So we all take the time out to create our financial goals. How do we s=ensure that we are achieving them? Let’s get into some of the mistakes that you need to avoid to achieve your financial goals.
Mistake #1: Ignoring the small progress
A lot of the time we make small progress with our finances we tend to overlook it and not even acknowledge the progress we have made. So making a payment against your debt or paying your bills on time may seem unimportant. These are the things that are actually progress and are leading you toward our financial goals. But if you don’t acknowledge then you are not going to be motivated to keep going. So you have to acknowledge your small progress, small wins they count and all add up.
Mistake #2: Focusing solely on Long-Term goals
We all have really BIG goals that we have set. May be to save a certain amount of money by the end of the year or the next 5 years. And sometimes when we look at these goals they can seem to be be massive and overwhelming. If we focus only on the big number without breaking it down into smaller chunks so that we can actually achieve them, every week, every month, then we may be overwhelmed and not feel motivated to make progress to achieving these goals. So take the long-term goals and break them down into smaller achievable goals. Say for instant you want to have saved $300,000 in 5 years. By breaking it down you would need to save $60,000 a year, $5,000 a month or $1,250 a week. Now doesn’t the $1,250 per week look a lot easier than the $300,000 that you have as your big goal?
Mistake #3: Lack Accountability
When there is no one or nothing to hold us accountable we are less likely to stick to our goals. This means finding the right person or thing to motivate you. Maybe it’s a best friend who is also working on her finances, or your partner. You want to find someone you can talk to and exchange ideas with. Most importantly you want to have a WHY. Why do you want to save the $300,000? Determine what your why is, it is that thing that is going to compel you to keep going, especially when you hit a road bump along the way.
Mistake #4: Not checking in on your goals
A lot of the times we rush into our goals and we forget to check in. Which means we are not able to see how far we’ve come or if any adjustments need to be made. So once a week or once a month, we need to take the time to look at how far you are with your goals. Take the lessons learnt and apply them to keep moving forward. You definitely want to check in with your goals to reassess and motivate you to keep going toward them.
Mistake #5: Dismissing your progress
This is kind of similar to mistake number 4 and 1. This however is when we verbally say things like: “Oh this is no big deal.” Or; “ I only did that small thing.” When we dismiss our progress it doesn’t count toward the BIG goal. But actually it does matter! Even that small progress you made, matters. So your weekly goal is to save $1,250, but one week you only managed to save $625. You may feel like you failed, but in fact you are $625 closer to achieving your bigger goal. And you can budget to catch up the difference going forward. That’s why checking in with your goals is important. It doesn’t matter how small your progress is, it’s still a step towards achieving your goals.
Mistake #6: Not getting back up after you slip
It doesn’t matter who you are there are always going to be times when you slip up. Believe me I’ve had these times. There will be that month when an emergency hits and you have those unexpected bills, all sorts of setbacks when it comes to your finances. That’s life. Life happens when you making plans right? So what are you going to do? Are you going to have a pity party or are you going to pick yourself up and take the lessons and keep making progress? It’s really important that you don’t stay stuck just because you hit a road bump. You need to go back to your WHY and let that motivate you to keep going.
So now that you know what to avoid when it comes to achieving your financial goals, I’m going to share some key tips to help you actually achieve them.
Tip #1: Get out of your comfort zone
You can’t be successful in the place you are most comfortable in. Achieving your BIG financial and life goals requires you to step outside your comfort zone. Doing things that you don’t like, like putting extra money towards paying off your debt. All those things you don’t like to do, you are going to have to do them and get out of your comfort zone.
Tip #2: Ditch the mediocracy
You know when you are doing something below average in your life. You know when you are not preforming at your full potential. You know when you are doing things that cause you to slip up. The over spending, the over extending of your budget, the emotional shopping, when you could be putting that money towards your saving and paying off debt. You want to get sick of that stuff and bring your WHY out as a reminder to why you are doing this.
Tip #3: Face your triggers head-on
What are the things that cause you to act a certain way and derail you from your financial goals? Could it be that you pop into the mall on your way home from work because you had a bad day? Or perhaps there is someone who is not a good influence and every time you hang out with them, you end up spending more than you planned to and this sets you back with your financial goals? Take a good look at your life and identify your triggers. Once you have done this, you want to put in place something to counteract them.
Tip #4: Write out our goals
Write down your goals. But you don’t just want to write them down and then never look at them again. You want to put them up somewhere, so you can see them every day. So I have my “Battle Board” (as Brendon Burchard calls it), over my desk. It has my monthly goals, my financial goals (I use trackers for this), things that inspire me and my vision board.
I then use my daily planner to break these goals down into daily tasks so that I know what steps I need to take in order to get me closer to achieving my goals.
Tip #5: Set yourself up for success
That could mean automating your finances, so that your bills are paid on time or your debt repayments are automatically paid so that you don’t have to worry about them. And you definitely want to automate your savings. Make it as easy as possible for you to achieve your financial goals. So what can you put in place to make it easier for you? Reminders, automations, personal development, things like that can set you up for success.
Tip #6: Be okay with failure
When it comes to achieving financial goals, you got to take out perfection and throw it out the window. It’s not going to work for you. You’re going to make mistakes and have setbacks. There are going to be things that are out of your control, so you are going to fail from time-to-time. What’s most important here is what you do after the failure. It’s taking the lessons, reviewing the situation, identifying what went wrong and applying all of that to your future progress. All small steps add up to big steps.
If you’re guilty of one or more of these 6 mistakes, don’t worry. Simply apply the easy fixes so that you can get back on track for success.
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