IDENTIFY YOUR GOALS
Financial goal setting is easy to master.
Create goals that are specific, with
beginning and end dates. The easiest
way to do it is to answer the questions
who, what, when, where and why.
WHO? Since you’re the one setting the
goals, you are the "who" here.
WHAT? What you want to accomplish
(i.e., save $400 or pay off a credit card).
WHEN? Set specific start and end dates
for meeting your goals.
WHERE? Where you’re getting the money
from to meet your goals (i.e., saving, cutting
back other expenses, investing, etc.).
WHY? The most important question.
Decide why your goal is important to
you. Your "why" is what keeps you from
spending $500 on an antique garden gnome
instead of transferring the money into
savings. (Of course, goals being a personal
thing, getting that gnome might be one of
your goals—in that case, go for it!).
By answering these questions in your
goal statement, you will create specific,
achievable and realistic goals. Additionally,
keep your goals positive—focus on what
will happen, not what will not happen.