Tips for Reaching Your Financial Goals in the New Year

The new year is a great time to set new financial goals for yourself, but as it happens with many people, those goals aren’t always met. It’s not for lack of effort, but it could be the way you’re going about it. If you want to stick to your financial goals in this new year, follow these tips for reaching them.

Work your way up from a small goal

It’s tempting to look at the big picture and shoot for that right away. While it’s important to have the big picture in mind, you should start smaller since you’ll need to achieve the smaller goal on the way to the bigger one anyway. Map out your big financial goal in a series of smaller steps. This will keep you on track and you can feel the success of meeting the smaller goals which will push you along the way.

Identify your motivation for the goal

If your goal is to pay off your debt, for example, then it makes sense that it’s something anyone would want to do. But a goal just making sense isn’t always a powerful enough driver for success. Instead, examine why it makes sense for you on a personal level. Maybe you want to be more financially stable for the sake of your children, maybe you want to start working toward buying a house. Whatever the reason is, figure out which personal reason means the most to you and it will be the most powerful motivator while you work toward the goal.

Forget about past failures

If this is a goal you have set in past years and not reached, then put those failures aside. The easiest way to talk yourself out of reaching a goal is to convince yourself it’s too hard because you’ve failed at it before. Failure is part of the process of reaching goals, and you can’t let it stand in the way of reaching the goal this year.

Clearly define your goals

Much in the same way that achieving the overall goal in a set of smaller goals makes it easier, so does having a clear path for reaching your goal. This gives you a roadmap to reach it. Without clear definition, you’re relying on guesswork to get there. If necessary, do some research and plan out what exactly is needed to reach the goal. Then, you’re just ticking off boxes instead of figuring out what needs to be done while you’re doing it.

Keep yourself accountable

As with any goal in any field, accountability is key. For your financial goals, discuss them with someone close to you, whether it’s a friend, partner, or family member. Just speaking your goals into existence and knowing that someone else knows you’re working on them will help to keep you on track.

We’ll help you reach your financial goals | Plan IV

Setting and reaching goals is an important thing, and at the end of the day it comes down to what you can do and if you can motivate yourself to do it. But, you don’t have to do it all alone. Having access to expert help will make reaching your goal easier, and especially when it comes to financial goals where the path forward can get confusing. Let our expert financial advisers help you along the way so you can reach your financial goals this year!

To learn more about how we can help, give us a call at (248) 689-4910 or send in an online contact form today!