Financial goals are critical for financial well-being.
How do you prioritize them?
Try to define your top financial goal. If several come to mind, that’s ok!
Make a list of all of them.
Once you’ve gotten them down on paper, NUMBER THEM in order of what you’d like to accomplish first. Now you have your prioritized list.
That’s Step 1.
What do you do next?
Step 2: Set Specific Goals.
Consider this: How much money you need? By when you want to achieve this goal?
Step 3: Create a Budget.
Outline your income, expenses, and savings goals. Designate specific amounts of money to each priority. Be realistic about your expenses. Identify areas where you can cut back, to put more towards your priorities.
Step 4: Automate Savings and Payments.
Set up automatic transfers or payments to your priorities – such as to your savings account, extra payments towards your debt, or contributions to your retirement accounts.
Step 5: Track Your Progress
Regularly track your progress toward your financial goals. Adjust your plan if there are any changes in your income or expenses.
Step 6: Reevaluate and Adjust
Life is dynamic, and circumstances can change! Every now and then, review your financial map. Determine whether your goals are still aligned with your priorities. If necessary, adjust your plan.
And remember, celebrate your achievements along the way!