Money has been a part of everyone’s life, starting from the moment we enter the world as a baby. As we grow, the relationship with money changes just like your relationship with your parents, friends, or possibly your religion (faith). It is especially important as a young adult, to reflect on where you stand financially and to plan for where you would like to be in the future.
Why do I need financial goals?
Setting financial goals allows you to see a path to follow in order to fulfill your financial aspirations. Now, thinking about goals and following through with action, are two totally different things. You need both to have success financially and here are some steps to simplify that process.
- Set goals with deadlines
The process of thinking of financial goals is probably the most fun step if you’re a dreamer. Only you know what goals you want for yourself and these goals can go as far as your ability to dream or think. It’s important though to figure out how long it will take to accomplish the goals you set for yourself. For example, a decent amount of student debt can take years to pay off which may be a long term goal, while opening up an investment or savings account can be a short term goal. For myself, I usually divide goals into five sections: …next couple of months, 1 year, 3 year, 5 year, and 10 year. I encourage you to type or write down these goals for motivation and as a reference while you complete your goals.
2. Create a plan of action
Actions make dreams come alive and financial goals are no different. Each goal you set, should have steps to help complete that goal. Some goals may just have one action step needed, while others will require multiple. It’s important to really reflect on yourself and how this goal can be completed based on your personality. If I have a lot of time to complete a step I procrastinate, so I’ll put a deadline ahead of when I actually need to have the step completed by. Prioritizing actions can help organize yourself and help you feel like you’re progressing with your goal as you complete each step.
3. Regularly check-in on your goals
Short term goals may not require a check up but long term goals often do. When you check up on your goals, it is important to be honest with yourself about your progress. If you are not progressing the way you would like, go back over your goal and change the necessary actions in your plan or the overall goal. Persistence is necessary in accomplishing your goals and anything worthwhile comes at a “price.” In the end, when you do complete your goals, it is important to reward yourself! Take yourself out to eat or splurge some more on a vacation, the type of reward is up to you. 🙂
Disclaimer: Thegrownwave.com is a personal finance blog, not a professional investment advisor. The content produced from the blog is provided for free and only for informational purposes. Thegrownwave.com does not and cannot promise the accuracy and reliability of any content in comparison to your individual circumstances.
The Grown Wave 
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