After clearly understanding your financial situation and circumstances, you must set financial goals for your near, short, an long-term future. Below are a few tips on how to properly create goals for your financial future.
Ask yourself questions about what you plan to do in your future
Are you planning on buying a car next year?
Did you want to start paying off your student loans next month?
Were you planning on buying a house in 5 years?
Are you planning to have a baby in the next few months?
It is important to ask yourself these kinds of questions because your personal finances should be able to support you in whatever direction you're headed.
Separate your goals into near, short-term, and long-term goals
Separating your goals by time frame gives you more control over which goals to prioritize first. The budgets you create for your goals are heavily determined by the time in which each goal is expected to be achieved.
For example, if you have a goal to purchase a $1,000 designer purse and another goal to buy a $10,000 car, the amount of money you save each month will be affected by the time in which you wish to have these goals completed.
Break your "larger than life" goals into smaller goals
Having large goals is amazing, but breaking them down into smaller goals that are more attainable will give you a better sense of what you can do and how much you need to save now in order to achieve it.
If you have a goal to pay off all your student loan debt in 5 years (which totals to be $60,000), breaking it up into smaller goals by the year will make the large goal seem more feasible. You can break the goals up into 5 smaller goals of paying off $12,000 each year.
Be as specific with your goals as possible
Setting vague goals will make it harder to know how to achieve them and you will be more likely to not fulfill your plan.
Having more specific and defined goals will make it easier for you to visualize and motivate yourself to achieve them, because you have all the details you need to visualize yourself in the future with whatever goal you planned for.
Being specific can mean including a time frame, exact pricing (not estimations), colors, quantities, and any other details that make the goal seem as if it has already been achieved.
Never limit yourself on what you can achieve
I dare you to think large with your goals and to not hold back. If you desire something that you believe is out of your reach, PUT THAT GOAL IN BOLD and don't look back.
This world if full of opportunities and you can do anything you put your mind to! Nothing is out of your reach, and it is never too late!
Go after the dream you've always wanted and create goals that will help you get there. The only person that can put limits on your life is you and it is time to take control over your personal finances, budget and plan your way to the lifestyle you want to live, and always remind yourself that you are the creator of your own destiny.
Goal-setting is an essential part of how we stay focused and growing in this lifetime. Put the 5 tips I discussed above to the test and get serious about your future. You deserve to have everything your heart desires, and the budget planning process will help you get there.
APPLY for my 1:1 Budget Coaching so together we can create the goals for your desired future, and get you to live the life you've always dreamed of!