Bathroom mirrors. Refrigerator doors. Bedroom closet walls. Bed stands. Wallets & purses.
What do they all have in common? They are great locations to post your written financial goals. If you haven’t written down three to five financial goals, following you will find a few tips to help you get started.
The vital point is that you actually write them down. The act of writing them down – by incorporating the visual and tactile learning styles – initiates a physical and emotional response that makes it significantly more likely that you’ll actually stick to and achieve your goals.
Here are a few questions to answer that can help you decide what to write down and post:
- Within the next three to twelve months, what do you want to do that will require $100 to $500 to achieve? Example: $500 for Christmas gifts.
- Within the next one to five years, what do you want that will require $1,000 to $5,000 to achieve? Example: $2,000 for a family vacation.
- Within the next five to fifteen years, what do you want that will require more than $10,000 to achieve? Example: $10,000 for a “new-to-you” vehicle to replace your current car.
And NEVER forget to ALWAYS put something into savings and retirement accounts EVERY month.
Finally, set a specific month when you want to achieve the goals listed above. Determine how many months there are between now and then, and divide the amount of money you’ll need by the number of months left. This will tell you approximately how much money you’ll need to stash away each month.
Best wishes as you continue striving to live debt free. We know it’s not always easy, but it’s always well worth your effort.
If you have any questions, would like to discuss your financial challenges, or are just looking for advice, please contact us at your convenience. As always, we are here to help and look forward to hearing from you.