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Most women believe that taking steps to reach their financial goals is something that they will do “later.” But the truth is that if you are not determined to start right now you will never do it.
There are 3 critical steps before you set your goals .
- Reconnect with what you really want .We can’t become unique by copying someone else’s formula. Deside how you want to feel after achieving these goals . Do you want to feel secure ? Happy ? Relaxed ?
- Determine your core values . What relationship you want to have with money ?
- Create a vision of your dream life ( holidays , working from home, retire rich )
So how you want to feel and which activities will provide these feelings?
For example if you are feeling overwhelmed and want to feel more secure develop a habbit to check your bank accounts often and write down your expenses Trace 2-3 months of spending and write down all the cartegories of your purchases . Then decide what you want to cut .
Then after dealing with your budget the left over of your money ( income-expenses = Money goals) is the amount you can use to set short and long terms goals. Once you get clear about what you want, assign time frames and dollar amounts to those goals; these are your financial goals.
So a short term goal is to save for your summer holidays 1.000$.A long term goal is to open a retirement account and start saving 150& each month . Or open an account for your children’s college education.It’s a good idea to start saving for your children’s college education as early as you can to minimize the cost of sending them to college and to help them avoid being straddled with student loan debt. This in conjunction with teaching your children good money habits will set them up for their own financial success too.
Furthermore your budget method as I have mentioned in my Instagram posts should be simple . Keep in mind that in short periods of time you should re -schedule and check in.What wil help you here is :
Create daily wins
Have an accountable buddy
Automate your savings and as many payments you can
Read a financial book or a podcast to educate yourself
Reward your small wins !( buy something small )
Your goas should have 5 characteristics : (SMART )
1. Specific and Well-Defined ( Save 100$ each month in an emergency account)
2. Goals Must Be Objective and Measurable (We cannot succeed if we haven’t defined what success looks like or when success occurs)
3. Goals Must Be Achievable
4. Goals Must Be Challenging in Order to Be Motivating ( goals stretch us- they allow us to take the steering wheel from fate and control the direction of our days)
5. Goals Must Be Updated and Kept Relevant Throughout the Year
Plan for your financial future
If you don’t have a plan or if your plan is lacking, now is the time to do it. Use these habits to save money, build wealth, and make your financial goals a reality.
With lot of caring
Sophie
