Pick a Goal

How are the New Year’s resolution coming along?

Did you have any financial goals this year?

Even if finances did not make your list, don’t wait until next January to start.  Maybe you need to pay off a loan, invest for retirement, save for next semester's tuition, a special purchase or an emergency fund.  If you are like me, you may want to do it all at the same time!  Trying to fund multiple goals leads to low progress on each one and discouragement.  It is a good idea to prioritize financial goals and focus on one at a time. 

1. Pick a goal.  Think about which one is most important to work on first.  How would the projected progress affect you at the end of the year or further down the road?  Dave Ramsey recommends saving up $1,000 emergency fund and then paying off all your debts, except the house.  This lays a foundation and frees up the outgoing cash flow to work toward other things.   

If you have multiple debts to pay off, check out Dave Ramsey’s Debt Snowball article.  http://bit.ly/V5mma

2. Break down your goal into monthly, weekly or daily steps so you can make the kind of progress you desire. 
3. Decide to commit and start working today.  You may want to keep a financial progress journal.  Also tell your partner or a trusted friend what your plan is so support is available when needed. 
4. Keep the faith even if progress is slower than you would like.  Any movement is better than none, and definitely better than going backwards.

Picking a goal is the first step toward change.  Committing to it in our hearts starts opening the channels of possibilities toward us.  Allow yourself to imagine this journey turning out better than you expect it can.  I look forward to hearing how things go for you this year.