Setting Goals

Have You Set Goals

When wanting to have an effective budget, it is important to set goals.  Goals provide something for you to strive for as well as a way to mark success.  Goals also provide a focus to your budget.  Remember when we talked about planning for wants?  Goals can be a vacation, new shoes, some new gadget, or a focus on a particular debt.  The direction of your budget depends on you.  Personalized to what you want, what your goals are.  Goals should be both short-term and long-term.  Ensure to write them down somewhere so that they aren’t forgotten.  Celebrate when they are accomplished, then set a new goal to replace it.  When additional money comes in, from a bonus or a tax refund, set goals for those funds prior to getting it.  There should always be a plan for your money, this allows for control.  Without goals what is your budget doing.  Is your budget controlling you or are you controlling your budget?

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