How to Set Achievable Financial Goals

As you think about your financial future and where you want to be in five, 10, 15, or 20+ years, creating a financial plan is an important part of achieving your financial goals. At Harvest Wealth Partners, our financial planning professionals can help you to set and pursue achievable financial goals. Here are some tips for getting started before calling our team—

Understand Your Current Financial Situation

The best place to start is to dive into understanding your own financial situation, which can be difficult to do. Until you understand all sources of income, how you’re spending your money, your fixed expenses, and your current debt obligations, knowing how you’ll save for the future will remain elusive. 

Know Where You Can Compromise and Where You Can’t

The next thing to consider when setting financial goals is your comfort level with cutting spending in different categories. This will require being open and honest with yourself about where you’re willing to compromise and where you’re not. For example, are you willing to cut out that morning latte, or is this a non-negotiable purchase that is truly essential to you starting your morning out right each day? 

Create Specific Savings Goals

Once you have a working understanding of your financial situation and where you can divert money from spending to savings, it’s time to create some specific savings goals. Fortunately, saving can be simple—today, you can have savings deposits automatically deducted from an account, or may be able to ask your employer to deposit a portion of your paycheck directly into savings. You may also be able to increase your 401(k) contributions, which come directly out of your paycheck. 

If the idea of creating large, long-term savings goals seems overwhelming, start by creating smaller, more specific goals. For example, maybe you want to save for a trip next year, or even a new outfit next month. 

Think About the Future Today

Finally, remember that the future will one day be the present and when you get there, you want to be prepared. Investing money now may mean more money tomorrow, thanks to compounding interest. 

Get Help from a Financial Planning Professional

At Harvest Wealth Partners, we know that thinking about money and creating financial goals doesn’t come naturally for everyone. If you need help creating a financial plan that works for your budget and helps to put you on track to pursuing your financial goals, call our team directly today. We are here to support you. 

This material was prepared for Harvest Wealth Partners financial advisor’s use.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision.