Setting Your Financial Goals


Setting Your Financial Goals

money-bagsThis morning, Ellen Rogin, our wealthness expert, joined me on Your Caregiving Journey. You can listen to our show via the player, below.

Ellen and I discussed how to set goals, primarily financial ones. We walked through a process you can use as to create your goals:

1. Write down your goals. (In 2013, I have financial freedom.)

2. Visualize receiving what you want. (My visualization might be: Writing a check to pay my last credit card debt with a great feeling of pride, checking my bank account and feeling joy at my balance, making a large deposit and saying a prayer of thanks as I do.)

3. Map out and take action. (I create a spreadsheet that details my liabilities and assets, determine which debt to pay off first, decide how to cut back on spending, create a way to bring in money.)

Ellen and I also spoke about managing frustration if the goal takes longer to realize than you want. Keep your focus on what's going well--because when you set the goal, visualize it and take action, you are doing well.

Listen to internet radio with Denise Brown on Blog Talk Radio

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I keep a spreadsheet that I update a couple of times during the year and finalize during tax season. In addition to keeping track of freelance income and tax-deductible expenses, my spreadsheet contains all my expenses, arranged by category (e.g., Entertainment, Grocery, Electric). It lets me keep track year to year of where and how I'm spending money and is a terrific accountability tool. It also lets me differentiate among large necessary expenses (e.g., partner's MRI), smaller discretionary expenses (e.g., eating out), and inflation (e.g., rate increases), since all of those could inflate the total. That extra awareness makes me feel more in control because I know where I can make a difference. I can keep a daily focus on taking one good step after another, and the numbers can provide objective, positive feedback.