky Lagafellslaug in Mosfellsbaer pool and take a trip to Grotta Lighthouse.

                            Greg & Tom Beer House Hostel, Krakow, Poland

                            10

                              Another excellent spot for party animals! The owners love to host themed parties at the attached pub – think all you-can-drink beer and vodka festivals, plus cheap pub crawls around peppy and sparkling Krakow. The local resto stays open till late for your well-after-midnight snack and quoting the staff: “Even the toilets are good enough to sleep in”.

                              • Prices: from 14.42€ per dorm.
                              • Location: 10 min from the Main Bus and the Train Station at Stare Misto district – the Oldest part of Krakow.
                              • Facilities: 24 hour reception, free Wi-fi, resto and bar, outdoor terrace, key card access, lockers, free printing and much more.
                              • Attractions: if you had your fair share of drinking adventures already, wander around the narrow lanes of the Old Historic City Center and take a walk to stunning Wawel Royal Castle and nearby cathedral.

                              The MadHouse Hostel, Prague, Czech Republic

                              jungle1

                                The sexiest and craziest hostel in Prague rated as “Best Hostel in the Czech Republic” and “6th Best Small Hostel Worldwide” by Hostelworld! As the owners proudly claim MadHouse is not just a place to sleep, but a home away from home, where you are treated as a family. All the rooms are covered with jazzy and bizarre graffiti made by artists from Montreal, Canada (Pito and Guko) and Dan from Melbourne, Australia.

                                • Prices: from €15.98 per dorm.
                                • Location: city Center, close to Národní třída Line B Metro station
                                • Facilities: free Wi-fi; huge common area and TV room; lockers, luggage storage, hot showers and free linen, self-service kitchen with free tea and coffee, cool events held on the weekends.
                                • Attractions: within the walking distance from Old Town Square and amazing Astronomical clock, close to Charles Bridge and Mala Strana historic district.

                                Soul Kitchen, St Petersburg, Russia

                                Advertising

                                77f5a1182a0e2c540067fb6ad9b34872

                                  Selected as one of the top three hotels in Eastern Europe by Hostel Bookers, Soul Kitchen welcomes you with warm hugs even in chilly Russian winters. Located in 150-year old neo-baroc building, which is an attraction of it’s own as a few scenes from Bulgakov’s “The Master and Margarita” film were shot here. The owners managed to preserve original 19th century wood-fired oven, that is still in use today, along with original wooden and tile floors all over the property.

                                  • Prices: dorms from €10.34; privates from €15.75
                                  • Location: city center, in 2 min walk from Admiralteyskaya’ metro station.
                                  • Facilities: luggage room, free umbrellas for rent, kitchen facilities with free tea&coffee at any time, board games, music lounge, free wi-fi and guest computers.
                                  • Attractions: 2 min away from stunning St Isaac’s Cathedral and Kazan Cathedral in opposite directions. One block away from the Hermitage.

                                  Van Gogh Hostel, Amsterdam, The Netherlands

                                  SONY DSC
                                  • Prices: dorms from €20; privates from €36.38
                                  • Location: at Museum Quarter, with three world famous museums at your doorstep and 10 minutes from the Centraal station by public transport.
                                  • Facilities: 24 hour reception, free wi-fi, free city walking tour, laundry service, late check-out, common area and kitchen facilities.
                                  • Attractions: within a short walk from the Leidse square, premier fashion street P.C.Hoofdstraat and fab Vondel Park.
                                  • Fair Hostel Belgrade, Serbia

                                    flashmo_022_park_02

                                      This trendy, multifunctional space hostel with a great central location is a perfect place to stay for budget-savvy travelers on a mission to explore the best of Belgrade. An ample common area with bright bean bags and comfy sofas, along with nice modern dorms and lovely stuff are just a few reasons why you should consider staying at Fair Hostel.

                                      • Prices: dorms from 8€; privates 16€ per night for two.
                                      • Location: central, within 3 stops from Belgrade Bus and Train station or 20 min by foot.
                                      • Facilities: 24/reception, free linen, extra blankets and luggage storage, lockers, easy access by public transport.
                                      • Attractions:  located on the opposite from Belgrade Fair; Ada Ciganlija in just 5 minutes by public transport (Belgrade’s beach oasis), 10 minutes away from Knez Mihajlova (beautiful historic and shopping area), Skadarlija (the bohemian quarter and Kalemegdan (epic medieval fortress).

