The Importance of Setting Financial Goals

Does your family have financial goals?

Setting goals is an important step in getting our lives where we want them to be.

Whether it be improving health, running a marathon, or not eating out, goals are generally things we set out to achieve that will better our lives in some manner.

And it is no different when it comes to our fiances.

Setting goals in order to achieve particular financial or money-related goals is incredibly important.

Related: How to Make a Budget

Why are Financial Goals Important?

For every family in the world there is one and maybe even two, people working each day to make sure necessities are taken care of.

We need money for everything from food to a house to vacations. In order to get that money, most families have someone away from home working.

The importance of setting financial goals

Though we may love our jobs, working takes us away from our homes, our families, and the hobbies we love.

We have to work in order to have an income. And I for one, want to make sure that my money is doing the most it can so I don’t have to be away from my family any more than necessary!

We need to make sure our money is working as hard for us as we are for it!

Financial Goals: Declaring Your WHY

Deciding on and declaring why you are wanting to achieve something is an incredibly important step in the journey.

No goal is achieved without a little bit of hard work. And frankly sometimes sticking it out can be difficult.

If you decide on and declare your WHY you will have a constant source of motivation.

This motivation will be what helps you to stick to your budget and make your money work for you!

How to Decide Your Why?

Take a minute to think about what you would do if you had no spending restrictions? What does your “dream” life look like?

Would you renovate your house?

Go on an amazing vacation?

Pick up a new hobby?

Whatever it is. However your dream life looks. THAT is your WHY.

Your WHY is the reasons you want to have a budget and gain control over your finances.

For each family, the WHY and the goals will be different so be sure to think about what your family needs and wants.

How to Achieve Your WHY with Financial Goals

Once you know your WHY, take some time to think about what it would take to get to your why.

Do you have outstanding debt that is hindering your why?

Have you got bold ideas for a home renovation project but no money to do it?

Are you wanting to travel the world but can’t find the extra funds?

Whatever these roadblocks are that are currently standing in your way of achieving your WHY, make them your GOALS.

Make these roadblocks into the financial goals you are going to crush.

Once you have your financial goals, then sit down and create a budget.

Related: The Difference Between Fixed and Variable Expenses

Look long and hard at your budget and see where and how you can find the funds to achieve your goals.

And when it feels like it is too difficult to stick with your budget, your WHY will provide you the motivation to continue forward.

Success Will Come with Financial Goals

For me, my WHY was spending more time with my children.

I left my career when my first child was a year old in order to take a position outside my typical role. That move put him in daycare for 40 hours a week.

I hated every minute of him being in daycare. My heart broke every time I had to drop him off. BUT this new position was a better salary and better future opportunities.

And that better salary allowed us to pay off debts and eventually (after a year) I was able to move to part-time.

It wasn’t easy sticking to a budget or switching careers, but knowing that each day put me closer to being with my babies more, I pushed on.

Setting financial goals gives us concrete things we can do in order to achieve and obtain the life we want… our WHY.

If you are ready to find your WHY, establish financial goals, and set up a budget to achieve it all, sign up below.

Sign up to join my FREE 5 Day Well Planned Budget Email Course.

In this course I will guide you through every step of the process. You soon will be able to start chasing financial goals.

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The importance of setting financial goals

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