Creating a
Plan of Action
Mid-term goal (6 months)
What successful goal
setting looks like
Now that you know why goal setting is important and the different areas it will
help in, let us look at what an ideal situation for setting goals will look like. Just
having a goal of $600 isn’t clear enough for you to start planning how to reach
that goal, right? So what does a successful goal setting look like to ensure you
reach it?
Deciding on a
Realistic Goal.
Of course, to set a successful goal, you have to decide on the goal. The
goal is the end game, the reason why you are doing all of this
strategizing. Do you want to save up for something specific? Are you
looking to buy something new? If there isn’t something specific you want
to buy, think about any types of investments you want to try out in your
teens. Or if you want a certain amount of money saved for your college
fund. Perhaps there’s a place you’ve alays wanted to travel to or a car
you’d like to buy
Whatever it is, find that specific thing you want to buy, do, see or
experience and put a number on it. Decide how much you want and when
you want it. But most importantly, make it realistic. Are you looking to save
up $600 in two months, but you only get a $100 allowance monthly? That
doesn’t really make sense, so make sure you set realistic goals.
95% Success Cases
Based on your budget, you will see what is realistic and what is unachievable. If
it isn’t realistic or achievable, you’re bound to lose motivation and give up. So
don’t aim for something too big right away. This is about getting started so you
can learn and see how it works and get excited about the reality of your bigger
goals.
Setting a Budget
Based on what you’ve decided you want to set as a goal, start setting up a
budget for yourself. It’s about tracking your expenses and money earned -
comparing what’s coming in versus what’s coming out. The budget also shows
you where your money is and how much is in each place. The strategy of
tracking your money is key to maximizing its potential.
Short and Long-term
financial planning
When you have your first goal set and your budget outlined, you should
create a specific action plan. The action plan is what you are going to do to
achieve the goal, which includes your budget, finding income, and other
action steps. It’s not always enough just to have a goal. You have to have a
plan for how to achieve that goal.
If you don’t have a plan, then you only have a dream with no steps to reach it.
Your action plan will be a lot easier to figure out based on what you have
noted in your budget. Your plan can include more ways you’re planning on
making money or ways you’re planning cutting certain expenses. It will help
drive you forward toward your goal and make it clear what steps you have to
take to reach that goal.
Tips for reaching your goal!
Automate your savings Creating a timeline
It’s highly recommended to create an automated savings When setting a goal, it is really important to decide on a specific date
plan to help you stay on track with your savings. You might when you want to reach it so that you can better manage your planning
need your parents’ help you at first, so don’t be afraid to ask. strategy. This will also help you monitor your progress and see thether
Technology can work in your favor sometimes, so make use you’re on track or not. First decide when you want to reach the goal. Then
of automated plans to ensure you set aside that money create milestone dates that help you check in on your progress along the
every month. way and creste mini goals within your overall goal. P.e. Make a goal to
have $300 by October and $400 by November if your end goal is to have
$600 by Deccember.
Reviewing Your progress regularly Staying motivated
Create a habit of checking in regularly. Review your goal, Staying motivated to continue saving each month is often the most challenging
plan, and timeline to help you see your progress and part of saving money. Motivation isn’t something that comes automatically, and
whether you are staying on track to meet your final target. there will be days when you would rther reward yourself immediately bu spending
Checking in your progress will not only allow you to adjust your money rather thank keeping it or putting it into savings. This is completely
your plan, budget, and timeline, but it will also help you stay normal, so don’t beat yourself up for not always wanting to stick to your plan.
motivated. When you review your progress and see how Fortunate there are several ways to stay motivated and on tracks, even when
much money you’re able to set aside, you’ll feel more excited things get tough.
and fired up to continue.
Thank You
