Setting Financial Goals
Setting goals can be easy, but reaching them is another story! If you make them specific and set up some strong processes to help you reach them, you can experience success!
- Write down or draw out separate goals for the short, mid and long term
- Use a tool like the “Importance/Urgency” box (as shown by Consumerism Commentary) to plot the goals out in a visual framework.
- Use V SMART goals – Specific, Measurable, Realistic, Attainable, Time-bound, and based on your Values
- Evaluate the importance of the goal and your confidence in being able to meet it, using a scale of 1 -10. Believing you are capable of reaching a goal is one of the most important factors for success.
- Have an accountability partner – by letting someone else know what you hope to do, you’ll be more likely to accomplish it
- Create a calendar to check in on goals, or some other system that will encourage success, like online software that tells you your progress, or automatic deposits to a savings account named after the goal.
- Pay attention to your environment, and change what you can to set yourself up for success. Are you ready to get rid of credit card debt? Cut up your cards (part of your environment) so you are not able to use them.
- Review the obstacles that could get in the way of the goal and the available resources that will help you meet it
- Review the consequences for not meeting the goal and the rewards you’ll reap if you do meet it
- Understand that goals are not set in stone and can change for a variety of different reasons
- Track your progress and reflect on your choices. What can you differently next time?