The first step in setting up a financial goal is to set a positive one. You want your goal to have meaning, such as I am saving for that new house or I want to have ten thousand dollars in my savings account. Goals like I will not spend money will only make you focus on that one thing, thus making it harder to focus on the reason for the goal. A negative goal, as the one mentioned above, will not give you the feeling of completion as there is no end in sight. Keep your financial goals, positive, and you will reach them in no time.
The second step is to set a date for your goal. Take a look at where you’re today, be honest with yourself. How long will it take you to reach that goal with your current financial situation? Keep in mind if you have a goal like I want to be a millionaire then you may not be able to set a date as things will change between now and then. Start off small such as I will save a thousand dollars in two to three months. After you have reached that goal, then make a new one, I will have five thousand dollars in the bank in a year and so on.
The third step in setting up a financial goal is to write it down. By writing down your financial goal you take ownership over it. A goal that is not written down is still only a dream. Once that financial goal is on paper, it becomes tangible, something you can touch. A great tip here is that when you write your goal, write it in the form of I will. I will have a thousand dollars in my savings account in three months and so on. Taking ownership is the most important step as this is your very first point of action towards meeting your goal.
The fourth and final step of setting up your financial goals is to stay focused. You have your positive goal written down with a date to complete it. Get that goal in a place where you can see it every day such as on the refrigerator or a little post it on the edge of your desk. Each day ask yourself, â€œWhat can I do today to help me reach my goal?â€ Take that answer and do it, period. Every day take some action to reach that goal, it could be a simple thing like returning soda cans. You now have the tools to make your financial goals a reality.
Here is a good way to stay focused. When you reach your goal reward yourself before moving ahead to your next goal. So, let us say that you reached your goal of a thousand dollars in your savings. Take the next hundred dollars that would have gone into savings and put it in your pocket as play money. Following these steps will allow you to reach any financial goal with the only issue being time.