NBSB Shares the Importance of Setting and Keeping Financial Goals

Knowing what your financial goals are means you can start working to accomplish them. Discovering what those goals are is the very first step.

Some will aim high wanting to achieve goals such as, complete financial independence or stability, buying a home, purchasing a car, starting a family, or to be able to retire. Goals like these are called long-term goals because of the time investment needed to achieve them for most people.

Smaller more modest financial goals are just as important. Perhaps you want to clear your overdraft or get out of debt, be able to eat out more often, or save up for a vacation. These short-term goals require less of a time investment to achieve and can even help you achieve some of your longer-term goals.

 

But why set financial goals in the first place?

Provides Financial Focus

Financial goals can give you something to guide the rest of your financial decisions by. Keeping you on track to a strong financial future.

Guides Career Choices

Setting financial goals can also effect decisions when it comes to your career, impacting how much time you can afford to take off, what you need to do to get a promotion or salary increase, or whether the job you’re in is the most financially suitable for you. When you know what your financial goals are, your career planning and your financial planning can go hand in hand.

Provides a Sense of Success and Achievement

Meeting milestones and achieving goals provides a great sense of success and achievement. Making it easier and more rewarding to save.

 

When setting your goals keep these following tips in mind:

Set Measureable Goals

Setting a goal to “spend less” or “save money”, for example, is too vague and will make it difficult to know whether you’re succeeding.

Set Attainable Goals

Setting goals that are strong yet feasible are an important part of ensuring that you don’t become discouraged while trying to achieve your goals. To make sure your goals are attainable, you’ll need to know what your financial situation is. If you only have an extra $50 a week and set a goal of saving $100 a week it’s most likely going to be quite difficult, if not impossible, to achieve.

Set Relevant Goals

Making goals that matter to you and are pertinent to your life is crucial to success in achieving your goals.  To ensure this write a list of all the things you hope to achieve or have in the next year, five years, 10 years, or over your life.

Set Time-bound Goals.

Setting a deadline to achieve your goals can help you to make those goals more specific and make it easier to measure progress made toward them. A deadline for a goal will help set the pace at which you need to save.

Get started reaching your financial goals with NBSB.

To keep your goals and finances organized, North Brookfield Savings Bank offers Life Goals Savings accounts, which are specially designed to help you achieve any long term or short term financial goal you have or expense you want to prepare for. What do you want to start saving for?