How to establish Financial Goals

When you are in charge of the marital finances, it is important to establish realistic and achievable financial goals. Otherwise you can set yourself up for more disappointment and financial stress. In order to establish financial goals you must be honest with yourself about where you are and what it is you are seeking to accomplish.

I believe in re-evaluating what I did the year prior in order not to repeat patterns that did not help me. This also aids in having clearer vision as you move into 2010. You should be establishing these goals in 2009 so that it benefits 2010.

1) What financial goals did you set in 2009? Did you reach them or not? If you did not reach them what was the reason. Were you not realistic when you set the goal, did you get distracted by some other family crisis or the first time you did not reach the goal you decided to stop?

2) Based on what happened in 2009, you have to establish goals that are measurable and achievable. That means set a timeline that you would like to reach your goal by. However, if you make the goal unrealistic you will be in the same place in 2010 that you were in 2009. For example, if you choose to pay your smallest debt off first – how much do you need to put towards that bill per week, per month and then for three months.

3) Establish a chart with these goals on it so that you can see it every day. Whether you put it on your refrigerator or the bathroom mirror, place it somewhere you can see it. Then once the bill is paid off, write it on that sheet of paper and the date you accomplished it.

4) Pat yourself on the back because as you begin to work on goal number two, you will be able to see either how long or short it took you to complete the first goal. Be proud of yourself because you are already doing something different than what you did in 2009. You wrote your goals down, made them achievable and did not stress yourself out but BELIEVED you could accomplish it. And YOU DID!

5) Let me caution you, I know that you might be tempted to take the money once you have paid off one bill and use it for extra but do not. Getting your marriage and money in order takes DEDICATION and DETERMINATION no matter what! There will be things that come to you as a distraction – do not get sidetracked – stay focused!

Your marriage is worth it. You are WORTH IT! Your family is worth it. If you have a question on goal setting, do not hesitate to send me an emal through the contact page.