Believe it or not, more than 1 in 5 people in the United States have no savings. This means that over 20% of people are unprepared for emergency expenses and retirement.
Saving money does more than prepare you for your life needs, though. It also helps you live the life you want and have money to experience and do all of the things you enjoy.
If you’re interested in enhancing your quality of life, you can start by setting financial goals. Read on to learn how to set financial goals and achieve them.
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The First Step to Financial Success
As with most achievements, the first step to financial success is setting your goals. This is because it’s hard to achieve anything if you don’t even know what it is you hope to accomplish.
Financial goals will help give you guidance. It will also allow you to monitor your progress towards your dreams and encourage you with something to work towards.
How to Set Financial Goals
Wondering how to set financial goals? The key is to make sure that they’re realistic, timely, and well thought out.
Start by thinking about what you want to achieve and be able to afford. Where do you want to be in life and what does it take to get there? Be sure to account for unplanned circumstances, emergencies, and retirement.
When it comes to your timeline, goals fall within short-term, mid-term, and long-term categories. In order, these fall within 5 years, 10 years, or 10+ years. Create exact target dates for all goals.
You’ll also want to assign exact money amounts to your goals.
Create a Plan to Meet Goals
Setting goals isn’t enough; you have to make a plan to meet them too. Start by establishing your budget and saving where you can. Hold off on unnecessary purchases, buy cheaper alternatives when you can, and find ways to entertain yourself for free.
Your plan should also involve paying off credit cards and loans on time. The sooner you pay these off, the less interest you’ll accrue and the less you’ll have to pay in total.
You’ll also want to create an emergency fund so that unexpected expenses won’t set you back.
Overall, setting and prioritizing your financial goals will help you succeed faster.
Continue to Track Your Finances
Once you’ve set your financial goals and created a plan to stick to, keep track of your progress. Conduct weekly, biweekly, or monthly check-ins – whatever works best for you and your goals.
You can manage your own finances by hand or try a finance tracking app that watches your purchases and savings for you.
Keeping an eye on how well you follow your plan will help you see your progress and encourage you further. It will also reveal your weak spots and show you where you can improve. This way, you can continue to optimize your plan to work better for you.
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Protect Your Future by Setting Financial Goals
Setting financial goals now won’t only help protect your financial future, but it will enhance your life. This is because smart saving will allow you to afford the things that you want. You’ll also get to retire sooner.
If you found this article helpful, be sure to check out our blog for more financial tips and tricks.