How To Choose Realistic New Year Financial Goals You Can Really Achieve
Studies have shown that about 80% of New Year’s resolutions fail. With these sobering statistics, it might not seem worth your time to set new year financial goals in the first place. Although it’s true that many New Year’s goals fail, you should still set goals, especially as they pertain to your finances.
You should have a strategy for setting new year financial goals that you can actually keep and reach. Obviously, this is easier said than done, or else everyone would set and achieve their financial goals and have a stable financial situation.
But with the right tips, you can start setting those achievable financial goals to actually you’re your finances in the new year. Here is how to set new year financial goals that you can actually achieve. With the right mindset and technique, your New Year’s goals will seem much more attainable.
5 Tips To Set Achievable New Year Financial Goals
Whenever you are setting any kind of goal, financial goals included, you need to approach the goal with SMART principles. SMART is an acronym that stands for specific, measurable, achievable, relevant, and time-bound. When your goals meet all of these criteria, they are much more likely to be achieved. Here is how to set goals that meet each one of these principles.
1. Make Your Goals Specific
When it comes to new year financial goals, your goal cannot be vague or too open-ended. Instead, it needs to be specific so that you have something explicit to work towards. For example, the goal “save more money” is way too vague, but the goal “Save $5000” is specific because it tells you exactly how much you want to save.
2. Make Your Goals Measurable
Your new year financial goals need to be measurable as well. By making your goals measurable, not only are they more specific, but it’s easier to track whether or not you are meeting your goals. If you can’t track your progress, there’s no way to know what you need to change or improve about your habits.
Luckily, financial goals are easy to make measurable since they deal with numbers to begin with. If your goal is to save $5000, the measurable aspect would be “save $416 every month or about $105 every week.” In other words, just break down the goal into meaningful chunks.
3. Make Your Goals Achievable
When you’re setting any sort of new year financial goals, you want the goals to be within your means of possibility. Many people make the mistake of setting goals that are very lofty and next to impossible for them to actually achieve. So, ensure that your goals are achievable.
It’s ultimately your job to figure out what is within your realm of reason to achieve financially this year. If you live paycheck to paycheck, the goal to save $1 million is completely unrealistic. However, the goal to save 20% per paycheck is much more achievable.
4. Make Your Goals Relevant
When your new year financial goals are not relevant to your current life, it might be difficult to create a plan or find the motivation to achieve these goals. Ensure that your financial goals are relevant by thoroughly assessing your current financial state and figuring out what you want to change.
As the year goes on, reassess your goals to see if they are still relevant. Sometimes, goals that were relevant at the beginning of the year are not relevant by the end. Changing your goals is not a problem, but chasing the wrong goal is.
5. Make Your Goals Time-Bound
Whenever a goal is time-bound, you are much more likely to achieve it because the active steps seem more pressing. Set new year financial goals that are time-bound. Short-term goals may be bound by a week or a month, but long-term goals may be bound by a year or five years.
It may be helpful to attach the time frame to the specific goal. For example, “Save $5000” is not time-bound, but the goal “Save $5000 by 2023” is. The more time-specific your goal is, the more important – and rewarding – it would be to achieve it.
Emergencies Get In Your Way? Use A Trusting Title Loan Company
Setting goals that you can achieve is only one step in the process. Whenever emergencies or unforeseen situations hit, your goals may need to be placed on the back burner so you can pay these unexpected bills. When this happens, you can contact Mississippi Title Loans, Inc. for help.
We are a title loan company that offers Mississippi title loans, quick payday loans ms, and signature installment loans Mississippi. Any one of these short-term loans can help you get the money you need to pay off an emergency situation so that you can get back on track for achieving your goals.
We make the process simple for all three of our loans. In fact, the process for any of our loans can be as quick as thirty minutes. And you can get the cash – if you are approved – either the same day or the next bank business day. And we can consider you even if you have poor credit. And you can find one of our many Mississippi quick title loans near me locations on our website.
Set Your Financial Goals To Start The New Year Right
Let your finances start on the right path this year. Get started on your new year financial goals today to give yourself the best chances at a stable financial situation. And if you run into an emergency, let our title loan company help you out. Fill out our online form for either a title loan, payday loan, or installment loan from us.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.