5 Easy Ways to Set and Achieve Financial Goals

Setting financial goals is crucial for a secure future, yet many people find it challenging to save money. Though money may not buy happiness, money is a great tool to help you get to some of those goals that may bring happiness. A recent study found that 60% of Americans don’t have a retirement-specific savings account. Plus, 55% of all Americans have less than $1000 in savings and are unable to cover a $400 emergency expense.

Setting both big and small goals not only clarifies your priorities but also triggers new behaviors that guide your focus. Research shows that people who set goals are 10 times more likely to succeed. If you’re unsure where to start with your savings, the friendly professionals at Scott Credit Union can help you get started.

Remember, taking small steps today can lead to significant financial achievements tomorrow.

If you’re ready to have a thriving financial future, here are five easy steps you can take to setting and crushing your financial goals:

1. Picture the Outcome

Focus on the feeling you’ll experience when you achieve your goal, rather than getting bogged down by the day-to-day act of saving. Visualization can be a powerful motivator.

2. Recruit an Accountability Partner

Enlist a friend or family member to be your accountability partner. Concentrate on one goal at a time, and have regular check-ins to discuss your progress. This support system can keep you on track and motivated.

3. Don’t Dwell on the “B” Word

Budgeting — the “B” word — can seem overwhelming, but small changes add up. Start by making one or two adjustments at a time, like cooking more meals at home or taking your lunch to work. These manageable steps can lead to significant financial improvements over time.

4. Set Up Automatic Payroll Deductions

After paying bills, it’s easy to feel like there’s no money left for savings. However, setting up automatic payroll deductions can help you save consistently. Allocate a portion of your income to a savings account labeled for your specific goal.

5. Check for Fees

Regularly review the fees associated with your accounts and purchases, including those related to apps you use. If you notice unusual charges, inquire about them. If you’re dissatisfied with the answers, consider adjusting your purchasing habits or exploring alternative accounts.

Try out these five simple tips and see if you start to see a difference in your account. Remember, setting and achieving goals is a journey, and every small step counts.

For more financial tips, check out the videos on our YouTube Financial Education Playlist.