Where did the time go? Half of the year is already GONE! How are you doing on your money goals? If you are not quite on track with your money goals, don’t worry. Here are 5 Keys to achieving your money goals and finishing the year strong.
Shift Your Money Mindset
The first key to achieving your money goals is to shift your money mindset. Your thoughts about money are directly related to your money actions. If you had negative interactions with money in the past, it’s time to let them go because it is holding you back. You do not have to keep revisiting the mistakes of the past, treat them as learning experiences and move forward. (No judgement here, I used to revisit the past too. ;-))
The best way to get started in shifting your money mindset is to grow your money confidence. The more you know the more confident you become. Commit to increasing your knowledge about money by reading a personal finance article or book or watch personal finance videos.
Another part of shifting your money mindset is to practice gratitude. Be thankful for how far you’ve come, whether it is spending less during the week eating out, having more money left at the end of the month or sticking to your budget for most of the month. Celebrate and be thankful for the small steps because eventually they add up to big wins.
Know Where You Stand
The second key to achieving your money goals is to identify the gap between where you are now and where you are going. Knowing your current status is important in making the necessary adjustments to make progress.
Analyzing where you are gives you insight into the patterns of your money habits and expenses. It quickly helps you identify what is working and what needs improvement. When I first got started with this process, one of the things I discovered is how much I was spending eating out even though I had groceries at home. Identifying this helped me to adjust my behavior and helped me to save $125 a week.
Set Milestones
The third key to achieving your money goals is to set milestones. Setting large long term goals can be overwhelming and actually delay your progress because it takes a longer time to feel like you’ve achieved anything.
To stay motivated and on track it is best to break it up into smaller goals so you are seeing progress along the way to the larger goal. For instance, if your goal is to save $6,000 for the year break it up into saving $500 each month.
Track your Progress
The fourth key to achieving your money goals is to track your progress. You have to monitor your progress and see how your financial position changes at regular intervals, that way you can see if any adjustments are needed. Imagine not tracking your progress until the end of the year when it’s too late to make any adjustments.
One thing that has really worked well for me saving for specific things or events has been having a separate savings account. I have it automated and I am able to see specifically how I am progressing against my goals.
To help track progress against eliminating debt, create a chart that shows the debt owed being erased until you reach $0. It is really motivating to see the amount decrease AND it helps to keep you focused throughout the year.
Find an Accountability Partner or Group
The fifth key to achieving your money goals is to find an accountability partner or group. There are many money goal focused groups where they keep each other motivated and encouraged along the way. If you are looking for one that operates in a judgement free zone, join my Facebook Group Money Choices Today Money Masters.
Accountability partners are a great resource for keeping you on track and honest. When you know that someone is going to check in on you, you are more likely to stay focused and keep going. Having the right accountability partner is important, so make sure it is someone who encourages and is working towards certain goals themselves.
If you are looking for more personalized accountability and someone to help identify any necessary adjustments quickly, let’s chat. Schedule a FREE Money Strategy Consultation.
Let me know in the comments how you stay focused on achieving your money goals.