Setting your financial goals puts you in charge of your money and your life. Your goals can be short or long term, small or large, but they all need to be achievable. The first step to getting things sorted is to work out where you want to be financially and what your priorities are.
Plan - the areas you need to think about
Current financial health and where you want to be in the future
Are you able to pay all your bills on time and in full?
Are you able to pay for all that you need (food/clothing/hygiene) in full at the time of purchase?
After paying bills and purchasing necessities, do you have any money left over to save?
Do you own your home?
Do you own your car?
Are you able to afford a vacation?
Are you responsible for other people?
Setting goals
Be specific, realistic, and write down your goals
Keep each goal simple and give it a timeframe and a dollar amount
Do - the changes you are going to make based on your goals
Monthly
Changes you are willing to make to your daily/weekly routine
Quarterly
Changes you are willing to make over a 3-month period
Annually
Changes you are willing to make over a 1-year period
Review - the assessment activities you are going to do
Your goals regularly depending on their size
Make sure your goals are still important to you
Decide if you need to make any changes
Your spending habits for the week/month to look for additional opportunities
Look at your spending habits and see if they are consistent with the goals you set
Look at your saving habits and see if they are consistent with the goals you set
Review your progress every six months or once a year, on a specific date written in your diary or calendar. When you achieve a goal, celebrate! Then set yourself a new goal. Get better prepared with REALTALK right away!