Are those New Year’s resolutions already slipping away from you? Don’t worry, you can always get back on track.
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The financial goals you set for yourself for the new year do not have to feel overwhelming. If getting your financial house in order seems too challenging, pick one goal at a time and make minor, but progressive and positive changes. For example, I recently posted on Facebook about how to start saving a $1,000 cash reserve for those who have nothing in savings. Saving that first $1,000 starts with just $1 – very easy! (Message me if you would like the weekly savings chart.) Whether you are starting this year with the $1,000 challenge or have bigger goals such as paying off Christmas debt, a car loan, buying a home or saving more for investments, NOW is always a great time to start. Here are a few tips for reaching your goal successfully.
First, write it down and make it real. If it’s a target-date goal, write it in your daytimer, add it to your Smartphone calendar and set periodic reminders (weekly, monthly, quarterly) to take action.
Second, break your goal into smaller, achievable pieces. For example, if you need to pay off a debt, break it down by week and month to see how much money you need to pay each period to reach your goal and how long it will take. Go back to step one, write this amount in your calendar.
Third, build your own mile markers. Calculate to see when you will reach a specific point in your goal, and (you got it) write it down! Put the date in your calendar so you can see your progress. If you have saved $250 of your $1,000 goal or paid off $500 of a $2,500 debt, record the progress on your own personal timeline.
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Fourth, be flexible and don’t beat yourself up if you miss a goal target. Just assess why you missed the goal and what you need to change and get started again. Failing to make a weekly contribution is something you can rectify. But you can never recover the lost time spent agonizing over missing that contribution. Just pick yourself up, recommit, and keep going.
Finally, hire a pro! If you need guidance, hire a CFP® professional to help you. We get professional help in most areas of our life so why not hire a professional to help you with your finances! Just as we hire doctors, dentists, auto mechanics, and real estate agents, we should seek out professional help for our financial lives. Finally, don’t forget to celebrate your victories along the way. As an independent CERTIFIED FINANCIAL PLANNER™, I can help you. Contact me and let’s get started. #talktometuesday #getstarted #newyear #goals #newyou #future