Setting healthy financial goals is critical. Even more important is staying committed to those financial goals.
Keeping yourself committed to your goals may be difficult, especially when times may be financially tough. But by staying on track and focused on your goals, you are more likely to get the long-term outcome you seek. Below are a few simple tips that will help you to stay on track and committed to your financial goals.
Find Tools to Make Your Efforts Easier
There is a wide range of tools available that can help you stay on track to maintain your goals. These tools generally make financial tasks less hands-on, or even streamline any hands-on processes.
One tool to take advantage of is automation. Start by setting up automatic transfers to the various accounts needed for your goals. This way, your funds will be automatically distributed from your monthly income, leaving you less tempted to use the money for other wants. Set up automatic transfers to retirement accounts, savings accounts, and even vacation and holiday shopping funds.
Other tools to explore and leverage are budgeting tools that allow you to maintain your budget and ensure the money is designated where it needs to be.
Set up an Emergency Fund
No matter how hard you plan, sometimes life will get in the way. Major financial needs such as car repairs, housing maintenance, and even medical emergencies can cause you to put your goals on the back burner. At the same time, you must use your finances to get yourself out of the emergency. What should you do?
By having and maintaining an emergency fund, you will have the money set aside to deal with these issues without having to take money away that is budgeted toward your financial goals.
Track Your Progress and Reward Yourself
Sometimes the greatest motivation is seeing your hard work manifest. Set a regular time to check your progress regularly, whether it is monthly or quarterly. See how close you are with each account or goal so that you will see how your hard work is moving you closer to those goals each period.
This check-in is also a good time for you to check in to see if your efforts are being appropriated properly. You can make necessary adjustments to ensure you stay on-track with achieving your goals.
Need help setting and staying committed to your financial goals? Contact us today to set up your consultation.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.