Goals are important because they allow you to create your future today. Although a lot of people set financial goals every year, most people don’t actually end up sticking with them because they get distracted along the way. So how do you set financial goals that you will achieve? In this episode, I share easy ways to set yourself up for financial success by setting financial goals that are a good fit for your life right now.
This episode is sponsored by my brand new course, Back to Budgeting Basics. In this course we debunk the myths that budgeting is “hard” and I help you create a personalized goal-centric budget that aligns with your priorities and values.
Things to Consider When Setting Financial Goals
1. Assess your current situation.
When you’re setting financial goals, what you’re really doing is assessing where you are right now and determining where you want to be in the future.
To do this, ask yourself:
- Where am I right now?
- What do I want to accomplish?
Helpful Tip: Money serves different purposes. You can spend money, save, pay off debt, invest or give money to charity.
Typically financial goals will fall into one of these major categories.
2. Is your goal too hard?
You are less likely to achieve goals that are too difficult.
Truth is, the best goals are realistic but not too over the top.
3. Check yourself.
Are these goals for you or are they based on what others want for you?
Set financial goals based on what you want for yourself not what you think others want for you.
4. Create an emotional connection.
Can you visualize yourself achieving your goal?
What sort of emotions will you feel when you accomplish your goal?
Will you feel excited? Calm? Relaxed?
Remember, it’s easier to achieve goals that you are emotionally connected to.
5. Bridge the gap.
To bridge the gap, break down your goals into smaller more manageable tasks or mini bite-sized goals. You can do this by setting monthly, weekly or daily goals.
6. Celebrate milestones.
Lastly, be sure to celebrate any big milestones or money wins. This will give you the motivation to keep going.
Did you find this episode informative?
Be sure to check out Episode 17 where I share my biggest lessons learned in 2018.
And catch the next episode where we chat with Frantzces from Chronicles Abroad about living, working and traveling abroad.