Without good goals, you are unlikely to actually accomplish what you set out to do. Here’s how to set financial goals that will take you to your personal finish line:
1) Consider what you want money to bring you. Many people focus on a specific number they think they need – say, a million dollars – in order to retire someday. A better strategy is to find out exactly what you will need to enjoy the lifestyle you want. This will give you the most accurate idea of what you should be saving and how you should be investing.
2) Look at what you are doing financially that needs a bit of work. Are you overwhelmed with payday loans, personal loans, and debt? Are you living paycheck to paycheck? Do you have huge credit card bills? Target those areas that need improvement and set some goals.
3) Look at what you are doing right. Are you already saving or setting up an emergency fund? Give yourself a pat on the head – and set some goals for improving these strong areas of your finances a little more.
4) Set a deadline. When setting financial goals, remember to decide when you want to accomplish certain things. Then, determine what you need to do today to get to your goal. If you want to retire in ten years, you may need some financial advice today, for example, or you may need to start saving!