Do You Have a Dream You Want to Achieve? Then, Start Mapping Out Your Money Goals!

Written By Gary Spirer Published March 26th, 2010

Setting your money goals will help ensure that you will achieve them. A detailed, step-by-step plan will guarantee your achievement of your money goals.

So what are some benefits of mapping out your money goals?
1. You will manage your time better.
2. It will help you focus on achieving your money goals.
3. It will make achieving your goals more realistic.
4. You will achieve your money goals.

So, are you interested in mapping out your money goals? Below are a few steps to get you started.

Instructions:

Step 1.
*Write a List of Money Goals with a Time Frame in Mind*
What are some of your money goals? What is the time frame that you wish to achieve your money goals? Do you want money for a business startup? A new house? A new car? Or maybe you would like to save some money for your child’s college education. List down a set of money goals you want to achieve; and the time frame that you want to achieve the goals.

Step 2.
*Include your Spouse/Family in Mapping out some Money Goals*
Your Money Goals will no doubt affect your spouse/children/family. Everyone affected should have a say in mapping out the money goals. They can also get involved with helping achieve the Money Goals as it becomes your Family’s Money Goals.
Some great benefits to this are that it will foster a closer relationship with your family members; and it will introduce Financial Planning/Goal Setting techniques early on to your children. Your children will be ahead of the financial planning game compared with their peers.

Step 3.
*Prioritize! Rank your Money Goals and Focus on the Top Five Goals.*

We all have more than Five Money Goals we want to achieve in our life. However, by focusing on only Five Money Goals for now, it will help you reach your goals faster; and make achieving your dreams more realistic. One great way to think about this step is to remember the guy who filled his plate with food at the buffet. By the end of the meal, that guy couldn’t finish everything off his plate.

Step 4.
*How much Money do you need for your Money Goals??*

Do you want to buy a home? Then, find out how much your ideal home would cost at your choice of neighborhood, etc. Determine how much money you would need for each of your Money Goals.

Step 5.
*Map out how much you would need to save each day/week/year for your Money Goals.*

Since you have a time frame of when you want to reach your Money Goals, map out how much money you will need to save each day/week/year to reach each Money Goal. One great method of doing the calculations is by using a simple excel sheet and crunch out the numbers for daily/weekly/yearly savings. There are also free Microsoft Excel Worksheet Templates available at the Microsoft Office website in the Budgeting/Financial Planning sections. The templates have formulas pre-installed in them to calculate the numbers for you.

Step 6.
*Now, the most IMPORTANT STEP of all, HOW will you achieve your Money Goals?*

Note that this is the step that will have a high factor in determining whether you will achieve your Money Goals.

With all of the information you’ve gathered in the previous steps, plan out a detailed
step-by-step plan on how each Money Goal will be achieved. You might have to make some personal sacrifices.

For example, if your Money Goal requires you to save $10,000 in one year, then from Step 5, you should have calculated that you will need to save $27.40/day; $191.78/week; or $833.33/month. Now you can map out how you will save $27.40/day. Some steps you can take are: work an extra part-time job; sacrifice buying/eating out for home-lunches/dinners; and/or sacrifice your gym membership to go jogging at the park.

Step 7.
*Set your Money Goal Schedule to START NOW*

So, what are you waiting for? You’ve mapped out your Money Goals with a specific time frame; and you’ve determined the specifics as well. So, START NOW. The longer you wait to start, the longer it will take to achieve your goals. Put up a Money Goal calendar on your refrigerator door and start saving for your Money Goals.

Overall, setting up your Money Goals with the above steps will help you achieve your goals. You will have a detailed knowledge about how much money is needed to save to for each goal within the set timeframe. So, what are you waiting for? Let’s get started! You are heading towards the road of achieving your Dreams!

2 Comments

  1. This post is beyond awesome. I am always wondering what to do and what not to do so I will follow some of these tips.

  2. When you’re in the corner and have got no money to get out from that point, you would require to take the loan. Because that will help you definitely. I take consolidation loans every year and feel myself good just because of it.


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