Tips for Reaching Your Financial Goals | St. Johns Bank
We all want to be financially stable and reach our financial goals, but it isn’t always that easy. Setting a goal is as simple as deciding what you want to happen, but actually accomplishing it is another story.
So, how can you set financial goals that you can realistically accomplish? With some planning, motivation and regular reminders, your financial goals are sure to be within your reach!
Make Clear Goals
What do you want to accomplish with your money? Do you want to bulk up your emergency fund or pay off debt more quickly? Or are you more concerned with sticking to a budget to keep your finances in check?
Whatever your goals are, make sure they are clear and concise. Having vague goals will not help anyone, especially if it will take you a while to reach them. Motivation is key when it comes to reaching goals, and if you aren’t crystal clear about what you want to accomplish, chances are you won’t know how to get there.
Write It Down
If you check your planner every day, write your goals down there. If you have a desk calendar that keeps you on track, that’s a great place to put your goals, too.
Writing down your goals makes them feel more achievable and tangible—not just an afterthought in your mind.
Wherever you look often, whether it’s on paper, a dry erase board or a digital post-it note, write your goals down so you look at them throughout the day. These reminders motivate you to stay on track, whatever your goals may be.
When setting your financial goals, make sure they are realistic. For example, if you want to add an extra $1,000 to your emergency fund, it may take more than a month or two to get there. Depending on your income and expenses, it may take six months or even a year.
Your financial goals should be realistic so you don’t get discouraged. If you set an overly ambitious goal and there is very little chance you’ll actually achieve it in your desired time frame, it is likely you’ll feel down on yourself. Instead, determine how much money you have every month to dedicate to a goal, then build your plan based on that—instead of the other way around.
Create Additional Income
Now that you’ve decided what your financial goals are, it may be time to create an additional income to help you achieve them. If you’ve crunched the numbers and making a bit more money every month would be helpful, figure out an additional income stream that works for you.
If you aren’t interested in making more money—that’s OK! You can still work toward reaching your financial goals.
We wish you luck in reaching your financial goals! When you need to open a new bank account to manage your money more efficiently, contact us today and, as always, remember to bank local.