                                      The Red Boat Mälaren, Stockholm, Sweden

                                      1

                                        Red boat Mälaren is a lovely hostel aboard two charming boats, swaying at the waves of lake Mälaren at the very heart of Stockholm. The rooms may not be as spacious, yet they are cozy and well-organized with enough space for everyone. Now, would you like to fall asleep watching endless boats pass by your window?

                                        • Prices: €34.80 for 4-bed dorm; from €30.87 per privates.
                                        • Location: within a few minutes away from the Old City Center; 10 min by foot to the nearest metro station.
                                        • Facilities: 24/7 reception, credit cards accepted, free wi-fi, bike rentals and parking available.
                                        • Attractions: a few minutes away from trendy Södermalm neighborhood, within easy reach to The Royal Palace; The Vasa Museum and Gamla Stan (beautiful old city center).

                                        Sky Backpackers, Dublin, Ireland

                                        Common Room Pano

                                          Sky backpackers in a vibrant place where the world of music and travel collide. Located at the former recording studio, where The Cranberries, David Bowie, Def Leppard, Van Morrison and U2 once recorded their hits, the owners love to host plugged and unplugged gigs regularly in the common area. Stuff is fantastically friendly and will give you some awesome tips on how to spend time in Dublin on a shoestring budget.

                                          • Prices: from €26 for dorm and €42 for privates.
                                          • Location: Dublin city center, close to O’Connell Bridge.
                                          • Facilities: 24 hour reception, kitchen facilities, free Wi-Fi, board games and cable TV, adapters available, lockers and safe deposit boxes.
                                          • Attractions: a stone throw away from O’Connell Street, Temple Bar, Trinity College, Dublin Castle and the coolest Dublin pubs.

                                          More by this author

                                          Elena Prokopets

                                          Freelance Writer

                                          7 Ways To Learn a Foreign Language Faster (That Are Backed by Science) 22 Amazing Pineapple Health Benefits (With Simple Pineapple Recipes) 15 Cool And Practical Apps For Couples 14 Things No One Tells You About Being in a Long-Distance Relationship 9 Tips to Prepare For Your First Multi Day Hike

                                          Trending in Money

                                          1 How to Set Financial Goals and Actually Meet Them 2 25 Killer Sites For Free Online Education 3 How to Develop a Millionaire Mindset in 6 Simple Steps 4 5 Books You Must Read if You Want to Be a Millionaire in Your 20’s 5 20 Better Money Habits to Help You Increase Your Savings

                                          Read Next

                                          Advertising
                                          Advertising
                                          Advertising

                                          Last Updated on August 20, 2019

                                          How to Set Financial Goals and Actually Meet Them

                                          How to Set Financial Goals and Actually Meet Them

                                          Finances can push anyone to the point of extreme anxiety and worry. Easier said than done, planning finances is not an egg meant for everyone’s basket. And that’s why most of us are often living pay check to pay check. But did anyone tell you that it is actually not a tough task to meet your financial goals?

                                          In this article, we will explore ways on how to set financial goals and then actually meet them with ease.

                                          5 Steps to Set Financial Goals

                                          Though setting financial goals might seem to be a daunting task but if one has the will and clarity of thought, it is rather easy. Try using these steps:

                                          1. Be Clear About the Objectives

                                          Any goal (let alone financial) without a clear objective is nothing more than a pipe dream. And this couldn’t be more true for financial matters.

                                          It is often said that savings is nothing but deferred consumption. Therefore if you are saving today, then you should be crystal clear about what it is for. It could be anything like kid’s education, retirement, marriage, that dream vacation, fancy car etc.

                                          Once the objective is clear, put a monetary value to that objective and the time frame. The important point at this step of goal setting is to list all the objectives, however small they may be, that you foresee in the future and put a value to it.

                                          2. Keep Them Realistic

                                          It’s good to be an optimistic person but being a pollyanna is not desirable. Similarly, while it might be a good thing to keep your financial goals a bit aggressive, going out of the line will definitely hurt your chances of achieving them.

                                          It’s important that you keep your goals realistic in nature for it will help you stay the course and keep you motivated throughout the journey.

