Attempting to achieve financial goals is like going on a strict diet: It’s a slippery slope that makes you want to give up completely if you fail halfway. However, when you feel like you haven’t been able to achieve your monthly financial goals, it’s time to simplify your methods. Discover how you can reach your monthly financial goals in three simple ways.
1. Set Small Milestones for Your Savings
Savings is an important aspect of personal finance, and, if you’re wanting to start saving more money, start by setting small milestones to achieve your savings amount goal. For instance, if you want to end up having $1,000 in savings in a month, there are several ways you can set a small milestone to reach that goal:
- Put $3-$5 per day in a large, secure jar after you come home from work;
- Set aside $25-$50 per week in your savings account
- Every time you have the urge to shop or eat out, put the money you plan to spend or $5 in a jar
- Save all your change in a jar at the end of each day.
There are many other ways for you to set aside a small amount of money each day, week or month, so get creative with saving money so that it’s fun for you. Although the money you set aside is in small amounts, they add up over time and, before you know it, you’ll be much closer to your savings goal.
2. Create a Manageable Budget
Creating a budget from your monthly income will help you keep track of how much you spend per month. With a budget, you’re able to figure out how you can achieve your monthly financial goals. In order to create your budget, jot down all your monthly expenses, which can include:
- Gas for your car
- Utility bills
- Phone bills
- Car payments
When you create your budget, be as realistic as possible. If you can’t pinpoint how much you spend exactly per month for a category, overestimate an amount to ensure you have enough money to pay the expense. With leftover money, set it aside for your savings account or for entertainment such as shopping or going to the theaters.
3. Pay Your Bills Immediately
If possible, pay your bills at the beginning of every month. Technology has made it easier and easier with a number of bill pay services, which allow you to play all your bills in one spot online. By paying your bills right away, you won’t have to burden yourself with these expenses for the rest of the month. You also get to decide how you’ll spend the money you have leftover after paying your bills immediately. If you can’t pay your bills at the beginning of each month, set aside an estimated amount of money for your bills instead.
Financial goals are like any other goals: They require effort and awareness. Although it may take awhile for you to accomplish your financial goals, remind yourself of the reasons you wanted to achieve the financial goals daily. Keep yourself motivated to go through with your financial goals because only rewarding lessons and achievements are waiting for you. If you need to stay motivated daily to accomplish your monthly financial goals, keep a journal with you, and track the progress you’re making with your financial goals.