Are you still financially focussed?

30 Sep 2019

Start with one financial goal

It can be self-defeating to attempt a complete change of your financial life all at once. Keep it simple and choose to focus on one goal that will either have the greatest impact on your finances, is easy to accomplish, or simply is the one with the best chance of success.

This goal could be as simple as 'save 10% of my household expenditure' or 'review my personal insurances'. Focusing on one short-term financial goal first will increase the probability of success so you can start thinking about other longer-term financial objectives.

Keep your emotions in check

Goals can be emotionally driven, and that can make an already challenging financial situation that much more difficult. You need to keep the emotional impact to a minimum to ensure it does not corrode your goal-seeking framework. Learning to control your emotions is not always easy and can take time. If they are getting in the way of achieving your goal, notice the triggers to help you manage them.

Track your financial progress

This is critical. Considering creating your own 'diary of development and direction' and write down how my financial goal has progressed each day. This will help reinforce the positive behavioural changes you’re making. You can also use affirmations relating to the goal at hand (and dream maps – a visual reminder) for even greater power.

Share your financial goals

By entrusting others for support, you will improve your chances for success. This will help keep you accountable and increase the likelihood of maintaining a goal. You don't have to work on your goals on your own. In fact, enlisting help from friends and getting them to follow similar financial goals at the same time can be very effective.

Achieving your financial goals is a long-term and sometimes confusing process. For help with your financial success, talk to a Shadforth financial adviser.

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