Setting Financial Goals
We have all said it, this year I am going to save more and spend less. Well that is all well and good, but do
you have some sort of personal development plan to go along with that
The answer for most people is no. Most of the time people have the right idea in their heads, but they have no
idea how to execute or how to follow thru.
The biggest mistake folks make is not coming up with goals or a plan. If you don’t have any goals you have
nothing to work towards. And if you don’t have a plan on how to get there you won’t know what direction to take or
what path to stay on.
So, write down your goals. By putting them on paper you make the more real. It also helps you narrow down what
you really want. Then using the list you just created, prioritize your list. You can’t work on 20 goals at once, so
begin with your top one or two goals first.
After, take those one or two goals and rewrite them being very specific about what you want. Example: “I would
like to save up $15,000 with-in the next 10 years to put a down payment on a vacation home.”
Next see if your goal is realistic, because nothing sets you up for failure like setting a goal you cannot realistically attain. You can always revise your goal
if you find you are making great headway. Now that you have your goals set, you need to create a plan of action, by
looking at your monthly budget.
You need to see how much you will need to set aside every month and if you can realistically save that amount.
Keep in mind that you need to calculate interest into the equation. If you are trying to pay off a credit card, and
you owe $5,000, you owe that amount plus the interest, so make sure to include that in your plan.
Staying motivated is one of the hardest things to do, so set
some milestones for yourself, so you can see if you are making headway and if you are, you will be excited
motivating yourself to keep going. And if you are not making headway you can see that too and make some
Now this all only works if you make the commitment. And making the commitment will require you to make some
trade-offs. And those trade-offs may not be very pleasant. But when you are tempted to spend some of the money you
have worked so hard to save, think about what your goals are and why they are important to you.
Now that you have a plan, and you are executing it, pay attention to any money that comes along that is
unexpected and put that money aside for savings before you can spend it on things you don’t really need. This will
help you attain your goals faster and make it easier to keep moving forward. Plus any money you save makes you more
money because it is accruing interest. Now get saving and reach your goals!
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