Financial goal setting can be rather tricky, especially if you havent even mastered basic goal setting yet. Money, it seems, always makes things twice as complicated.
But no need to worry! Here are a few tips to help you out.
Financial Goal Setting Tip # 1: Be Realistic.
When it comes to goal setting of any kind, you must always be realistic. Telling yourself that you want to earn one million dollars in one month is not realistic, especially if youre only earning minimum wage.
Setting your goals too high will only end up making you miserable. And when that happens, just how enthusiastic will you be to give financial goal setting another try?
My advice is to go small at first: Small amount in a short period of time. Once you succeed with that goal, gradually make your way up to the high stakes.
Financial Goal Setting Tip # 2: Decide on a Target.
Of course, you need to have a target amount and a target deadline. Try to be as specific as possible. The more specific you are with your financial goal, the better your chances are of actually accomplishing it.
Writing down that you want to be rich is inconclusive. Just how rich is rich anyway? And what about someday? When will someday come?
Not committing to a number and a date only gives you excuses to fail or back out. Dont set yourself up for failure. If youre really serious about setting your finances straight, give it your 100%.
Financial Goal Setting Tip # 3: Learn How to Budget.
It isnt just about deciding on a number, its also about plotting your way to achieve your end goal. And in every financial situation, budgeting is always involved.
If you really want to meet your mark by the set date, you need to learn how to add and subtract. Know which expenses should be maintained and which ones can hit the road.
Aside from budgeting, you can also add earn additional income to your agenda. After all, there is no room for failure here. If youre going to do something, you might as well give it your all.
Financial goal setting is easily achieved if you stick to your guns. Dont think about those who have failed to meet their money goals. Instead, think of how hard youre working and how much everything is going to pay off. Once in a while, you might be tempted to veer off the track, but dont forget about your goals come morning.