May 13, 2020How to Create Financial Goals You’ll Actually Follow
Studies have shown that people who clearly define their goals, whether it’s losing weight or gaining a new position at their workplace, have a better success rate than those who just wing it.
There’s an easy acronym you can use as a formula for success in setting objectives for a big goal:
It’s no different for financial goals. Do you want to own a new home, take a European vacation or put your kids through college? Whatever your personal financial goals are, preparing a plan is the first step toward achieving success. Here are some tips to accomplish SMART goals for you and your family:
- Include the whole family. It will bring you all closer together as you all learn to stick to your budget. Plus, you have more people to help keep you accountable.
- Create realistic goals. Otherwise, discouragement will lead you to abandon your quest. Ask yourself, “Can I meet this goal and live within my means?”
- Plan your goals. Write down your one-year, two to five-year, or five-year goals in detail. Hang them on your mirror! You can find a Financial Goals Action Plan Worksheet by logging in to your free pefcu.kofetime.com account. Just register as a new user if you haven’t already.
- Bring your goals into focus. Do simple math. Figure out how much you need, in what time frame you need it by, and how much and how often you would need to contribute towards it.
- Stay on track. Don’t give up. If the goals seem too big, break them down into smaller steps. Seeing progress in smaller increments will motivate you to keep going.
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Each individual’s financial situation is unique, and readers are encouraged to contact PEFCU when seeking financial advice on the products and services discussed. This article is for educational purposes only; It does not constitute legal advice. If such advice or a legal opinion is required, please consult with competent local counsel.