Coming from a girl who has been setting money and savings goals for years, sometimes your goals just need a revamp! While it’s great to be ambitious with any goal, things don’t always play out as expected.
Just because the original goal you set hasn’t been accomplished doesn’t mean you can’t eventually achieve it. A lot of factors, some in your control and some out of it, go into achieving and not achieving your goals.
If you’re struggling to set savings goals you actually hit, let me help! Small tweaks can go a long way.
I’m sharing 5 ways you can revamp your savings goals and put yourself in a position to start setting and achieving realistic goals. Nothing keeps you striving for more like reaching your savings goals!
5 Ways to Revamp Your Savings Goals
#1 Reduce the number of savings goals you set at one time
This is such an important thing to be mindful of, and I stress it to my clients ALL the time. When you focus on too many savings goals at one time, you spread your resources thin.
Let’s say you have 4 goals you’re working towards—you’re likely giving 25% of your savings to each one. That means it’s take you longer to reach all of them.
Instead, focus on 1-2 money goals at a time. Now you’re giving 100% to 1 goal or 50% to 2 goals. This gets you to your finish line faster than if you were focusing on even more goals.
While you can always get out there and make more money, the same theory applies. Too many goals spread your resources thin.
Take some time to think about your highest priority or deadline-specific goals. Make it a point to work towards those ones first.
Not to mention, the momentum you get from achieving goals keeps you wanting to reach more and more of them!
#2 Re-evaluate your budget to set the stage
There’s nothing worse than setting a goal that isn’t realistic for your situation. The best way to avoid that trap is by reviewing your budget from the beginning.
After all of your priorities are covered, how much do you realistically have to put towards your savings goals?
When you know what’s realistic for your situation, you can set timelines that help you reach your goals accordingly. You can also take it a step further and try to beat your sensible timeline!
Yes, you know when you should achieve your goal, but can you achieve it sooner?!
#3 Ask yourself if the goal is really what you want
To do what it takes to reach your goals, they have to mean something to you. What fun is it to work so hard for something you don’t actually want? No fun!
As you’re going through the process of revamping your savings goals, ask yourself if the goals you have excite you.
Do you really want what you originally set out to achieve? If the answer is yes, then great! Keep working towards it. If the answer is no, then scrap the goal and start over with one that means something.
I promise you, when you have goals that really matter, goals that hit at your core values, you will grind until you reach them. You will put in the work, effort and time needed to achieve them – because they are worth it to you.
On a final note, it’s okay that your goals change. Maybe you really did want to achieve the savings goal, but as your situation changed, and now the goal doesn’t mean anything to you.
It’s perfectly fine to throw goals away that no longer server a purpose. In fact, I’d rather you throw them away! Otherwise, you’re putting your resources on goals that don’t mean anything to you anymore.
#4 Consider extending your timelines
Remember, your budget will tell you what you can realistically put towards your savings goals. With that information, you can assess if the timelines you’ve given yourself to reach the goals are valid.
Another thing to keep in mind is that things come up. You may have been on track to reach one goal, but something popped up and required you to shift your focus to something else.
In those cases, you’ll want to extend your original goal timelines. There’s nothing worse than having to shift your goals mid-way and then be reminded that you didn’t achieve it when you originally wanted to!
A good example of this is when your goal is to pay off debt, but an emergency pops up. If you had savings to cover the emergency, your focus shifts to rebuilding that savings.
It means your debt payoff is paused – not cancelled, just paused.
#5 Follow the S.M.A.R.T criteria when setting goals
You’ve likely already heard of setting S.M.A.R.T goals, and if you haven’t, you won’t forget it after this article! Here is what it means to set S.M.A.R.T goals:
Specific – target a specific area for improvement.
Measurable – quantify or at least suggest an indicator of progress.
Achievable – specify how the goal will be achieved
Realistic – state what results can realistically be achieved, given available resources.
Time-related – specify when the result(s) can be achieved.
When setting your money and savings goals, you want to ensure each of the criteria is met.
Get specific with your particular goal. Think about how you can track your progress to ensure you reach your goal. Specify what you are going to do to reach your goal.
Be realistic with your goal, in relation to your current situation. Give yourself a timeframe for when you can achieve that goal, remembering to be realist to your situation.
Related: Establishing Your Wealth Goals
Like I said, a little tweaking can go a long way in helping you achieve your savings goals! The tips above can help you revamp your money goals and make sure you put yourself on the path to making them a reality!
If you have a goal you really want to achieve, do everything in your realistic power to reach it! It’s always possible. Do you have any tips for setting money goals? Share what works for you in the Comments section below!