How to Get Dwindling Financial Goals Back on Track

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How to Get Dwindling Financial Goals Back on Track
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Take Stock of Your Financial Goals Be Specific

• Although the goal to save more sounds great, it
  doesnt provide you with enough details. This
  cant mean the same thing to everyone.
• To personalize your resolution, youll want to
  answer the following
• How much money do you want to save?
• By what date do you want to save it?
• How will you save this money?
• Why are you saving money?
• How will your goal affect the rest of your
  finances?

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Setting goals the S.M.A.R.T. way

• If youre ready to set goals youre more likely
  to achieve, the S.M.A.R.T. technique is here to
  help. Its a mnemonic device that helps you
  create clear, definable goals with distinct
  deadlines.You can break down this acronym into
  its five letters each standing for a different
  yet important step to setting achievable goals.

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S Specific

• This first step is all about clarifying your
  needs and wants by naming your goal with exacting
  language.
• Aiming to save 200 per month to pay off a loan?
  Saving 10,000 for a rainy-day fund. Or want to
  save 20,000 for a down payment on a house.
• If you arent sure how much money you need for
  your goals dont panic! Its time to open up a
  search engine to find answers to more challenging
  questions.

• What does "more" mean to you in "saving more?

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M Measurable

• The Measurable step asks you to break down your
  goal into a number of deliberate tasks.
• This exercise is especially helpful when youre
  thinking about bigger goals such as saving for a
  house.
• It helps to dismantle a daunting goal into
  several smaller objectives which are easier to
  track.

• Focus on small steps to stay on track

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A Attainable

• It forces you to review what youve established
  so far and determine if its practical for your
  current situation.
• Ask if while thinking of my current bills and
  responsibilities, can I realistically save this
  much without throwing my budget off track?
• You may want to have your household budget within
  easy reach when you tackle this step.

• Undergo a quick reality check

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R Relevant

• It makes you ask yourself if this particular goal
  and its measurable tasks are relevant for your
  life.
• If you have figure out how you may cut down on
  your spending, be honest with yourself are the
  sacrifices worth it?
• If the answers are no to either of these
  questions, you have two options
• (a) Go back to the Attainable step and tweak
  your actions.
• (b) Ask why the answer is no and see what you
  need to change to make it yes

• Are the sacrifices realistic?

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T Timely

• A timeline or deadline often makes you work
  harder than if you didnt have one at all
• When you have a limited time before youre
  supposed to reach your goals, youll have to
  prioritize your tasks, so you only focusing on
  the things that matter
• Make a mini due date for each of the smaller
  tasks you outlined in the Measurable step that
  help you reach the final deadline. Dont choose
  this last deadline at random pick something that
  makes sense with what youve learnt from the
  steps above.

• Set Effective Deadlines

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Get Motivated Again!

• Sign a Commitment Contract
• A commitment contract harnesses a consequence of
  your choosing to compel you to achieve your
  goals. If you fail, whatever you put at stake is
  lost or damaged. If you win, you succeed at your
  goal.
• Make your consequence count!
• Choose what works for you
• Try telling a friend about your plans. Here, the
  shame of telling them when you fail could be
  incentive enough to keep you motivated. Or try
  using commitment contract apps such as Beeminder
  or StickK

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Get Motivated Again!

• Avoid all-or-nothing attitudes
• Its easy to see money as a black and white
  topic. Either youre in the red or youre not.
  Avoid thinking that if you dont meet all of the
  mini-steps outlined in your S.M.A.R.T. method
  breakdown, then you arent achieving what you set
  out to do.
• Dont let negative thoughts derail you
• If you miss a savings date or spend more money on
  things you dont need, dont dwell on these
  mistakes. Break through these negative thoughts.
  

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Next Time, Do it Better

• Henry Ford once said, failure is simply the
  opportunity to begin again, this time more
  intelligently.
• This is an important piece of advice whenever
  youre planning to make a big change in your
  life. Your mistakes arent just a record of your
  failure but an opportunity to learn how to do
  better next time and every other time you fail
  again.

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Thank You!

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