Determining what your financial goals are is only half the battle, the other half is making sure you have the discipline it takes to follow through and achieve them. Here are a few motivational tips to help turn your financial goals into a reality.
Establish Your Financial Goals
First things first—you need to figure out what your financial goals will be. Your goals can be big or small, short-term or long-term. Think about your financial situation and where you’d like to see improvements. Here’s a list of some good financial goals if you need help getting started.
- Save for retirement
- Start an emergency fund for unexpected expenses
- Save for your child’s college education
- Get out of debt
- Save for your dream vacation
- Payoff student loans
- Save for a down payment to buy your first home or car
- Create a budget to avoid overspending
- Save for a home improvement project
Create a Plan
Once you’ve established a financial goal, put a plan into action. You’re more likely to achieve a goal if you take the time to figure out the details. Rather than just saying you’d like to save money for your child’s college education, determine a specific dollar amount you’ll save for a specific period of time.
Maybe you set a goal to save $30 every month or maybe you’d rather save $500 each year. Adding specific details to your plan will make it easier to keep track of your progress which will motivate you to stick with it. If you need help managing your budget, try using our Home Budget Calculator.
Keep it Simple
Setting multiple financial goals isn’t a bad thing, but don’t overdo it. If you set too many goals at once, you’re more likely to get overwhelmed and give up. If you have multiple goals, focus on the one that will have the biggest impact on your financial health. Saving for your dream vacation probably sounds a lot more fun than paying off credit card debt, but when you look at the big picture getting out of debt is more important. Focus on the most important goal first, and then you can move on to planning that dream vacation.
Talk About It
Sharing your idea with another person can be a great motivator because you’ll be more likely to hold yourself accountable for staying on track. Share your financial goals with a close friend or relative and report your progress as you go. That person can also help cheer you on and support your efforts.
Your financial goals can become a reality with a little motivation and planning. If you need help tracking the progress of your financial goals, try using My Financial Partner, our free online personal financial management tool. Keeping track of your progress will help motivate you to achieve your financial goals.