How to Achieve Your Financial Goals
It’s hard to believe we are almost halfway through the year! With all the fun and change of pace that summer can bring, it can be easy to forget about the financial goals we set at the beginning of the year. Time flies by so quickly and all of sudden June is upon us and we haven’t taken steps towards accomplishing our financial goals and we feel rushed to reach them by the end of the year.
Did you want to create a budget to better monitor your spending?
Did you determine to FINALLY get those estate documents created, but just haven’t gotten to it yet?
Did you have savings targets for those big upcoming purchases you wanted to meet?
But, the great news is you still have half the year to knock these goals out! Summer can be a great time to reset and get focused on your intentions for the remainder of the year. Take advantage of this halfway point of the year by getting focused on your goals with these five steps:
Get specific with your goals. Don’t just say, “get your finances in order.” What specific things about your finances do you want to focus on? For example, you might say “create and stick to a budget.”
Get clear on your “why.” It’s hard to work on something you don’t care about. Connect the “what” of your goal with the impact that meeting your goal will have. To build on our budgeting example – why do you want to create and stick to a budget? Maybe it’s because you want to get a better idea of what you are spending so you can determine whether you can save more, pay more towards debt, or spend money more intentionally on the people and things you care about! Budgeting because you want to build a life you love is much more motivating than budgeting because you know you “should.”
Get specific on your next step. Sometimes getting started working on a goal can be so overwhelming that we just don’t do it at all. But as the saying goes, you eat an elephant one bite at a time. Take the next step right in front of you and let one great choice lead to the next. For our budgeting goal, maybe the first step is downloading a budgeting app like Mint or YNAB (You Need a Budget) to make the process of tracking your transactions easier. Another step could be writing down all your money inflows, writing out your fixed expenses, and then reviewing what’s left over and working on budgeting that cash flow first.
Check-in on your progress. Take the time to recognize and celebrate when you make progress! Give yourself grace for the areas you want to do better in and keep pressing forward! Tracking your progress is a great motivator to see how far you’ve come and also provides clarity on where you want to go next.
Ask someone to keep you accountable. Sharing your goals with a trusted friend and asking them to check in with you periodically is a great motivator for working towards your goal.
The year might be halfway over but what do you want to do with the last half? Build the life you want by getting clear on your why and then get moving! You can do it!
V. Grace Moore, CFP®, CKA®
Associate Financial Planner