• Get FREE SHIPPING on eligible orders over $499

    See details

  • Winter essentials for men, women & kids!

    Shop now!

Need help? (877) 837-9569

5 Steps To Meeting Any Financial Goal

By: Joshua Unseth-- 2010-03-12 5:00 am --

Whether you want to get rich quick, get rich slow, or something else entirely, there's a simple process that applies to successfully reaching any financial goal. Saving money is great, but that saving should have a purpose.

Wal Mart's recent I'm saving for ad campaign points this out well. As consumers, we tend to mindlessly chase bargains for the sake of it, not considering why we're putting ourselves through it. Sure, some of us just love the thrill of the hunt and landing a great deal, but most of us are just trying to be wiser with our resources.

What are you "saving" for?

Declaring your goal is key. Good goals govern your daily choices, all of which add up to big differences in your financial situation and lifestyle over time. Making little choices day by day can get tiring and test your persistence. Just ask anyone who's ever tried going on a diet. But if you follow a few tried-and-true problem solving principles, reaching for your financial goals can be a rewarding and succesful challenge.

1. Declare a specific goal within a precise time frame. Goals like "get out of debt" aren't nearly specific enough and may even be counter-productive. A better example might be "cut household expenses 20% by January 1st next year". You need a goal as specific as possible with a time frame you could practically set your watch by.

2. Observe your current circumstances. Pay attention to what ever might get in the way of meeting your goal: current spending habits, lifestyle, employment , debts, etc.

3. Make a plan. Take into account all the obstacles you can foresee, and try to anticipate things that may come up. Suppose you're saving to buy a car with cash. What will you do if your current vehicle dies before you have the chance to replace it? Being as prepared as possible will keep frustration and discouragement at bay.

4. Check your progress. Your goal should be specific enough that you can set intermediate goals and check your progress. If you're not going according to plan, correct yourself. If your plan doesn't seem to be working, go right to step 5.

5. Observe again. Make a new plan if you must. Did your plan work? If so, great! If not, now is not the time to get down in the dumps. Now is the time to use 20/20 hindsight to your advantage, figuring out just what went wrong and how. Using what you've learned, make a new plan. Try again.

One final, unofficial step: have fun! There's nothing like the feeling of taking charge of your own destiny.

Repeat this process as many times as you have to, but always remember that you are in charge of your financial destiny. What keeps you inspired, moving forward persistently towards your goals?