How to Create Financial Goals: Tips, Ideas & Challenges

I’d like to give you some guidance on how to create financial goals. I’m going to provide you with some tips, encouraging ideas, and even some challenges in regard to finances. So many people right now are dealing with the loss of jobs, loss of income, and challenges with financial wellness.

My goal is to bring you guys some words of encouragement. I’ll share some things that have helped me in regard to finances. I've learned a lot working in finance for 14 years and I want to use my knowledge to help you.


When you’re trying to establish your financial goals it helps to ask yourself a lot of questions to figure out what you want and need. Here are some helpful questions to ask yourself.


Have you taken time to evaluate your finances? What do you want to obtain in the future? Consider your immediate future, your short-term goals, and your long-term goals.


Maybe you want to add to your emergency fund. Maybe you want to buy a house. Do you have enough savings for your retirement? Are you interested in investing?


Maybe your goals involve paying off debt if you have student loans that you still need to pay off. Maybe you have some credit card debt you want to chip away at. What about paying down your mortgage?


Maybe you want to take a trip that you will need to save for. These are all questions you need to contemplate and consider in order to take the proper steps to move toward your specific goals.


The reason it's so important to set financial goals is that when we have a goal, it really does affect what we do in the short term. If we know that we want that trip or we want to save for a down payment for a house, we're less likely to waste money on other little things.

Writing down financial goals

It’s easier to resist things like expensive coffees or eating out when you know what you’re saving for. It’s easier to sacrifice small things in the present moment when you know that those savings will be contributing towards an important goal.


I suggest you set time aside to write out some financial goals. You might feel like you have a pretty good idea of what you have and what your goals are, but mindfully dedicating a chunk of time to really examine the details will help give you a better understanding of how to move forward.


Meet with a financial adviser if you haven't done that before.


Financial advisors are really helpful in regard to evaluating where you are with your finances, where your money is going, and which financial goals are realistic for the future. Go to your local bank. Meet with the financial adviser at your branch. They can be really helpful.


I’d also encourage you to check out some of the many online adviser companies out there. Mint.com is a great online resource for financial advice. If you haven't used it before, check it out. They have an amazing section on their website to help you set up your goals.


Once you type in your goals you can write out a timeline. You put in the exact dollar amounts that you want to save per month.

Calculating financial goals

It even breaks down your goals by the number of years you want to give yourself. It will calculate exactly what you need to be saving to hit your goal. It's really a great resource for you guys.


Set aside some time to think about what you want to do for your financial future. Ask yourself a lot of questions so you become very clear about your goals. The more specific you can be the better.


Coordinate with your family. Work together with your spouse. Meet with a financial adviser. Use online resources. There are so many places you can turn to make the process easier and more comprehensive.


Get really clear about what you desire, what your passions are, and what excites you about your financial future. Being clear about your goals will help keep you on track. It will also help you avoid spending mindlessly or impulsively.


Creating financial goals is essential for setting yourself up for a comfortable future. Even if you feel like you don’t have enough money to save right now, try to find ways to tuck aside whatever you can and remember your future goals are as important as your immediate needs.


Often your future goals are more important than your immediate desires, so make sure you take time to think about what you want for yourself in the future.

How to create financial goals

How to create financial goals

If this brought you encouragement, feel free to share it with others. Financial planning does not have to be scary or intimidating. It is something everyone can and should think about.


I hope my expertise has enabled me to provide you with some help and inspiration. Do you have other ideas for how best to plan for your financial future? Leave me a comment so we can share ideas.

Comments
Join the conversation
Next