6 Simple Steps To Reach Realistic Financial Goals | My Money Sage

It’s important to have big dreams, but it isn’t easy to turn your dreams into reality. Pick goals that you are passionate about and believe that you can achieve them. Make realistic plans that you can meet and track your progress.
Financial GoalsHere are six simple steps to reach your financial goals,

“Set your goals high, and don’t stop till you get there.”

BO Jackson

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I am sure like many,  you are also inspired by the above quote, while it’s true that you have to set your goals high, at the same time it’s imperative to keep it realistic.

You may dream about starting a business, buying a house, being debt-free, or going for a round-the-world trip. Planning can help you to make it happen.

If you don’t have any goals or objectives, you will not be clear about what you want to do. You will keep living from day to day without any sense of direction. Those who achieve great things have clear goals and make plans to reach them.

It’s important to have big dreams, but it isn’t easy to turn your dreams into reality. Pick goals that you are passionate about and believe that you can achieve them. Make realistic plans that you can meet and track your progress.

Get insights on your personal finance by a Registered Investment Advisor. Its FREE, but spots are limited… Register now.

I am hereby listing six simple steps to reach your financial goals.

Set goals that you are passionate about

Ask yourself if you want to achieve your goal. It’s not enough to want something because everyone else wants it or because you think it will make you look good. If your heart’s not in it, you will not be passionate about achieving the goal. You will not have the motivation to do whatever it takes to succeed.

If you are half-hearted about the goal, you will probably lose interest. For example, you are more likely to own your dream house if you have a burning desire to make it happen.

Choose realistic goals

Pick realistic goals that you can achieve in the given time frame. Consider the gap between where you are and where you want to go. Can you get what you want within a reasonable period? If you believe that you can achieve the goal within the given time frame, you are more likely to succeed.

You need to choose an achievable goal to avoid frustration. Break the goal down into smaller milestones. Reaching each of them will motivate you to move forward.

Think about whether you are trying to do too much. You need to have enough time to focus on each of your goals. Time is your most precious resource, and it isn’t possible to do everything at the same time. It’s best to be clear about your priorities and do the things that matter most to you.

Also read: Asset Allocation: The key to your financial success

Make a detailed plan

You must have a plan if you are to achieve your financial goals. Be specific, and define the objective, the timeframe and the milestones in monetary terms. Be realistic and set achievable goals. Set deadlines for each goal and milestone. Since you are making the plan, you are more likely to succeed.

A flexible plan will help you to stay on course even if you are unable to reach some of the milestones as scheduled. Unforeseen events can cause delays, and at times the goal may seem unreachable. There is no need to get disheartened and give up. Your plan needs to factor in such unexpected delays so you can keep moving towards your goal.

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Use standing instructions

Use standing instructions to invest money every month. There should not be any need for you to do anything to move your money to an account or mutual fund. You can issue standing instructions to your bank to transfer funds, and set up systematic investment plans (SIPs) to invest in mutual funds.

You can transfer money to a recurring deposit account or a few mutual funds every month. Everything will happen automatically, and you will keep moving towards your goal every month. You are more likely to reach your targets because you will not have to do anything to make it happen.

Move money out of your main bank account

If you set up a recurring deposit account or SIP, money will move out of your main bank account every month. You will get used to making do with the remaining amount. You are less likely to spend the money if you move it to an account in a different bank. As soon as your main bank account’s balance falls, you will have to curtail spending.

Funds invested in mutual funds are not instantly accessible, so impulsive spending is less likely. It’s unlikely that you will redeem your mutual fund investments unless you must.

Also read: Are you a victim of Financial Infidelity?

Be positive and visualize success

You need to be positive while setting goals and visualize success. Spend time thinking about success every day. If you are full of doubts and think about all the things that could go wrong, you may not succeed. Your mind creates an environment for success.

If you can visualize a goal and believe that you can achieve it, you will succeed. That’s why you must to choose a goal that you think is achievable. If you picture yourself achieving your goal, you will make it happen. Being positive is one of the critical factors for success.

Get insights on your personal finance by a Registered Investment Advisor. Its FREE, but spots are limited… Register now.

Conclusion

You can make your dreams come true by setting specific goals, defining them in monetary terms, and preparing detailed plans. Break each goal down into milestones and track your progress. Give standing instructions to your bank to invest money every month. Move money out of your main bank account to avoid impulsive spending. Be positive and visualize success to achieve your goals.

About the author

KishorKumar Balpalli, believes that financial literacy and discipline is the key to one’s financial freedom. KishorKumar is a Certified Financial Planner, Personal Finance Blogger & the Founder of myMoneySage.in an award-winning Wealth Management platform. myMoneySage simplifies investing for individuals and amplifies business growth for Registered Investment Advisers by leveraging Artificial intelligence and machine learning. The AI of the machine plus the intellect of the human advisor enables comprehensive & client-centric advice at a fraction of the cost of a conventional adviser.

myMoneySage.in is an award winning personal finance platform. It helps you aggregate all your personal finance accounts like FD, Equity, Mutual Funds, PPF EPF, NPS including, Credit Cards & Loans etc. It's one place where you can track, plan and invest seamlessly. myMoneySage.in empowers you to invest in zero commission direct plans of mutual funds thereby helping you generate higher on investments. The best part is it comes with a lifetime Free plan.


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