The most common financial goals people make for the year are:
Pay down debt.
These can be fantastic things to strive towards, but for most couples, they’ll quit before making a meaningful mark on them.
Look at how these goals are presented and see what they are missing.
A few things that stand out to me:
Too Vague. There’s no actual end goal. How will you know you’re done? Is saving an extra $5/month enough of a win or are you trying to save $500?
No Way to Track Your Progress. Most people don’t change overnight, do to stay motivated it’s good to see how far you came. These goals don’t have that option.
No Why. Yes, getting out of debt and saving more are financially savvy moves. They are only part of the equation though. why do you want to get out of debt? Why do you want to have more savings? Those answers will help you discover what’s your true motivation and be a crucial step to making sure you achieve your goals.
So you know what not to do. How can you set yourselves up for wins next year?
Elle Martinez helps families at Couple Money achieve financial freedom by sharing tips for reducing debt, increase income, and building net worth. Learn how to live on one income and have fun with the second..