I have been in this situation before. But I took these 5 Steps To Achieve My Financial Goals. If I can do it. Even you can do it. It’s Just that one push you would require.
Rest you can do. I will share with you one more secret Step as well. You Need to Set Your Goals Based On Smart & Relevant Basic.
And try to implement these 5 steps one by one. You will achieve your financial goals.
1 Step 1# Accountability Partner
Accountability partners come in different shapes and sizes and are not mutually exclusive.
Selecting your accountability partner requires a thoughtful, strategic approach. It’s vital to have someone in your life to keep you financially accountable. By having a partner to lean on, we are more successful in meeting our long-term goals and managing everyday spending. Your accountability partner will be able to keep you on track when you are tempted to stray.
When You select your accountability Partner.
Check out the following qualities so that you can achieve your financial goals
1. Check Who Has Similiar Financial Goals Or Agenda
So that you and he/she can help each other. Now it can be your wife, hubby, children, parents, grandchildren anybody.
2. Check Who Has Respect For Money
What I mean by this that a person should care about money, should be frugal, and smart with financial decisions.
3. Set Challenges Per Week
So that you and your accountability partner can encourage each other and motivate each other.
4. Choose Someone You Personally Trust
You need to choose a person who you trust completely with all your financial decisions. If its not then your financial goals will not be achieved.
2 Step 2# Write Your Financial Goals Daily
We all save and then spend. Right for any small things like book, or bike, etc... But how you do this is by setting financial goals.
So here are the Steps To Write You Financial Goals Daily
1. Write Only 4 Financial Goals
i) Savings Goal ii)Business Finance Goal iii) Travel Goal iv) Investment Goal
2. Write Daily in A Book.
Don't type in Laptop or use any digital media. This is really very important. Go Back to your old school days you were writing everything in the book. This practice will train your subconscious mind to register and it will help you in achieving your financial goals.
3. Daily write Your Goals
In the morning the first thing you should do and at night before you go to sleep also.
Grant Cardone once said in his interview that he used to write all his goals daily 3 times. Because this makes him motivated all day and in turn will make him his those goals which he had set.
3 Step 3# Stick To Your Financial Goals
Someone said very beautifully "If you want to finally achieve your financial goals, you have to start with the goal itself"
So how do you stick with your financial goals, despite so many obstacles coming in your way? So here are the steps which I had followed to stick to my financial goals and also achieved the same.
1. Visualise The Goals
Visualization has great power in itself. Create visual representations of your goals. Whether you’re paying off debt or saving for a house, find images that immediately remind you of your goal.
Put them wherever you’ll see them often. That could be in your office, on your fridge, or even folded up in your wallet right in front of your credit cards.
2. Spend Within Your Limits
Don't Take Unnecessary loans just to show off our lifestyle to others. Just check out whether do you really need this debt now to carry or it's ok with what you have
3. Automate Your Financial Goals
If you’ve ever looked at your income over the past year and wondered where all your money went, there’s a good chance it was eaten up by outside foods, spending unnecessarily on clothes, or impulse buys. It’s those little things that can really kill a budget.
One way to correct that is to automate your payments and savings contributions so that a portion of your paycheck is immediately going where you want it to.
4 Step 4# Budgeting
The budget is the backbone of any financial goals you plan to set. You need to track each and every penny which is coming from outside and going outside.
Steps To Follow
1. Create a spreadsheet
Simple Excel or Google Sheets will help you with this. Simply put in one column your income breakup(This you can get from your Salary Slip) and the other columns as expenses.
2. Download An App
Or If you are one of them who is not well versed with Excel functions. Then Download good apps from Google Playstore or desktop version Software which will keep track of your income and expenses so that you can keep track.
3. Label Envelopes
Now, still you are one of those who don't have a smartphone or don't know how to download from the play store.
Then simply buy good beautifully designed envelopes from your local stationery shop or your friend who makes such envelopes it can be any material.
You need to label an envelope based on spending descriptions like for example you want to give money to your monthly groceries then mentioned that envelope as "Groceries" the same way it goes for each and every spending you do that month.
This way you can keep track of your spendings and in a way, you can save and you will come to know where those unnecessary spendings are done.
5 Step 5# Track Your Expenses
Tracking your spending on a regular basis can give you an exact picture of where your money is going and where you’d like it to go instead.
And this is really very important because once if you become an expert in tracking your expenses then savings becomes a by-product.
So here are my Steps To Keep Track Of Your Expenses
1. Have A Habit Of Monthly Checking Your Bank Statements
Just by looking at your monthly bank account statements, you can get an idea about how your money is flowing out, and how you can put a stop on this.
2. Divide Your Expenses
You can categorize your expenses so that you can know which thing is making you lose a lot of money maybe your credit card, maybe your car's petrol, maybe your outside food, etc...
So These Are Mine Real-Life Steps That I have implemented in my life. You can take one of them and try to see what results you are getting.
Ultimately it's your personal money, it's your financial life, as Mentors, Advisors can advise and hand hold you, but you need to take action and make that happen.
So All The Very Best!!!.
Do Let Me Know Your Valuable Comments About Which Step You Would Be Taking And Why
Happy Money, Happy Financial Freedom