4 Ways to Accomplish Your Financial Goal for the Year

Did you make any New Year’s resolutions this year? If you’re like many people, you set a goal to save more for retirement in 2016. But deciding upon a goal and actually accomplishing it are two very different things! Take these steps to ensure that you will meet your savings goal by the end of the year.

Set an attainable goal. Or rather, set a series of goals for yourself. It can feel difficult and overwhelming to set a lofty savings goal for the entire year, and you might become tempted to quit by March. Instead, break up your resolution into attainable monthly goals. Seeing your progress each month will motivate you to stick with your plan in the long term.

Set yourself up for success. Dieters who rely upon will power to lose weight often find themselves distracted by junk food in the pantry. Likewise, those who set financial resolutions often find their will power lacking each time their paychecks arrive. Divert fund straight into your retirement fund so that you don’t have to rely upon will power to keep yourself on track toward your goals.

Make changes gradually, rather than all at once. It’s tough enough to commit to one change or new habit, let alone several at once! Saving more probably means you’re also cutting back on your spending, but you could quickly wear yourself out if you attempt too many changes at once. When you set up those automatic payroll contributions to your retirement account, choose a schedule that gradually increases your contribution throughout the year. This will prompt you to make gradual changes in how you spend your paychecks, rather than forcing drastic and depressing changes all at once. Just make sure this schedule allows you to meet your overall goal by the end of the year.

Remind yourself why you’re doing this! No one sets a budget and decides upon a savings goal simply because they enjoy self deprivation. Take some time to envision your retirement, and ask yourself about your goals for the future. With a clear vision in mind, you will feel more motivated to keep saving for the future.

For help with that last part, call our office to schedule an appointment. We can discuss your ideal retirement picture, help you decide upon a savings goal, and discuss strategies that will help you cross the retirement savings finish line.

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