“Setting goals helps you to see where you want to go. By setting small goals and achieving them, it builds confidence to achieve harder goals.”
It might be July but you don’t have to wait until January to start setting goals that can change your financial future. I spoke with Nikki a money coach here at Mary Rigg and she had some insight into the importance of setting financial goals. “Setting goals helps you to see where you want to go. By setting small goals and achieving them, it builds confidence to achieve harder goals.” She also laid out 5 ways setting goals can help build your savings and improve your financial health – Here they are:
- Goals Help Build Solid Financial Foundations – Setting financial goals can help you make a plan and guide you as you build your financial foundation. These goals can help with paying off debt, planning big purchases, and building savings for things like emergency funds and retirement – All things that lead to having a solid financial foundation.
- Goals Help Turn Dreams into Reality – “We need financial goals because we have dreams – to retire, travel, buy a house, pay off a car, etc. Whatever our dream- it will take money to do it. By creating a solid financial foundation, we are able to make those dreams come true.”
- Goals Build Momentum – Often times setting goals is difficult because of our current circumstances and mindset. “We think that we are stuck. We get in a mindset of “I can’t”, but by setting goals, we change our behavior or habit to reach that goal. Once we reach one goal, the others don’t seem too hard to achieve and it builds momentum.”
- Goals Reduce Stress – For some, setting goals might seem like a cause for stress, but once you can figure out attainable goals that work for you, they can help reduce stress. Goals help you prioritize what you do with money and give you more control over how you spend your money.
- Goals Break Cycles – As discussed in the blog about Money Mindsets, spending habits are influenced by how you grew up. By acknowledging the past and the habits that were passed on to you, you can set goals that promote healthy habits and pass those down to other people.
No matter where you are in your financial journey, it is important to know that you CAN make the changes you want. Nikki left me with this quote from Henry Kimsey-House “People are capable: capable of finding answers, capable of choosing, capable of taking action, capable of recovering when things don’t go as planned and especially capable of learning. This capacity is wired into all human beings no matter their circumstances.” No matter what your situation is, you are capable of setting goals and making choices today that will impact tomorrow.
If you want to dive deeper about HOW to set goals, come to our MoneyTalk summer workshops! Register for the workshop above or by using the link. To connect with a money coach call 317-639-6106 or click here.
Quote used is from: Kimsey-House, Henry, Karen Kimsey-House, and Phil Sandahl. Co-active Coaching: Changing Business, Transforming Lives. Boston, MA: Nicholas Brealey Pub, 2011. Print.