You may have already identified yours Financial targets are set to begin in 2021But a couple of weeks after the New Year is likely to creep in how you will stick to your financial goals. It is a sad truth that many New Year's resolutions fade when the calendar is changed to February, if not before. Goal setting may or shouldn't happen until January, but it's also true that turning a new year inspires many people to turn a new leaf in their life. If this describes you, there are 5 ways you can achieve your 2021 financial goals.
Know what a goal and what a task is
The very first thing to do is know what makes a good goal. You have probably heard of it SMART goals (Specific, measurable, achievable, relevant and time-bound). In addition to adhering to the SMART strategy, it is good to set goals that are not just tasks.
To give you an idea, here is an example of a task masquerading as a physical fitness goal. One task might be to exercise for 30 minutes 4 days a week. That's all well and good, but without a bigger meaning behind it, it's difficult to hold onto when it gets difficult (which it always does). It's best to set a bigger goal, such as: For example, preparing for a specific race or something specific about your general health, and then setting up the tasks that will help you do that (such as exercising). As well as improving your physical fitness, the same applies to setting goals to increase your financial fitness.
Just making a list of the tasks you want to do makes it harder to stick to when things get tough. It is best to set goals (financial or otherwise) that fit your mission, vision, and the place you want to be in the future. Then you can develop the assignments that will help you achieve your goals.
Be honest about what is realistic
You may have included some of the articles in ours List of money movements in the new year, but it's also important to be realistic. If you have $ 100,000 in debt and $ 40,000 / year income, setting a goal may not be realistic Pay off all of your debts this year. Not only is it a realistic idea of the content of your goals, it's also a good idea to be realistic about how many goals you can achieve at the same time. Start with a goal or two. Once you've turned these into solid habits, turn your attention to additional goals.
Don't be afraid to give yourself a day off
On January 1st, everyone is so optimistic about all the things that they will achieve in the new year. Everyone works out, counts their calories and sticks to their budget. But by January 15, many people had fallen back into their pre-existing routines. There are a variety of reasons for this, but one reason is that being perfect all day every day can be difficult or impossible.
In addition to being realistic about the number and content of your goals, a great way to keep you updated with your financial goals is to understand that slip-ups occur. Instead of taking a day off or making a mistake completely sabotaging your goal, consider how to plan for it and what you will do when (when!) This happens. Don't be afraid to plan a day off for your financial or other goals so that you are more sustainable in the long run.
write it down
Goals that aren't written down are more likely to become wishful thinking. If you have a goal that you have pondered over, make sure it is written down. According to a study conducted at Domincan University, California, "if you write them down, you are 42 percent more likely to achieve your goals." One of the best strategies for sticking to your financial goals is to write them down to post where you can see them and better share them with trusted friends and family (see next section).
Find a responsible partner
Another great way to stick with your financial goals is to find a partner in charge. This can be a spouse, partner, family member, or other trusted friend. With a partner in charge, you can schedule regular check-ins, at which you can report on progress with your financial goals and discuss any problems. Knowing that you have someone to ask about your progress can help you achieve your goals.
If you can't find or don't want to find an accountability partner, create your accountability in another way. You can also consider why you don't want a partner in charge. If you spend some time understanding this resistance, you can better achieve your financial goals.
Register with Mint today
From budgets and bills to free credit scores and more
Discover the effortless way to stay on top of things.
Learn more about security
Dan Miller (44 posts)
Dan Miller is a freelance writer and founder of PointsWithACrew.com, a website that helps families travel for free / cheap. His home base is in Cincinnati, but he tries to travel the world as much as possible with his wife and 6 children.