                                          3. Account for Inflation

                                          Ronald Reagan once said – “Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hitman”. And this quote sums up the best what inflation could do your financial goals.

                                          Therefore account for inflation whenever you are putting a monetary value to a financial objective that is far away in the future.

                                          For example, if one of your financial goal is your son’s college education, which is 15 years hence, then inflation would increase the monetary burden by more than 50% if inflation is mere 3%. So always account for inflation.

                                          4. Short Term vs Long Term

                                          Just like every calorie is not the same, the approach towards achieving every financial goal will not be the same. It is important to bifurcate goals in short term and long term.

                                          As a rule of thumb, any financial goal, which is due in next 3 years should be termed as short term goal. Any longer duration goals are to be classified as long term goals. This bifurcation of goals into short term vs long term will help in choosing the right investment instrument to achieve them.

                                          More on this later when we talk about how to achieve financial goals.

                                          Advertising

                                          5. To Each to His Own

                                          The journey of setting financial goals is an individualistic affair i.e. your goals are your own goals and are determined by your want to achieve them. A lot of times we get on the bandwagon of goal setting only to realize later on that it was not meant for us.

                                          It is important that your goals are actually your goals and not inspired by someone else. Take a hard look at this step at all the goals you’ve set for after this step, you will be on the way to achieve them.

                                          By now, you would be ready with your financial goals, now it’s time to go all out and achieve them.

                                          11 Ways to Achieve Your Financial Goals

                                          Whenever we talk about chasing any financial goal, it is usually a 2 step process –

                                          • Ensuring healthy savings
                                          • Making smart investments

                                          You will need to save enough; and invest those savings wisely so that they grow over a period of time to help you achieve goals. So let’s get down to ensuring healthy savings.

                                          Ensuring Healthy Savings

                                          Self realization is the best form of realisation and unless you decide what your current financial position is, you aren’t heading anywhere.

                                          This is the focal point from where you start your journey of achieving financial goals.

                                          1. Track Expenses

                                          The first and the foremost thing to be done is to track your monthly expenses. Use any of the expense tracking mobile apps to record your expenses. Once you start doing it diligently, you would be surprised to see how small expenses add up to a sizeable amount.

                                          Also categorize those expenses into different bucket so that you know which bucket is eating the most of your pay check. This record keeping will pave the way for cutting down on un-wanted expenses and pump up your savings rate.

                                          2. Pay Yourself First

                                          Generally, savings come after all the expenses have been taken care of. This is a classical mistake which almost everyone of us do. We pay ourselves last!

                                          Ideally, this should be planned upside down. We should be paying ourselves first and then to the world i.e. we should be taking out the planned saving amount first and then manage all the expenses from the rest.

                                          The best way to actually implement is to put the savings on automatic mode i.e. money flowing automatically into different financial instruments (for example – mutual funds, retirement corpus etc) every month.

                                          Taking the automatic route will make us lose control of our money and hence will compel us to manage in what’s left with us thereby increasing the savings rate.

                                          3. Make a Plan and Vow to Stick with It

                                          Budgeting is the best to get around the uncertainty that financial plans always pose. Decide in advance how spending has to be made.

                                          Advertising

                                          Nowadays, several money management apps and wallets can help you do this automatically. It’s easy and who knows, you may just end up doing what people fail to do.

                                          At first, you may not be able to stick to your plans completely but don’t let that become a reason why you stop budgeting entirely.

                                          Make use of technology solutions you like. Explore options and alternatives that let you make use of the available wallet options and choose the one that suits you the most. In time, you will get accustomed to making use of these solutions.

                                          You will find that they make it simpler for you to follow your plan, which would have been difficult otherwise.

                                          4. Rise Again Even If You Fall

                                          Let’s be realistic. It’s not like the world will come to an end if you made one mistake. This isn’t called leniency but discipline.

                                          If you fail to meet your budget for a month, don’t give up the entire effort just like that. Instead, start again.

                                          Remember that flexible plans are the most realistic plans. So go forward and try to follow your financial goals as planned but if for some reason, the plan gets out of hand for you, do not give up on it just yet. This has a lot to do with your psychology rather than any material commitment.

                                          All you have to do is to stay on the road and vow to stay on it, no matter how much you fall down.

