Planning And Achieving New Monthly Financial Goals
Not all financial goals will be able to be completed in a month, we know that. But, for those smaller ones which possibly could be, why not give it a go? Depending on the size of your goals and how fast you typically achieve them will allow you to get a better insight. Some people like to create larger goals which may take them years. Whereas, others may create smaller monthly goals to allow room for change. Whichever you prefer is completely your choice. For the people who like the idea of monthly goals or short term goals, we have some put together some tips as to why they are useful.
We believe that as long as you are achieving what you aspire to financially at a steady pace, you are right on track. So, planning and achieving monthly goals is something which can be very beneficial. Allowing yourself to move forward with your finances is always a positive effect. On top of that, giving yourself a time frame is also very important to allow you to stay on track, hence the title of ‘planning and achieving monthly financial goals’.
What are the financial goals?
Your financial goals are completely individual to you and your own personal aspirations. They depend on your spending habits, your income and your outgoings. Therefore, they will not be the same as anybody else around you. Typically, peoples goals tend to revolve around saving, investing, reduced spending etc. Even though these are great, it would be much more beneficial if you set yourself smart targets.
How do we plan them?
As mentioned above, planning your goals is very important. We suggest that when you are considering what changes to make, you use smart targets. These are targets which are specific, measurable, achievable, realistic and time-based. Using this method is a lot more helpful than just thinking of a very vague target.
Using smart targets will change your financial goals from ‘cut down on spending and save more money’ to something like ‘cut down £100 a month by the 1st of March and place £200 in your savings account this month’. This difference allows you to be specific and keep you on track. This is definitely important for the time scales if you are going to stick to a new goal every month.
How do we achieve them?
Achieving your goals can be simple if they are actually achievable and realistic. We have three examples below on how you can try to achieve your goals along with links and extra information.
We suggest that you stay organised throughout the whole journey, allowing you to reflect on your progress with a clear mind. As well as this, the organisation lines up directly with measuring your results. Measuring your results allows you to see how far you have come as well as the pros and cons of the journey. This will allow you to create even more realistic goals for the following month.
Manage your money
To achieve your goals we suggest creating some sort of budget or money management if you have not already. This should already be a part of your daily life as it keeps all of your finances in check. Therefore, if it is not already, we suggest adjusting this. Perhaps you can try working on budgeting techniques and goals for one of your monthly goals.
Seek out for financial information
Staying positive and being able to succeed is going to be difficult if you do not know exactly what you are doing. For example, reading professional information will enable you to get a better understanding of how to progress. This will not only increase your knowledge but will also keep you motivated knowing that you can do it if you put in the effort. Here at BingoLoans, we have plenty of financial-related blogs and pages which can be found all over our website. For more information click here. If our information is unable to answer your questions, visit The Money Advice Service.