Continuing with our series on financial goals, let's move our focus to achieving the goals that we have set.
By Chalee Crouch, CFP ®
Sr. Vice President & Financial Advisor, LPL
Let’s continue with our series on financial goals, we have previously focused on the SMART Method, as well as setting Financial Goals, and finally we will focus a bit more on Achieving the goals we have set.
Create a realistic budget, use an app, a spreadsheet or old school with a pen and paper to track your income and expenses to get a good idea where you can shuffle resources to free up funds for the financial goals you plan to achieve. A good rule of thumb is the 50/20/30 approach. 50% of income for needs, 20% for savings and debt repayment, and 30% for wants/lifestyle.
Automate the plan, where possible set up automatic transfers to savings and investment accounts on or near paydays to ensure you focus on the goals before lifestyle.
Break down the larger and longer-term goals into smaller and more manageable targets. Seeing faster progress will help with motivation.
Track and Review progress be sure to return to your app or spreadsheets to monitor progress, review goals and adjust for changes in circumstances.
Stay flexible and adjust goals and timelines when necessary to remain on task.
Category: Wealth Planning