                                          5. Make Savings a Habit and Not a Goal

                                          In the book Nudge, authors Richard Thaler and Cass Sunstein advocate that in order to achieve any goal, it should be broken down into habits since habits are more intuitive for people to adapt to.

                                          Make Savings a habit rather than a goal. While it might seem to be counter intuitive to many but there are some deft ways of doing it. For example:

                                          Always eat out (if at all) during weekdays rather than weekends. Usually weekends are expensive. Make it a habit and you would in turn be saving a great deal.

                                          If you are travelling buff, try to travel during off season. Your outlay will be much less.

                                          If you go out for shopping, always look out for coupons and see where can you get the best deal.

                                          So the key point is to imbibe the action that results in savings rather than on the savings itself, which is the outcome. Focusing on the outcome will bring out the feeling of sacrifice which will be harder to sustain over a period of time.

                                          Advertising

                                          6. Talk About It

                                          Sticking to the saving schedule (to achieve financial goals) is not an easy journey. There will be many distractions from those who are not aligned with your mission. And it would be rather easy to lose the grip over your discipline.

                                          Therefore in order to stay the course, it is advisable that you keep yourself surrounded with people who are also on the same bandwagon. Daily discussions with them will keep you motivated to move forward.

                                          7. Maintain a Journal

                                          For some people, writing helps a great deal in making sure that they achieve what they plan.

                                          So if you are one of them, maintain a proper journal, where you write down your goals and also jot down the extent to which you managed to meet them. This will help you in reviewing how far you have come and which goals you have met.

                                          Use this journal to write down all essential points such as your short term, mid term and long term goals, your current sources of income, your regular expenses which you are aware of and any committed expenses which are of recurring nature.

                                          When you have a written commitment on paper, you are going to feel more energised to follow the plan and stick to it. Moreover, it is going to be a lot more easier for you to follow you and track your progress.

                                          At this point, you should be ready with your financial goals and would be doing brilliantly with savings; now it’s time to talk about the big daddy – Investments.

                                          Making Smart Investments

                                          Savings by themselves don’t take anyone too far. However savings when invested wisely can do wonders and we are at that stage where we will talk about making smart investments.

                                          8. Consult a Financial Advisor

                                          Investments doesn’t come naturally to most of us therefore rather than dabbling with it ourselves, it is wise to consult a financial advisor.

                                          Talk to him/her about your financial goals and savings and then seek advice for the best investment instruments to achieve your goals.

                                          9. Choose Your Investment Instrument Wisely

                                          Though your financial advisor will suggest the best investment instruments, it doesn’t hurt to know a bit about them.

                                          Just like “no one is born a criminal”, no investment instrument is bad or good. It is the application of that instrument that makes all the difference.

                                          Do you remember we talked about bifurcating financial goals in short term and long term?

                                          It is here where that classification will help.

                                          Advertising

                                          So as a general rule, for all your short term financial goals, choose an investment instrument that has debt nature for example fixed deposits, debt mutual funds etc. The reason for going for debt instruments is that chances of capital loss is less as compared to equity instruments.

                                          10. Compounding Is the Eighth Wonder

                                          Einstein once remarked about compounding,

                                          Compound Interest is the eighth wonder of the world. He who understands it, earns it… He who doesn’t… Pays it.

                                          So make friends with this wonder kid. And sooner you become friends with it, quicker you will reach closer to your financial goals.

                                          Start investing early so that time is on your side to help you bear the fruits of compounding.

                                          11. Measure, Measure, Measure

                                          All of us do good when it comes to earning more per month but fail miserably when it comes to measuring the investments; taking stock of how our investments are doing.

                                          If there is one single step where everything (so far) can go wrong, it is at this step – Measuring the Progress.

                                          If we don’t measure the progress timely, then we would be shooting in the dark. We wouldn’t know if our saving rate is appropriate or not; whether financial advisor is doing a decent job; whether we are moving closer to our target or not.

                                          Do measure everything. If you can’t measure it all yourself, ask your financial advisor to do it for you. But do it!

                                          The Bottom Line

                                          This completes the list of tips for you to set financial goals and actually achieve them with not so great difficulty.

                                          As you can see, all it requires is discipline. But guess that’s the most difficult part!

                                          More About Personal Finance Management

                                          Featured photo credit: rawpixel via unsplash.com

                                          Read Next