4 Goal Setting Musts

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I just recently answered a reader's email about setting financial goals. She was having trouble holding herself accountable and month after month she was falling short of her targets, making what she was saving for a virtual impossibility. This reader had the means, and the ability but lacked the goal setting prowess and follow through to get her to the end.  Hopefully in that email I clarified and motivated but for all of my readers I thought it would be important to address what I consider the "Big 4 of Goal Setting".

1. Be specific. Be very specific. If you are saving for a purchase for example go out and window shop. Pick exactly what your goal is and get the list price. Do some comparison shopping and even keep it in an Amazon wish list. If it's a trip get prices for hotels, flights, area restaurant menus, and things to do while you're out there. The idea here is the more research you do means the more specific you get and the more committed you make yourself to the goal.  When you commit to owning a task it stays in the front of your mind, so to speak, and you're less likely to let it fall by the wayside.
2. Documentation. Make sure you write your goals down in a few spots. Keeping a journal that you visit often is a good idea. It doesn't work if you write something down and then slip it under your bed or in a file somewhere. If you aren't constantly seeing it then how can you be constantly aware of it. A popular tactic is using Post-It notes and sticking them on mirrors or walls you pass by everyday. Personally I have a cork board hanging near the door of my office so that every time I leave it I am reminded of what my own personal goals are.
3. Measure. It's great if you set up your goals and write them down but if you aren't keeping track of your progress how will you know where you're going and when you get there. For financial goals this is pretty straight forward as you most likely are working towards a fixed value. Run your numbers. Find out your savings rates, your rates of completion, the percentage until your goal is reached.  This has to do with owning what you commit yourself too but it also will give you a clear idea of where you are and what you have to do to actually reach your goals. 
4. Tell people. This is a big one for me because it creates accountability. Granted finances are a bit personal so I'm not telling you to fly out of your comfort zone. Pick a few people that you trust or who might have similar goals and share them. Make sure they hold you accountable and check up on you. Part of setting goals or just getting anything done is accountability. If no one checks up on you it's easier to let a slow starting goal just slip away.  

So I hope that you see the value in my Big 4. These four points are general enough to apply to any kind of goals you have. One point of clarification though, it's great to have big grandiose goals. I want people to shoot for the stars but just make sure you break down how you're going to get there and tackle each one of those, one goal at a time.  I know there isn't anything in this post that is revolutionary or new information but I hope that just by seeing it and revisiting this stuff it helps to remind you of the importance of having goals.

Feel free to email your questions if you have them I love to help!! Just use the contact button in the left side bar.

Cheers!

Comments

[Don Juan]

I have found the post it notes to be helpful, but telling friends is something I'm going to try. I suppose if they're asking about my progress when I see them, that should motivate me to do the best possible to achieve my goals and respond with the good news. I like the "Big 4". Thanks man.

[Forest]

Telling people is the most important thing here I think.... When your friends and family start asking about your goal it's pressure to get to it and stick to the plan!!!! Anything that makes you accountable helps.

Great post fellow Yakezie :)