The Importance of Setting Goals | Real Talk

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It’s easy to dismiss a phrase like “financial goals” as “grownup talk” that you don’t need to worry about until you’re older. But the truth is that setting both near- and long-term financial goals is an essential habit to develop throughout your financial journey. With New Years just days away, let’s get into some ‘Real Talk’ about the importance of setting financial goals for the new year and beyond.

What Do Financial Goals Look Like?

There is no one size fits all when it comes to setting financial goals. Whatever your future aspirations are, you will commonly find some type of fiscal goal to work towards. Saving up for a big purchase like your first car or working extra hard in school to secure a scholarship can be viewed as financial goals. Whenever you find yourself working towards something that will benefit your future self, take a moment to consider how your current money habits impact what you’re striving for later.

How to Set Financial Goals

As with any goal-setting exercise, you’ll want your financial objectives to require hard work to accomplish but not so difficult they are unachievable. Set yourself up for success by making them realistic.

“Time to complete” is an important consideration when goal-setting. Having a healthy mix of short-term (2-4 weeks), mid-term (3-12 months), and long-term goals (more than a year) can help keep you motivated and successful, so be sure to give some thought to accurately predict the amount of time it will take to achieve what you’re working for.

Develop A Goal-Setting Habit

Getting in the habit of setting financial goals can further build a positive relationship with money and develop healthy financial habits. The hardest part of financial goals is sometimes just getting started. As you work through your goals you might find times where you need to adjust the time frame of when you’re looking to reach a specific goal, or you might even need to change your perspective on the goal itself. Either way, it’s important to just get started and don’t get discouraged too quickly.

As your local credit union, Call Federal is here to help along the way on your path in your financial journey into the New Year and beyond. 

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