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Tips for Setting Financial Goals

  • Create your own Financial Vision. Where do you plan to be financially in 3, 5 or 10 years? Write out your goals and work backwards to create a plan to achieve your goals. Post your goals where you’ll see them daily.
  • Trouble reaching your financial goals? Write your GOAL on a sticky note and wrap it around your debit and/or credit card. Every time you go to swipe, you’ll be reminded of your goals and rethink your purchases.
  • Create small goals for managing your money. This month track how much you spend eating out or shopping. Next month, challenge yourself to reduce that amount by just 10%. Small goals can create big results.
  • What’s your Spending Mantra? Develop one. For example, make a promise never to buy something over $100 until you’ve thought about it for 24 hours. Or ask yourself, “Do I want this more now than a vacation next year?”
  • Tackling debt can easily become overwhelming. The trick is to start small. If you have a $10,000 credit card balance, start with a goal of reducing the balance by $1,000. Build your confidence and keep going!
  • When creating Financial Goals, be SPECIFIC. Designate a specific amount you want to save and set a deadline to accomplish it. This will help keep you focused and is more effective than, “I want to save more.”
  • Setting Financial Goals? Have a purpose behind your goal. Add “So that…” to your goal. For example, “I will save $50 per month for 6 months SO THAT I can _________.” Define your reason & achieve that goal!
  • Each year conduct a full financial review. Check all your accounts, including retirement accounts, to make sure you’re on track with your goals. Review all your loans & credit to look for ways to pay off debt quicker.
  • Calculate your Net Worth to get a Big Picture view of your financial standing. Your Net Worth = Assets (property, savings, etc.) – Debt (mortgage, loans, credit). This number is a great benchmark for measuring long-term financial goals.
  • Financial goals are typically geared towards acquiring something new. Don’t forget to take a step back and savor all you have and how far you’ve come over the years. Pat yourself on the back for your financial successes!
  • How Much to Save? A good benchmark is to save at least 10% of your paycheck. If you can afford to save more, even better. First build your emergency fund (3-6 months of living expenses) then move on to other investments.
  • Remember: The ultimate goal of owning a home is to eventually have No Mortgage Payments in the future. No Home Loan Payments would be a huge advantage for anyone in retirement. Set financial goals with a purpose in mind.
  • When setting savings goals, you may have several. That’s perfectly fine and encouraged based on short and long-term goals. Just make sure to prioritize your goals and set time limits to accomplish each.
  • When creating savings goals, work backwards. If you want to save $5,000, how much could you afford to save each month? How long will it take? Creating a set plan is more effective than simply trying to save more.
  • Don’t let social pressures derail your financial goals. Having the latest phone or taking extravagant vacations are short-lived and detract from more important goals, such as retirement or saving for your child’s college.
  • Don’t compare yourself financially to others. While you may question how they afford the things they do, you never know their true situation. Falling into a “keeping up with the Joneses” scenario can wreak havoc on your finances.
  • Debt can often feel overwhelming. Instead of looking at your total debt, break it down into smaller chunks. Start with a goal of reducing your debt by $500. Once completed, set another goal, and keep chipping away.
  • Always invest in yourself! Earn additional certifications, take online courses, watch video tutorials, and read publications in your field. Most of these can be completed for free and will help boost your personal value.
  • When setting financial goals with younger children, a progress chart is a great visual tool. Pick a goal, such as a new toy, and map out how long it will take them to reach their goal based on their allowance.
  • Staying motivated toward personal and financial goals can be challenging, especially if they are long-term. Write your goals on sticky notes and place them in areas you will see them often, including your wallet.
  • Never give up on your financial goals. Life is full of curveballs. Learn from these challenges and keep moving forward. If you’re stuck, we’re always here to help you get back on financial track.
  • When setting financial goals, create a timeline. Break down your goal into manageable parts with reasonable deadlines. If you miss a deadline, review what happened and learn from your mistakes. Then keep moving forward.
  • A smart financial goal for the New Year is to increase your financial knowledge. Set aside 20 minutes each day to learn more about money and ways to use it wisely. Read articles from financial experts and related sources.
  • Setting Financial Goals? Set savings goals in small bites. Achieving these goals will boost your confidence and help you save more. Saving is a habit – the more often you save, the more likely it will become automatic.
  • A great way to tell how you’re doing financially is to track your net worth. Your net worth is the difference between your assets and debt. This is an easy metric to help you see how you’re progressing towards your goals.
  • While long-term, large financial goals are important, try focusing on a few short-term, smaller goals. This will help you build up your confidence and motivate you to keep pushing toward your larger goals.
  • It’s easy to get frustrated when financial goals seem to be taking longer than expected. To stay motivated and build your confidence, set small goals, and celebrate little wins along the way.
  • Springtime is the perfect opportunity to reassess your financial goals from the beginning of the year. If you’re off track, identify any mistakes, learn from them, and keep going. And never be afraid to ask for help!
  • Trying to stay motivated when paying off debt? Put purpose behind your actions. Pay off your car loan that’s $300 each month so you can… invest it in your retirement, save for a vacation, pay for new home appliances.
  • Always INVEST in YOURSELF! Spending money now so that you’ll be more valuable professionally down the road is always a smart strategy. College, certifications, conferences & more are all great opportunities to boost your worth.
  • Where will you be in 5 years? Set personal & financial goals of where you would like to see yourself in 5 years. Then create a plan by working backward. The next 5 years will happen regardless – why not make them special?
  • When setting New Year’s Resolutions, don’t overdo it. Trying to make too many drastic changes at once will likely cause burnout. Instead, choose one goal important to you and give it your all.
