Writing Down Financial Goals Helps You Achieve Them
No matter what stage of life you’re at, or what your financial situation may be, it’s important to have financial goals. If you don’t have specific goals, it becomes tough to achieve what you’d like to accomplish.
Writing down your financial goals can help you achieve them. How? Here are some ways.
Writing Down Goals Keeps Them Specific
One of the most important part of setting goals is to make them specific. This means you’ll want to set goals that have a firm and measurable goal in mind as well as a date that will serve as a deadline. Consider the difference between saying “I want to save more money” and “I want to save an extra $20 a week for the rest of the year.”
If you decide that you “want to save more money” it’s tough to figure out what steps you’ll need to take to make this goal a reality and it’s nearly impossible to figure out if you’re succeeding. After all, saving one extra dollar in a year is technically “saving more money,” but is that what you want to accomplish?
If you decide to save $20 each week, for instance, you’ll know exactly what you need to do and you’ll be able to immediately tell if you’re succeeding. This sort of accountability makes it much more likely that you’ll achieve your goal.
When you write down your goals, you’ll be much more likely to be specific.
You’ll want to make sure that you write down both long- and short-term goals. A short-term goal could be something you want to achieve in the next few months, while a long-term goal will be aimed at the next year or farther away. Write down both long- and short-term goals as well as deadlines for when you hope to achieve these goals.
You’ll Be Reminded
Writing down your financial goals helps you remember them. This is because the act of writing something down causes you to really think about it, which makes it easier to remember. Studies have shown that writing something down (as opposed to just reading it or thinking it) not only helps you recall the information, but it also helps you remember more important details of what you’ve written.
Plus, if you write down your goals in a place where you’ll often look at them, this can serve as a reminder.
Consider storing your goals somewhere you can see them easily. For some people, this might mean keeping a note inside your closet or on your bathroom mirror. For other people, it could mean keeping your goals on a note in your phone or a card in your wallet. Find a place that works for you and store your goals there.
You’ll Be Able to Track your Progress
Tracking your progress is important. After all, if you don’t keep track of how you are performing, it becomes very difficult to achieve anything. If you write down a specific goal, you can always go back and see if you’ve reached your goal. For instance, if you wrote down “I want to save $20 a week” ten weeks ago, it becomes quite easy to see if you have achieved this goal by looking at your savings account.
In the same sense, it’s also important that you write down your progress. For instance, you should make a note each time you hit a milestone (such as each time you save the $20 you were aiming to save) because this makes tracking much easier.
If you find that you’re not achieving what you would like to achieve, then you will either need to come up with a new plan to improve your success, or you may wish to modify your goal to something more attainable. If you wrote down your initial goal and tracked your progress along the way, it becomes much clearer to see how you’re doing.
If you notice that you’re not achieving your goal, and you’re not able to modify your plan to make achieving your goal possible, then you may have to modify your goal. It’s important that you don’t consider modifying your goal to be a failure. The point of setting goals is to achieve them and, if your goals are not realistic, you won’t achieve anything. In fact, you’re likely to get demoralized if you’re trying to reach an unrealistic goal. Rather than struggle, take a look at your financial situation and set a new goal that you can achieve.