Setting Your Financial Goals
- August 25, 2017
- by Saundra Davis
Goal setting is an inside job.
Think about it. We set our goal first, focusing on a specific and achievable financial target. To be clear, saying “I want to be more financially stable,” or “I want to increase my credit score,” is not the same as setting a goal. We’re talking about what you want to save for, how much you’ll need to get there and when you want to reach that goal. We’re talking dollars and dates.
Let’s start with the “WHAT”: describe one financial goal. Don’t skimp on the dream either, and be very clear about what you want to achieve. Go on, I’ll wait…
Okay, now that you have named your first financial goal, think about how your life will be different when you have achieved it. What is your motivation and how will you know when you are satisfied? This is your “WHY.”
Once you know the “WHAT” and “WHY,” we’ll work together on the “HOW,” which is, of course, the only way we achieve our goals. But don’t worry about the “HOW” just yet. For now, just get that exact goal on paper. See how easy that was?
Bottom line? A financial goal without a date and a dollar amount is just a dream.
Here are a few ideas to help you get started on establishing your goal:
- Index cards: write your goal and your “why” on an index card and put it somewhere that you can see it often.
- Pinterest: build a virtual vision board of one (or more) of your financial goals.
- Goal Buddy: This is a tool to help build your goals, define the habits to help you get there, and create tasks that can be exported to your calendar. Oh, and it’s free!