The importance of goal setting can not be overemphasized. Having a goal helps you achieve more which invariably leads to satisfaction. Goals help you stay focused and motivated. Once met, it gives you a sense of victory.
At one point in your life, you’ve set different types of goals from fitness to career. However, there’s an area most women usually ignore and that is — financial goals!
Financial goals are often overlooked while in fact it’s what will actually help you achieve other goals. Setting financial goals is not just for the wealthy, it’s for all income levels. No matter how much you earn or make, you can set a financial goal.Here are some ways to help you set your financial goals and actually achieve them.
1. Examine your current financial situation
You need to review your current financial situation and understand where you are before you can actually know where you are going. Write out all your streams of income and your expenses. You need to know how money is coming in and going out. This will help you determine what goals to set.
2. Write out your goals
According to a study by Harvard Business Review, those with written goals are 3 times more successful than those with unwritten goals.
Once you’ve determined your goals, it’s essential to write it down in order to keep track of it and update it.
3. Have an accountability partner
You need to become accountable in order to achieve your goals. Look for someone who’ll check in on your progress and cheer on your accomplishments. Having an accountability partner helps you build momentum to meet your commitments, focusing on your successes and the end goal.
4. Have an action plan
It’s good to have goals but having an action plan is great. How do you want to achieve your financial goals? Do you want to take up some new jobs? Do you need to take some career development courses to help you get promoted at work and hence, increase your salary? Do you want to start a new business?
You need to have an action plan. What will you do to achieve your goals and how exactly do you plan to get it done!
5. Create a budget
After setting your goals you need to create a budget. This helps you stay on track and helps you monitor your finances.
6. Track your expenses
No budget works if you set it up and leave it alone. Tracking your expenses also helps you to be in check so that you don’t overshoot your budget.
7. Know your weaknesses and be committed with your goals
While you’re trying to make these financial goals a reality, remember that your greatest cheerleader and opponent is you.Know your money weaknesses and set up a plan to avoid or overcome them. Know your money strengths and build on them and stay committed to achieving your financial goals.
8. Re-evaluate your goals frequently
To stay committed to your financial goals you must continually review them. Be flexible with yourself and know when to adjust.
In conclusion, you must remember that like every other goal, you must set SMART goals. Your goals must be specific, measurable, attainable, real and time-bound.
Having a challenge with setting or achieving your goals? Share with us in the comments.