This and That

Goals

Posted on: October 10, 2011

I love setting goals.

Personal goals help push me to new limits, to try new things, to better myself, and to seize the most of my days in this life.

Setting financial goals helps my money reach new heights too.

It’s important to have financial goals to push my money beyond what I think it can do. With a focused goal I learn the value of sacrificing for what I want my money to achieve.

For example: hubby and I have a financial goal to pay off our car by the end of this year. To do that we have to prioritize our spending and sacrifice buying other things or going on vacation in order to make more frequent, larger payments on the car.

Do you have financial goals? Are you pushing your money to work for you?

Here are some great financial goals you should be setting:

1. Budgeting goals for each spending category

2. Emergency saving goals: usually between three and six months of expenses

3. Debt payment goals: paying off your debt to increase your income level

4. Retirement saving goal

5. Children college saving goal

Because it’s so hard to keep motivated and focused on any goals, I like put reminders on the refrigerator.

(These reminders can also make for good teaching opportunities for the kids.)

Lastly, when setting your  goals make them SMART goals. SMART stands for:

S – Specific;  M- Measurable; A- Attainable; R- Relevant; T- Time Bound

Your money should do what you want it to. Make it work for you.

Set goals, stay focused, and watch your financial goals come true!

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