It is that time again. Time to make lists and promises of everything you wish to accomplish in the New Year. Not to be a realist, but chances are you will most likely not accomplish your goals. Why? It could be because they are too broad or possibly because there is no action plan behind your goal. Follow these five tips to set and resolve your financial goals for this year.
1. Be Detailed and Specific: I truly believe that those who are millionaires did not just write, “Be a Millionaire” on their to-do lists and go about their day. There might be some lucky ones that did that, but they are in the minority. No matter what your financial goal is, make it detailed and specific. Don’t just resolve to save money, eat out less, or make more money. Those are all far-fetched ideals. Instead, add some weight to your resolution by making it specific. Here are some concrete financial goals:
- Make 10% more at work by 2013
- Save $100 each month on groceries
- Spend $25 on eating out each month
- Have $15,000 saved by December
- Pay off my car debt
These concrete goals can fit into the broad goals, but since they are specific, they are easier to grasp and concentrate on.
2. Set Up An Action Plan: Each goal you make needs to have an action plan behind it. These goals are not going to get done by sheer willpower. Instead, you need to have achievable steps that will allow you to reach your goal. Let’s take a look at two of the goals above and put an action plan behind it.
Goal #1 – Make 10% more at work by 2013
Steps:
- Ask boss or manager what needs to be done to get a raise or promotion
- Follow their advice (This will probably be several objectives based on what they say)
- Research relevant career-related classes that can boost your income
- Read time-management and career advice books
- Max out your IRA contributions if your company matches
- Make yourself available for overtime or holiday work
- Ask for a raise at a later time once you have improved your work habits
Goal # 2 – Save $100 each month on groceries
Steps:
- Keep track of your weekly and monthly grocery spending
- Keep track of food waste each week
- Cut out one non-essential grocery item per week
- Cut coupons for items you already buy
- Spend 20 minutes a week researching the best deals
- Utilize your freezer for meat sales
- Use what you have on hand before running to the store
- Pay in cash
This is just a rough idea of an action plan you can put behind each goal. Of course, each action plan is going to be specific to you and your family. Don’t be afraid to put some creative actions behind your goal. You will be surprised at how easy it is to reach your goal once you have a list of actions to follow.
Next week, I am going to share the next three steps in setting up successful financial goals for the New Year. While I presented these as steps to help you set and achieve financial resolutions, they will work for any goal or resolution you set for yourself, such as losing twenty pounds.
This post was written by staff writer Ashley Eneriz.
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