The first step in any successful activity is the willingness to do it. The old adage, “If there’s a will, there’s a way”, never goes out of style and it also applies here.
You may well agree that it is best to focus on something if there’s no distraction as this allows your mind to become fully engaged in an activity. So, I am inviting you to allot time and full attention where you will not do other tasks for at least the first 2 steps. Once settled, I will share three simple and foolproof steps on how you can reach your financial goal.
Are you ready? Let’s begin!
I want to save money!
Prepare a piece of paper or word document. If you wish to write on a sheet of paper, start by thinking, “Why do I want to save?” Then once you have thought about it, you can write it beside ‘GOAL’. Try not to make it too challenging that it will discourage you to start.
Once completed, ask yourself again, “What do I want to do to achieve this goal?” You can write as much as you can as long as it is something that you REALLY WANT TO DO and CAN DO. For a starter, it may be good to have at least 3 items. Then, assess if this will truly help you reach your goal.
To help you out, you may choose from the below list. Just edit and fit it based on your own needs. Or better yet, come up with your own entirely.
GOAL: I want to save money because:
- I want to have a health insurance so I don’t worry about medical/hospital bills
- I want to have a life insurance so I will not worry about my family’s future if something happens to me
- my daughter/son will start going to school in 3 years
- I want to buy my first car by January 2017
- I need to pay for my education by the start of the school year (2016-2017)
- I will travel to Singapore this coming summer and visit at least 3 places there
- I want to retire by the age of 55 years old
WHAT DO I WANT TO DO TO REACH MY GOAL?
- put my loose change/coins (P5 or P10) in a piggy bank daily
- after I receive my salary this payday, I will immediately set aside 10% of it for savings
Ex. Salary x % = Savings
At 10% : P 6,000 x 0.1 = P 600
- open a bank deposit account to put in 5-10% savings from my salary
- earn additional income
– bake cakes and sell them to my friends/neighbors/officemates
– have a garage sale this weekend : sell my old clothes, shoes and bags
- ask help from financial experts about insurance and start one
- learn how and invest in an investment vehicle like mutual fund, UITF, etc.
This is how it will look:
GOAL: I want to save money because….
WHAT DO I WANT TO DO TO REACH MY GOAL?
I want to start today!
Now, you are finished with your goal and list. The next step is to PRIORITIZE.
They say that if someone is serious about bringing an idea come to life is not to put off what one can do today. So to do this, rearrange the order on your list or just place # 1 on the activity that you will DO TODAY and ACT on it.
This year would not be the same from today if you start it with something new and positive, right? So, be bold and take that first step now.
I want to reach my goal!
In our hectic and busy world, sometimes we forget what’s important to us. After you start one activity on your, “What do I want to do to reach my goal?” list, do you stop there? Of course not, you’re way better than that. Remember, you want to REACH YOUR GOAL.
To follow through, post your goal and list where you can see it often and go back to it at the end of the week or so. Then decide to start on the second or third item on your list. Once you have accomplished all the items on the list, check how far you are from your goal. Update your list if you wish to be more aggressive in reaching your goal on time.
That’s it, buddies! For someone with a strong resolve and a clear goal in mind, this is definitely foolproof since the success of this activity depends on YOU.
Also, have fun learning about yourself while doing it. We wish you only the best in your finances!