Avoid Sabatoging Your Short Term Money Goals (What You Want To Know Wednesdays)

Sometimes saving in any capacity can be hard.  Whether you’re planning  a vacation, saving for Christmas, etc., stashing money doesn’t always work out how you want it to.   One reason you could be falling short of your goals is you aren’t planning out how you’re going to achieve them.  Or, you could be failing to give your plans enough attention and detail.   Use these tips to help keep you on track. 

Set a realistic time frame – A large reason goals don’t pan out is due to having too short of a time frame.  If your terms are too strict it’s likely that you will stumble.   Not allowing yourself enough time will set you up for failure, which can also demotivate you.  Make sure to account for an adjusting period – you will have to get used to the financial trade offs of saving money.

Write out a plan – Creating a plan will give you a solid foundation.  This will help give you focus, and also, you will be able to see how to fit achieving your goal in to your every day life.  Ask yourself how much money you will need to put away each month to reach your goal.  Don’t forget to actually write out your plan. 

Track your progress – It’s important to track the progress you’ve made.   Not only do you get to see where you’re at in achieving your goal, you can see a representation of your hard work paying off.  As an added bonus you can celebrate milestones. 

*learnvest.com

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.