Financial Goal Setting for 2018: Here’s What Matters

Make Money Moves

money vision financial goal setting
Write down your money vision for 2018.

It seems like everyone is making money moves these days, but are we focusing on what matters when it comes to handling our money the best way? Of course you know that you need to do better with money, but exactly how do you accomplish that? Do you fix your credit? Should you pay down debt or invest? What should you focus on in your financial goal setting?

There are good answers for all these financial conundrums, but the answers should be specific to your personal circumstances, values and goals. To know those things, you need to create a money vision for yourself.

Money Vision

Before you do anything, you need to create a vision for your ideal money scenario. A vision is how you see your money picture panning out in the future. Imagine you see a friend in the airport and they ask you, “Hey, what’s your money situation like now?”  Yes, it’s a highly unlikely scenario because this is super personal information, but I’m trying to set the tone so you can understand what to get out of this activity.

Your money vision is the very best answer to this question. For example, “I’m glad you asked! Right now, I have three buildings that I rent out for about $2,000 a month. I’m fully funding my 401k, getting an awesome match and am on track to retire by the time I’m 48 years old. I’m able to travel at will and give back to causes I care about regularly.”

You’re vision may change as your values and life circumstances change, but you should get something in place ASAP. It will be the guiding force that helps you prioritize and make important money decisions.

Write this vision down somewhere and revisit it. You’ll be surprised at how much of your vision becomes reality and how much you’ll have to expand and increase it. You can also turn this into a vision board activity.

S.MA.R.T Goals

Once you get your vision in place, then you can move to setting S.MA.R.T goals in specific areas. If you don’t know, S.MA.R.T is he acronym for:

  • Smart
  • Measurable
  • Actionable
  • Realistic
  • Time-bound

For example, instead of a goal like “I want to increase my net worth,” change it up to, ” I will increase my net worth by paying off $5,000 of debt this year.”

Financial Goal Setting

Here are some financial areas where you can set smart goals:

  • Net worth
  • Savings
  • Spending
  • Income
  • Giving

Achieving financial health through goal setting can be an exciting, incredibly fruitful activity.  When you write down goals, recognize them as a genuine direction you desire, your life circumstances almost always automatically follow suit. By writing down these goals you are saying, “I am ready to move on and do better.”

With financial goal setting, you will find that these goal-oriented activities will help you do just that.

Speaking of giving…

Aja McClanahan offered up her recommendations for financial gifts. Find them in the Holiday Gift Guide 2017. Don’t go into debt to keep up with the demands of the season. Create a new vision for gift giving traditions!

giving guide 2017

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