Set achievable goals that work
Well, here we are at the beginning of February… how have those New Year’s resolutions gone? Have you stopped smoking? Do you go to the gym? Eat healthy? Probably not. Because you’re setting yourself up for big changes instead of setting achievable goals.
How I set my achievable goals
I have lost 4 pounds since the beginning of the year. Don’t be impressed, I still have 40 to go, and those 4 were most likely alcohol weight – the scale always tips the wrong way after a long weekend of drinking.
But we’re not here to talk about my weight. This is a personal finance blog – let’s talk about your finances.
What was your financial resolution for this year? Spending less and saving more, or some variation on this theme, is one of the best New Year’s resolutions. Did you plan for this change or decide that January 1st would roll around and you would suddenly be in control of your finances?
I’m not trying to be mean – but statistics show that you’re more likely to fail at your New Year’s resolutions. So how do you get that 8%? Here’s my advice for setting achievable goals.
That’s why it’s important to set achievable goals:
In this episode of Queer Money®We’ll give you our 7 best tips for setting achievable goals. We’ll walk you through the SMART process of goal setting and explain why your goals need to be specific, measurable and time-bound so you can track your progress along the way.
We then discuss the importance of setting goals that are within the realm of possibility and relevant to YOUR long-term happiness. Listen in to gain insights into developing a success mindset and learn how to develop a plan to achieve your goals – financial and otherwise!
Take a realistic look at where you want to go with your financial life and chart a course to get there—one or two goals at a time.Click to tweet
Topics covered to help set achievable goals
Why it is crucial that our goals are achievable
Builds confidence as we move forward
Small, repeated efforts lead to success
1. Make your goals SPECIFIC
Broad goals seem unattainable (e.g. spend less)
Quantifiable goals make it easier to create a plan
2. Make your goals MEASURABLE
Allows us to track progress and assess how we are doing
Example: Improve your credit score by 30 points in 3 months
3. Make your goals achievable
For most people it should be within the realm of possibility
Example: Save $500 per year ($10 per week)
4. Make your goals RELEVANT
- Don’t set goals for other people or to impress them
- Focus on what would make YOU happy in the long term
5. Make your goals TIME LIMITED
- Meeting the deadline gives us a sense of urgency
- Forces us to think about steps to achieve this
6. Develop the right MINDSET
- Must believe that the goal is possible for YOU
- A shift from “I WISH…” to “I DO…”
7. Create a PLAN of what you want to achieve
- Minimize the number of targets to one or two
- Focus on essential steps (80/20 rule)
- Develop a process for assessment and adjustment