Tips For Planning For Your Future, Even When It Seems Super Far Away.
- Make a plan. Identifying the right goals, developing your written plan to reach those goals, and implementing the action steps required to attain those goals can make all the difference between financial success and failure later in life. If you make a plan, you’ll be more motivated to build your savings and start investing.
- Share your goals. Doing so is a critical component of goal setting. When you share your goals, you benefit from an instant support network of people who have a vested interest in your savings success. This also leads to conversation around your investing goals so that you can access the insight and knowledge you need to achieve them. Finally, it makes you accountable to others for the realization of your goals – a powerful motivator!
- Set resolutions. This can be overwhelming if you put them in all-or-nothing terms. Avoid making resolutions such as, “I will start saving and investing 50 percent of my income each week,” or “I won’t go to Starbucks anymore,” or “I will go to the gym every morning.” These resolutions are so rigid that if you deviate at all from these absolutes, you may feel like a failure. Instead, try setting goals that can advance your progress, such as, “I will go out for coffee two or three times a week instead of every day,” or “I will increase the number of times I go to the gym each week.”
- Take small steps forward. While accomplishing your biggest goals may seem daunting, savings and investment goals become attainable when you take baby steps. As you become more comfortable with saving and investing more, it becomes easier to add new goals to your plan. It will also be easier to sustain the growth you’ve accomplished. Be sure to celebrate your financial success along the way!
- Be patient. Savings and investment goals provide a sense of purpose and direction, but it’s easy to revert to past habits and abandon your resolutions. Rather than give up when your goals feel elusive, use the opportunity to modify your plan by selecting an alternative activity, perhaps by adjusting the amount of savings or rebalancing your investments.