Financial Goals: How to Set and Accomplish all of Your Financial Goals

 

If you haven't made any financial goals yet, you should definitely read this article! Here's a few tips on how to set and accomplish all of your financial goals next year.

1. List down Each of Your Goals

If you haven't listed down every single one of your goals yet, then you must do it now. The next thing you must do is organize that list. There are multiple ways in which you can organize this list: most important and urgent to less important and urgent, long-term to short-term and least amount of time and money to the most amount of time and money. You can even combine two or more of those organizing suggestions. For this guide specifically, you will be suggested to organize your list into two separate lists: a list for things you need and a list for things you want. You could also arrange your "want" list from most to least wanted. It is suggested that you use a word document or notepad program for your lists, as you may have to place a new item between other items in a list. Don't forget to add the prices of each item next to their respective items.

2. Get a Job

In order to start achieving your financial goals, you need to actually have money coming in. You can apply for a job, but you can also find other legal means of obtaining currency, such as having a garage sale. It is much more recommended that you apply for a job because it is much easier to plan around a constant, steady income.

3. Get a Savings Account

Set up a savings account specifically for your lists. Each time you receive your earnings, put a certain percentage of your earnings in your savings account. If you obtained a job for the sole purpose of accomplishing your financial goals, then feel free to deposit the entirety of each of your paychecks in your savings account.

4. Plan and Schedule

You must plan on achieving the more urgent financial goals, first. Save up and pay for the goals that need to be paid within a month. Once you have saved and paid for those goals, you can reward yourself by saving up and buying one or two items on the "want" list. You can repeat this each month. You can also set dates for other items on the lists that aren't quite as urgent and create a schedule centered on these dates. The best way to set dates is to do an estimation of how long you think it would take to achieve these goals. Try not of under-estimate on the date.

David Milberg is an experienced investor from NYC.