We know that the new year is the time that everyone loves to set goals. But we often struggle to stick to them, especially when it comes to our finances and planning for our financial future. Here are a few tips to help you stick to your financial goals this year.
Set SMART goals
The key to planning and achieving your goals is to make them SMART. This stands for:
- Specific (well defined and clear)
- Measurable (specific criteria that measure your progress towards the goal)
- Achievable (attainable and not impossible to achieve)
- Relevant (relevant to you)
- Time-bound (clearly defined timeline)
You can use your SMART goals to help priories what you would like to achieve in both the short and long term.
Remember to be flexible
It is so essential to help you stick to your goals to be flexible. You never know what life will throw at you. If you face a setback on your plan, it can be easiest to give up altogether. You should create goals that can change as your circumstances change.
Automate where possible
If you’re trying to save towards a specific goal, it can be incredibly beneficial to automate as much as possible. This could be setting up direct debits, or for a percentage of your pay to automatically transfer to your savings account.
Be held accountable
Accountability is key to reaching your goals. Seek out a family member, friend or financial advisor that you can report back to and discuss your goals with. Speaking with another person will keep you motivated and help you work through any difficulties you are having.
Get expert advice
To help you plan out realistic and achievable goals this year, consider getting a Certified Financial Planner on board. The Farm Protectors team is highly trained to help you work out your financial goals and educate you on the best ways to achieve them and stay on track.