If You Want To Be Rich, We Can Help You! | Making Personal Finance Goals Is So Important

So, you’ve made a budget and you’re sticking to it. You’re saving in your retirement fund and you’ve started an emergency fund as well. All looks to be going well on the personal finance front for you, but you’re still floundering and wondering what the heck you’re doing.

Maybe the only missing piece of the puzzle for you is setting some personal finance goals for yourself. Goal setting is critically important to success in any venture whether it’s your personal finances (such as retirement, taxes and education planning), a physical endeavor (such as running, weight lifting or even bowling) or in your career. If you want to do your very best don’t skip this critical step.

Setting personal finance goals is really not hard at all. When you do set them though you want to make sure that they meet several criteria:

1. The goal is measurable. Saying I want to save more money is not a goal, it is a dream. Saying I want to save $300 a month towards emergencies, $300 in my 401k and $100 towards my child’s education is measurable.
2. The goal has a time frame. In the previous example you’ll notice that I specified that the savings were monthly. This puts a time frame on the goal which makes you more accountable than simply saying I want to save $15,000 for my child’s education. Longer goals can be set, such as $15,000 in the next 6 years, but they should be broken down to shorter time frames to make them more attainable.
3. The goal should be realistic and attainable. It makes no sense, and is counter productive besides, to set a goal for yourself that you know you’ll never reach. It’s fine to set stretch goals that are just a bit higher than you think you can make, but don’t make a goal for yourself that you’ll make a million dollars this year if you’re currently making only $50,000 a year, it’s not realistic or attainable.

So there you have it, goal setting for personal finance in a nutshell. Now get out there and set some personal financial goals for yourself and start working towards meeting them!

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