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IAACU Blog
How to Set and Achieve Your Financial Goals
Reaching your financial goals can be difficult, but not impossible. The key is to get out of your way. Here are some strategies and resources that can make reaching your goals easier.
1. Be Specific
The first step toward reaching your financial goals is to define them clearly. The more ambiguous your goals, the harder they will be to attain.
Example of “Be Specific”
Let’s say one of your goals is to “save more for retirement.” That’s great, but what does that mean? Instead, reframe that goal to “save an additional 10 percent of my income for retirement.” The more specific your goal, the better.
2. Create Deadlines
Now that you have specific goals, you should categorize each as short-term, medium-term, and long-term.
- Short-Term Goals: Short-term goals are ones you want to attain within one to three years. An example would be buying a new car, or paying off your credit card debts.
- Medium-Term Goals: These are the ones you want to reach three to five years from now. A medium-term goal could be making a down payment on a house.
- Long-Term Goals: When setting long-term goals think three to five years and beyond, like retirement savings and more.
3. Track Yourself
With the road map created, the last step toward reaching your financial goals is to track your progress. Schedule reminders to check in on each goal. Ask yourself if the goal is still attainable on the timeline you set. If circumstances change, make the necessary adjustments.
Do One Thing: Be as specific as possible when creating financing goals.
At IAA Credit Union, we offer a variety of resources to help our members achieve their financial goals. These include:
- My Credit Score: Your credit score is key to your financial wellness, and we’re here to help you manage it! With My Credit Score, you can track, understand, and improve your credit score with personalized goals, real-time monitoring, and more—all for free!
- GreenPath Financial Wellness: IAA Credit Union is proud to partner with GreenPath Financial Wellness - a free money management and financial service provider. GreenPath offers personal and family budgeting tools, money management assistance, debt repayment counseling, credit report assistance, and more!
Originally posted by SavvyMoney Blogs on July 31, 2024, adapted by IAACU.
