Like many things in life, your financial aspirations are hard to reach if you don’t have a plan to guide you to them. We all have dreams and aspirations of being more financially fit and now is the perfect time to set some goals for yourself, whether they are large or small.
1. Find your why
This is one of the most important aspects of setting yourself up for success. When you know your motivation overcoming obstacles and reaching your goals becomes much more sustainable. Find ways to constantly remind yourself why you’re doing what you’re doing. This mindfulness will help you weather the storms during your financial journey.
2. Consider your financial situation
Taking stock of your current financial situation can be a great starting point and reduce how overwhelmed you feel about taking strides towards bettering your financial future. A few key areas to look at are your income, debt, and savings. Most financial experts recommend taking a few steps to set up your financial foundation. Things like creating a budget, building an emergency fund, funding your retirement, and paying off debt all help put you in a better financial position to pursue your financial dreams. Learn more about what we call Financial Wellness here.
3. Set yourself up for success
S.M.A.R.T. goals. An acronym that makes it easy to remember the characteristics of effective goals. If you can focus on all five, the odds of reaching your desired outcomes increase significantly.
- Specific
- Measurable
- Achievable
- Realistic
- Time-bound
4. Document, document, document
Once you’re clear on what your goals entail, it’s time to write them down. Besides allowing you to get thoughts out of your head and onto paper, writing them down allows you to stay on track by providing you with a way to see how they fit into the bigger picture. When you reach a goal – cross it off! Seeing your progress in a tangible way can be a powerful source of motivation when you’re facing challenges. Go back every once in a while and take a look at your past achievements. You’ll be glad you did.
5. Celebrate
The moment you’ve been waiting for. Your hard work has finally paid off! It’s time to celebrate your accomplishment. Treat yourself a little. While you’re on the emotional high of your win, we recommend channeling that focus and energy into the next big step in your journey. You’ve done it once and you can do it again.
Have some financial goals you’d like to reach? Core Bank can help! Our Core Savings account is great for anyone that needs an interest earning savings account with a low minimum balance requirement.
Learn more at https://corebank.com/personal/savings/