7 Ways to Accomplish Your Financial Goals

Change Your Thinking

 You may have to your thinking if you currently thinking negatively, have low confidence or doubt yourself. You must think positively and believe in yourself to achieve any goal. Learn at others who have successfully achieved their goals for inspiration.

List

Financial goals are what you plan to do with your money. Financial goals are important to you, within your power to make it happen, something you know you can achieve and are clearly defined and have a specific plan of action.  Create between 5 - 10 goals.  Spread the goals out over time. Create a goal sheet with a start date and target date along with details about the goal and benefit of the goal.  Use action words when creating each goal such as, “Complete” or “Study”, “Create”, “Generate”, “Assemble”, “Budget”, etc. 

Create SMART Goals

Specific (Who, What, Where, When, Why, Which) - "I want to go American University for college.” Measurable (How much, how many, how will I know when the goal is achieve) - "I need $120 for my school trip”. Attainable (develop or identify skills needed to achieve the goal, create a plan of action and timeframe) – “I want to buy a used car less than $15,000”. Realistic (an objective you know you can achieve and are willing to achieve) - "I'll save $50 a week from Thanksgiving to Christmas to buy a new pair of shoes".  Timely (set a timeframe when you will achieve the goal or set a goal that is tangible – taste, smell, touch, see, hear that you believe you can accomplish) – “I’ll save $600 by the end of the year to buy a new computer”. Visualize.  Imagine yourself achieving your goal and what your life will be like when you have achieved the goal.  

Start Small

Define short-term (0-3 years) and long-term goals (3 years +).   Create small goals that you know you can achieve.  Once you have achieved a few goals this will strengthen your confidence which will help you to achieve larger goals.  This will make it accomplish future goals and reduces stress and frustration when trying to achieve a more complex goal. 

Set Dates

When the target date arrives identify if the goal was achieved or set a new target date for the goal. Don’t create more than 1-2 goals with the same start and target date to ensure you can accomplish the goals so you don’t become overwhelmed.

Prioritize

Prioritize the goals by importance, start date and target date. Some goals may be eliminated or put on hold. 

Develop a plan

Develop an action plan to identify how you will achieve each goal.  Writing a goal down makes it easier to commit to it.  Write down an action plan to achieve a goal identifies the benefits and how you will achieve the goal. Do at least one thing each day to reach your goal. Update your action plan to track steps you have accomplished towards achieving your goal.  Avoid distractions and stay focused on your goal.  

Evaluate

Evaluate and review your progress. Track your progress with pen and paper, a smartphone or use an online tool.