Beginning the new year with a new set of goals is something we’re all too familiar with. Saving money tends to be a popular financial goal that Britons put on their resolution list every year. In 2019 of the Britons who made new years for the year only 24% have kept all of them. Of those who did start a resolution for 2019, 31% of Britons said that their new year’s resolution was to save money.
We understand how hard it can be to stick to certain goals, especially when unexpected expenses are thrown your way. This is why we’ve compiled a list of goal setting do’s and don’ts to help you set your goals right!
When starting new goals, it can become overwhelming when overlooking how much you have to achieve. Instead of biting off more than you can chew, it is important to set smaller goals for you to achieve throughout the year to ensure your chance of achieving each one is greater.
Set a maximum list of goals to begin. By starting with a few small goals, you can really focus on achieving each one. If you choose to focus on too many goals throughout the year, it may become not only overwhelming trying to achieve too much. It also makes it harder to achieve one goal when there are conflicting deadlines and tasks to achieve goals. Keep your eyes on the prize, but make sure your goals are set within reason. We suggest starting off with 3 to 5 goals and after 3 months increase depending on your progress.
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Each goal must have a deadline. When deadlines aren't set there will be no sense of urgency to achieve each goal. Parkinson’s law suggests that longer deadlines lead to setting smaller goals and putting in less effort as longer deadlines increases the sense of perceived difficulty. Of the 3 to 5 goals you do set, we suggest setting tighter deadlines. For example, if one of your goals for the year is to save £5000 within 12 months, set a smaller goal that ends within 12 months. Your new goal should be to save £1664 within 4 months. This will give your goals more importance as the deadline does not seem so far away.
The importance of community should be a focal point in your goal setting journey. Community offers a lot like shared experiences, interactions with others, resources and more! We suggest joining a new community that relates to your goals. This gives you an opportunity to learn new ways to achieve your goals and share your experience that may help others now and in the future.
It should not be expected that all goals will be achieved, or everything will run smoothly. Life is filled with many unexpected events so it is important to recognise that your goals may change over time. It is better for you to keep this in mind and be able to adapt if needed. Stay ready and don’t be discouraged if something does change. You can still achieve your goals!
All of your financial goals are important, whether big or small. When you start to minimise your goals importance it minimises your achievements. This can lead to less effort being put into achieving each goal. Remember that each goals weight is the same and that achieving each will bring you closer to financial freedom.
Good luck on your goal setting journey! We hope these do’s and don’ts serve as a great starting point in setting the right financial goals.
Happy Building! 💪