Our finances play a huge role in our quality of life, so it makes sense to have financial goals. But, how do you plan your financial goals in a way that allows you to actually achieve them? In this blog, we’ll talk about how to get your financial goals in order for both yourself and your business. It’s time to hit those money goals!
Become Financially Literate
Finances are a complex topic. There are so factors that go into well-managed financial planning, and most of it we don’t learn in school. So it’s up to us to seek out the knowledge that will allow us to better understand our financial situation and how to improve them.
Luckily, there are a lot of resources available in many different mediums. You can take a course, read books, hire a financial advisor, or even listen to a podcast. Whatever works best for you. Just understand what you need to learn more about and discover what resources are available to help you.
Visualize Your Financial Future
It’s one thing to say you want better finances, but what does that actually look like? Setting financial goals is not the time to be vague. Instead, you want to know exactly what it is that you want. Maybe it’s a five-figure saving or to have the ability to pay off your car. For your business finances, perhaps it’s to be able to hire an employee and offer great benefits.
Take the time to do some brain dumping related only to your finances. What is it specifically that you want? When it comes time to planning, you can use this as a guide to set your goals.
Create a Budget
You may not realize it, but budgeting is a part of setting goals. So, if you’re currently budgeting, you’re on the right track. When you budget, you’re looking at your income and expenses and planning how to use money wisely. Your budget and your goals should work together. First, use your budget to understand where you are currently and where you want to be. Then, once you set your goals, use your budget to help you achieve your goal.
For example, you might notice in your budget that you have a lot of money going towards eating out. This might encourage you to increase your savings goal. Now, you can use your budget to reallocate funds (like your eating out funds) to save instead. Your budget can make a big difference!
Stay Accountable
We all want to do better with our finances, but that’s another story when it comes time to actually do it. How often have you said you will spend less but actually end up doing the opposite? That’s where accountability comes into play. If you struggle with sticking to your goals, consider hiring an accountability coach.
As a goal accountability coach, it’s my job to help my clients set goals, create an action plan, and actually achieve the goals. Many people see a higher success rate when working with a coach versus trying to be accountable for themselves or with a friend. Want to learn what it’s like to work with me? Set up a complimentary call, and let’s chat!
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