How do you set goals? Well, for starters, just write down what your financial goals are. Don't try to figure out someone else's goals. Set your own. Once you've set your goals, you need to begin to think about what it will take to get there. If you aren't good at math or you aren't good at financial calculations, then you need to have someone help you. This may cost you something, but it's really important. Because if you can't do it yourself, you can't begin to develop strategies to get to your goals.
Figuring how strategies is the "how to" portion of planning. What are the actions you need to take to meet your goals? These actions must be ones that you will follow up on.
Most people set goals, then they attack the goals without setting out realistic strategies. That's why so many people are so deep in debt. They list what they want, but they never develop a realistic path for getting their responsibly.
People who have lived without debt know that the way to get to goals is to save, invest, or figure out ways to earn more money. Some people that I know have taken on second jobs to take that Hawaii or European vacation. I know one family who as a family took on a Saturday job in order to save for their trip to Europe. In other words, they saved for the trip and didn't just put it all on credit cards. They were able to thoroughly enjoy their trip, knowing that they were not coming home to a pile of credit card debt. They made a goal, then they creatively found a way to get to that goal.
Goals can be specific and short term. They can also be long term. You should have both. The short term goals keep you going and give you milestones of success to meet along the way to your long term goals.
What are some short term goals?
- a vacation
- monthly entertainment budget
- Christmas spending
- a new appliance
- retirement savings
- college savings
- a big vacation
- new car
- an addition
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