How To Set Financial Goals You Can Achieve In 2022

If you set resolutions and break them, you are not alone. Studies show less than 25% of people stay committed to their pledge, and after just 30 days, only 8% accomplish them.

Resolutions are really open-ended promises without a plan. They may be well-intended, but they are often broad and often unmet. Here we speak of financial goals. Goals are specific targets addressed by planning and managing our finances.

When we set financial goals to achieve the desired result, we may establish a new habit or replace an unwanted one like paying bills late. Achieving financial goals is part of successful financial planning, which involves setting short-term, intermediate, and long-term objectives.

A SMART approach can help us achieve our goals to reach our goals better.  You can adapt this approach to your business, personal finance, or career goals. The acronym guides us: – Specific – Measurable – Achievable – Realistic (or Relevant, Reasonable) – Time

Why It Is Important To Set Financial Goals Setting financial goals help you make more conscious decisions that affect your financial health. Perhaps you have been winging it and doing fine thus far. However, you may neglect some things like buying life insurance or increasing your savings for retirement and college tuition that could be consequential in the longer term.

Financial Goals Should Be Consistent With Your Values Your financial goals should be consistent with your values. Setting financial goals help you visualize your current financial status and where you want to be in the future. Be mindful that you aren’t setting financial goals that conflict with essential life goals.

Visualize What You Want Longer-Term But Track Your Progress Now Staying motivated is a big part of the equation to move forward to achieving your goals, whether losing weight or saving a monthly amount.

Examples of  Financial Goals

– Create a budget or use a budget app. – Review your monthly bills and negotiate rates where possible. – Paying off monthly credit card debt in full. – Interview a few financial advisors. – Don’t finance any appliances or similar products with credit cards. – Confirm with employer withholding of taxes is sufficient.

Examples of Career Goals

– Review your hard and soft skills, and build up relevant gaps. – Improve negotiation, writing, or public presentation skills. – Speak at more conferences where you can network. – Ask for specific help from a potential mentor. – Be a mentor to someone who could use your guidance.

Set financial goals that are achievable that you can accomplish. Decide what areas you need to work on to manage your money better, and develop a specific plan to achieve the desired result. Take steps to eliminate the financial stresses to have financial security and succeed in life.

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