No matter who you are or what you do for a living, most of us spend a lot of time working towards certain financial goals. While the old adage may be “Money isn’t everything,” it certainly is an invaluable tool that allows us the freedom to live the way we want, and take care of those we love.
No matter what those goals might be, there are a few tried and true tips to hitting those financial goals successfully. If you can keep them in mind when putting together your financial plan, your progress will not only be more measurable, but also bring you more satisfaction as you work your way to greater financial freedom.
Create a Plan, Stay the Course
Just deciding you want to be successful in meeting your financial goals is not enough. Just like any journey you might undertake, financial goals are easier to meet when you chart a plan for success.
Telling you to create a financial plan isn’t much of a tip without knowing a few important markers that can help guide you.
● First, define your goal. Do it in a clear and specific manner. Just saying “I want to have more money saved for emergencies,” is not detailed enough. It should encompass what matters most to you, and have a specific timeframe for completion, such as “I want to be debt-free within four years.”
● Be realistic in regards to your income and expenses. You’re not going to suddenly inherit a large sum of money from a long-lost aunt, nor are you going to stop going to the movies. Finding a happy medium is key.
● Allow for unforeseen expenses. Cars and your home aren’t going to stop needing repairs just because you’ve developed an airtight financial plan.
Make the Goals Achievable
For most people, their financial goals are going to take time to achieve. One of the most important tips to securing greater financial freedom, however, is to set easy achievable mileposts on that journey. Far-off goals can become a millstone around your neck. Smaller goals that are easier to reach faster build up your feeling of success.
● If you have investments as part of your plan, check in on them often to watch them grow.
● Instead of stating you want your savings account to reach $10,000 in five years, set a goal of growing your account by $2,000 per year over the same timeframe.
● Automate as much of your plan as possible. Set up an automatic transfer from checking to savings each month that takes your discretion out of the loop completely.
Keep Your Money at a Safe Distance
One tip those with credit card issues have tried is freezing their trouble cards in a glass of water, giving them time to think about their impulse buy while the card thaws out. While no one is advocating for you to put your savings in a glass of water, the thought process is the same. Once you’ve started enacting your plan, keep your savings at a safe distance.Make it inaccessible via the ATM or open an account at another financial institution that is not convenient. Whatever you need to do to ensure that it is not easily accessible, do it.
For more tips for financial success, contact our team at Florida Capital Bank. We can help you put your plan in place, and be your partner in navigating your journey.