  • Saving for a specific goal? Open a separate savings account dedicated to this purpose. Doing so will allow you to monitor your progress easier and prevent you from accidentally spending these funds.
  • Preparing to ask for a pay raise? Make a list of all your accomplishments and ways you add value to the company. Many employers will appreciate this gesture as they are busy and may overlook your achievements.
  • The more knowledgeable you are about managing your money, the better. Always be proactive in furthering your financial literacy skills. Try spending at least an hour per week researching different money topics.
  • Large financial goals, such as retirement, can be stressful and cause anxiety. Instead, break your goals down into smaller chunks. Each smaller target met puts you one step closer to your ultimate goal without extra stress.
  • Planning to make a New Year’s resolution in January? Take your resolution for a test drive before New Year’s Day. This will help you discover challenges you’ll face and learn how to avoid them before the big day.
  • When setting personal and financial goals, ditch the “all or nothing” approach. If you fall behind on your goal, don’t give up. Instead, learn from your mistakes so that you can prevent them going forward.
  • Want to save more money in the new year? Open a separate savings account you cannot easily access. Use payroll deduction to transfer money from each paycheck into this account automatically and only use it in emergencies.
  • Trouble sticking to a budget? Remember your goal is PROGRESS, not Perfection. Learn from your budgeting mistakes, determine ways to prevent the mistake in the future, and keep going forward.
  • When facing a financial challenge, write the issue down. Be as specific as possible. Instead of, “I want to save more for retirement,” set a goal. “I want to save $250 a month for retirement.” Then create your plan.
  • If you live in a two-income household, try to live off one income for a few months and save the second income. You may need to make cuts to your budget to make it work, but you’ll dramatically boost your savings.
  • Have you ever tracked your calories? It’s eye opening how much more we consume than we think. The same happens with spending. Track your expenses every day for a month to unveil new savings opportunities.
  • Your 1st financial goal as a young adult should be to create an emergency savings. Aim to put 3-6 months of living expenses aside. It may sound tough but get started by making small deposits regularly into this account.
  • When creating financial goals with your kids, be specific. Define an amount, an item, and a goal date. “I will save $100 to buy a new bike by March 25th.” Then work with your child to develop a plan to reach that goal.
  • When setting financial New Year’s resolutions, start by assessing where you currently stand. Review your spending and savings habits. Start small and look for little tweaks that could lead to bigger changes down the road.
  • As a parent, a great way to motivate your child to focus on savings goals is through incentives. You may offer to match their savings or pay a percentage of the goal amount once they reach a certain savings milestone.
  • There’s an endless amount of financial advice and opinions on the Internet. When creating your retirement plan, it’s wise to speak with a financial advisor who can review your entire financial situation and goals.
  • People tend to think that saving money today means depriving your current self of things or experiences. Instead, view it as empowering your future self and unlocking greater moments yet to come.
  • Increase your chances of reaching your goals by rewarding yourself along the way. Break your goals into four parts. Then, assign a prize you can earn at each benchmark. It’s a great way to motivate yourself to keep going.
  • Setting financial goals for the new year? Make them SMART goals. S = Specific. M = Measurable. A = Achievable. R = Relevant. T = Timely. It’s an excellent method to ensure your objectives are realistic & attainable.
  • We live in a world of instant gratification – we want everything & we want it now. Teaching kids delayed gratification and patience is crucial. Start by setting small financial goals and monitor their progress together.
  • Creating a budget is wise. Balancing it regularly is crucial. Spend 30 minutes a week updating and balancing your budget. It’s an excellent way to remain mindful of your spending and ensure you meet your goals.
  • Financial habits don’t form overnight. Likewise, you can’t change your spending and savings routines instantly, either. Instead, set small goals and make progress daily. If you face a setback, learn from it, and keep going.
  • Certificates of Deposit (CDs) are great savings tools for mid-range goals (within 1 to 5 years). Whether you’re saving for a vacation or a new car, CDs offer varying terms & earn higher dividends than other savings accounts.
  • Reframing your thoughts to focus on the benefits of saving money and eliminating debt will increase your chances of achieving these goals. Let go of toxic money thoughts such as, “I will never get out of debt!”
  • Preparing to ask your employer for a raise? Spend time detailing your achievements and try to assign a dollar value to their worth for the company. Managers often forget all you accomplish throughout the year.
  • Trying to stick to a budget? Make sure you repay yourself. If you borrow money from your savings or use a credit card for an unplanned expense, create a payment plan to pay off the debt or replenish your savings.
  • Create financial goals with your spouse and schedule a time to review your progress each month. By establishing a routine and working together to achieve your goals, you will help keep each other motivated.
  • Considering further education? Seek employers with tuition reimbursement, offsetting lower pay with potential savings. Thousands of dollars can be saved on college expenses through strategic employment choices.
  • Don’t fall into the trap of viewing savings as optional. Instead, think of your savings contributions as a fixed expense in your budget. Paying yourself first is a proven way to stay on track to achieve your savings goals.
  • The season of setting resolutions is the perfect time to break free from bad credit habits and form healthy ones. Start by reducing high-interest credit card debt and setting reminders to ensure you never miss a payment.
  • When setting financial goals, get as specific as possible. List the purpose of the goal, a precise amount you intend to save, and define a deadline. Stay motivated by avoiding broad goals like, “I will save more this year.”
  • Financial goals can be lofty and long-term. Break the goal into bite-size bits to stay motivated. Instead of saving $5,000 for the year, try $1,250 per quarter, $416.67 monthly, or $192.31 per paycheck (paid biweekly).

2/10/25