I’m Not On Track To Reach My Financial Goals. Help!
It’s a feeling that many of us are familiar with: we set a plan to reach a financial goal and things start off strong, but then they go left.
It can be discouraging to fall off track when trying to reach any goal, but it’s also key to remember that mistakes are inevitable. What’s more important is the way you adapt to the situation and move on from that point.
If you’re not on target to reach one of your financial goals, we’ve got a few suggestions that might help you get back on track.
Assess what’s not working
The first step you need to take if you’re not on track to reach a financial goal is to assess your current financial health. This is important, as you need to be able to highlight your mistakes in order to be able to make effective changes. Be sure to consider not only what’s not working, but why they aren’t.
If you’ve got a defined financial plan already, you should have some hard targets you can use to compare with your current state. But, in addition to checking these metrics, be sure to ask yourself: have my goals changed entirely? If you’re falling off track, it could be because you’re not motivated enough to stay the course when things get challenging. If you have a desired outcome that you really want to achieve, like a comfortable retirement or a new home, it should be easier to stay focused on getting there.
If you don’t have a financial plan, recognize that this could be one of the reasons you’re having a hard time staying on track. Having a clearly defined set of goals and a plan on how to get there is critical to achieve what you want with anything, and your money is no exception. If you’re looking for some pointers on how to create a financial plan, click here.
Get a first (or second) opinion
A financial advisor can help you find the most effective way to manage your financial needs considering your fixed costs, monthly income and more. An advisor can also help you determine why you ran into trouble and help you strategize on how you’re going to avoid the same issues in the future. So, if you’re running into trouble reaching your goals and you’ve never seen a financial advisor before, now is a good time to consider it.
If you have seen a financial advisor in the past, or even if you have a financial advisor you currently use, consider how getting a second opinion might help you. However the second advisor assesses your plan, you’ll come out stronger. If they agree with your first advisor, you know your plan is solid. If they don’t, you might be exposed to a new set of options that might suit your priorities and lifestyle better.
Save more money!
The more you can save each paycheck, the better. You’re never going to find a situation where you feel you have “too much money”, though you are likely to encounter plenty of unexpected expenses over the years.
To save more, you’ll need to change your saving habits, make cuts to your spending habits where possible or a combination of both. This might include reducing your grocery bills, using less electricity or automating your savings. You might be surprised to see how much extra money you can save when you change the way you approach saving and get critical about your spending!
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Be kind, but hold yourself accountable
While it can be tempting to beat yourself up about mistakes you’ve made in the past, try not to be too hard on yourself. What’s done is done, and it’s more productive to turn your attention towards the future.
However, there’s a fine line to be walked in this situation. It’s important not to discourage yourself too much, but at the same time, you still need to remember to hold yourself accountable. Otherwise, you’re going to be likely to repeat the same mistakes again in the future.
Figure out a way to help keep yourself focused on your goals going forward. In the beginning, it may be helpful to call upon a close friend or family member to check in on you and ask you about your progress. You could start a journal to document the steps you took each day to reach your financial goals, or share openly on social media so that others can watch your journey. Whatever works best for you, do it! The support of others can help greatly, but only you can put in the work to reach your financial goals.
