Outline 1-3 Short-Term Financial Goals
If you've been playing along with our bingo series by now you'll have a better sense of your expenses and current account totals. It's a great time to create some short-term goals for yourself. Typically short-term goals are things we can complete within a year. I teach the SMART goal method which means your goals should follow these criteria:
S - Specific
M - Measurable (How do you define success?)
A - Achievable
R - Relevant (Does this align with my values and other objectives?)
T - Time-Bound
You want to get super clear here! For instance, save money is not a clear goal. However, some goals might be:
I will set aside $100 per month for one year in a high-yield savings account. This will enable me to support my niece's education and aligns with my family values.
I plan to increase my debt payments to an additional $50 per month so I can pay off my personal loan faster. This aligns with my values of autonomy and stability.
When in doubt, start small so you can build on each success.
Tap into your core values. Why is this important to you? Understanding your why with help you better meet your goal.
Once you have your goals written out, map out specific steps and the timeframes. For instance:
Within the next week, I will research and open up a high-yield savings account.
Within two weeks, I will set up a recurring bi-weekly transfer of $50 to said savings account.
By the end of one year, I will transfer the accumulated funds to my sister so she can use them accordingly.
The final step is to schedule a recurring money date for yourself to regularly check in on your goals.
Let me know how it goes! I'm curious, have you set financial goals in the past? If so, what were they? Were you able to achieve them? Why or why not?
You can shoot me an email at hello@financesforfeminsts.com or send me a DM at https://www.instagram.com/financesforfeminists/. Well done on another bingo square completed!
