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How to set financial goals
Knowing some of the benefits of setting financial goals (seen here), let us learn how to set financial goals for ourselves: First, take a look at your past financial statements
Accumulate all your old pay stubs, bills, etc. Then, compile them into a spreadsheet. Crunch all the numbers and determine the following: Your monthly FIXED expenses
Your monthly income
Your monthly VARIABLE expenses
Your monthly charitable contributions (if any) Second, begin to plan out your financial goals
Set before you a piece of paper and pen, and begin to write down some goals you'd like to set for yourself. Some examples of these goals might be: Pay off the new car
Save up $20,000 for a new house expansion
Save up an additional $50,000 for retirement
Invest $5,000 in the stock market
Save up $10,000 to put as a down payment on a new car These are some examples of financial goals you might consider writing down. Third, set time lines to your goals
It's good to have some more urgent goals, some medium term goals and some long term goals. Determine which goals should be accomplished soon and which can wait. So, using some of the above examples, you could say the following:
I'd like to pay off the new car within the next 12 months
I want to save up $10,000 to put as a down payment on a new car within the next 36 months. Determine monthly adjustments needed to meet your financial goals
It's great that you might want to save XX dollars in XX amount of time and pay off bills in XX amount of time, but if you can't afford it then it's worth nothing to you! Determine if you can afford it by figuring out how much it will cost you each month to meet the goals you've set for yourself and adjust as necessary. STICK WITH THE GOALS!
For obvious reasons, this is the most important step in setting financial goals for yourself! Hopefully the motivation of achieving your goals will make you stick with them. Once you've set and stuck with these goals, life will become more stress-less for you. In fact, you might find a high degree of satisfaction upon reaching some of these goals! Use that satisfaction to motivate you to continue sticking with the goals, and you'll accomplish them in no time! |
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This intel was contributed by Pete Brown
Pete Brown
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May, 2012
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