Creating Personal Goals
Goal – “the end toward which effort is directed” (m-w.com, definition of “goal”). Goals are simple things. Just an endpoint, a marker to identify the direction in which you are moving and when your action is completed. The act of setting goals can be daunting. Adding structure to the activities you complete in your life by saying, “This is where I am going,” is a thoughtful process that we often come to at the new year, when milestones are reached, when we are dissatisfied with the way things are and when we just need a change.
Setting goals can help bring focus to your daily activities, reduce stresses and help bring a sense of organization to your life. Goals allow you to ask the questions: Why am I doing what I am doing? Do my actions and activities help me live the way I wish to? Staying focused on achieving your goals can help you eliminate unnecessary activities or impulse spending. Goals can give you sense of accomplishment and purpose. Working towards goals can save you time and money.
How to set goals and what kinds:
Deciding what you are looking to achieve is the key to setting goals. Goals come in many shapes and sizes. You can think of goals in monetary terms ($500, $2000, $5000), sizes (small, medium or large), or lengths of time(short term, mid range and long term). Goals can lead to one time actions or a commitment to make an over arching change in your life.
| Monetary | Size | Length of time | Examples |
| $500 | Small | Short term | digital camera, musical instrument, a swing set for the children, a savings account with $500 in it, a weekend getaway, volunteer a community organization |
| $2000 | Medium | Mid range | a vacation, fitness equipment, computer, furniture, season tickets to your favorite professional sports team, spend more time with your children, loose 10 pounds |
| $5000+ | Large | Long term | a car, a house, a college education, trip around the world, a savings account with $5000 in it, a retirement account with $25,000 in it, pay all your bills on time |
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Let’s take an example of a monetary goal. You wish to save the money to purchase a new ebook reader. The reader costs $250 and you will also need to pay for tax, shipping and a cover. You determine you will need $300 for this purchase. Is this an immediate goal or a long term goal? This decision can be made once you decide how long it will take you to save to make the purchase. Is this a goal you want to accomplish in the next week or something that you want to work on over the coming year? Are you willing to save your money to reach your goal? Your time line may mean not spending on extraneous or impulse purchases, so you can reach your goal sooner. Monetary goals will help to direct your spending. When you are in a store with an item in hand you can think of your goals in relation to that item, is purchasing this item going to get me closer to saving for my ebook reader? Or is this item important enough to slow me down in reaching my goal?
1. Goals must be flexible- What you want now may be different than what you want in 6 months or 2 years. Allow space for this.
2. Goals must be personal to you and your family- you are more likely to achieve your goal and enjoy that achievement if you set for yourself rather than to “keep up with the Jones’s.”
3. Goals are more likely to be met if they are specific. For example you may want to retire early but does that mean at age 45, 55, or 60? If you are specific you can set a time line and achieve your goal.
It is important to set realistic and personalized goals that you want to accomplish for yourself. Think of what you want to do that fits into your life and personality. The more individualized your goal is the more you will be motivated to reach it for yourself. Try not to fall into setting cliche goals because you think you should want to accomplish that but pick something that you actually do want. Be realistic and choose things that you can accomplish. Be specific in your choices. “I want to be in shape” is not specific. It can mean different things to different people and different things to you at different points in your life. Do you want to loose weight? Do you want to feel stronger? Do you want to be able to walk up a flight of steps without feeling out of breath? Do you want to exercise or eat healthier? Think about what it is you really want and why you want to achieve it. Then it is time to figure out how you will attain that goal.
Accomplishing your goals:
When setting a goal of any size, think about the steps you will need to reach that goal. Create smaller ‘bite sized’ mini goals so you can see your progress on the way to reaching your goal. It may take a little research to figure out how you get to where you want to be, but that can be the first step in your goal. The research might also cause you to change or adjust your goals too. Give yourself time to make it happen. For example you may decide you want to take a vacation to France. To accomplish this you would need to get a passport, save money for airfare, save money for lodging and food, research activities you want to do and places you want to go, schedule time on your calendar, make sure you have time off from work. What order makes sense to accomplish these? How long might each item take? Remember everyone is different and you may or may not want to do this process formally or less formally.
Write down your goals. This helps you remember them and reminds you each day what they are. Keep your goals in your wallet to remind you each time you spend money. Is this getting me closer to my goal or farther away. Post them in a prominent place in your home or office. That way you can think about your actions of that day and how they be helping or hindering you in accomplishing your goals.
The simple act of writing down your goals could be enough to focus your energies and motivate your accomplishment. If you feel that you want a more in-depth plan creating time lines and outlines, be sure to keep it simple. Complicating the process can lead to overwhelming you and allowing you to lose sight of the ultimate prize. Take a few minutes right now to take out an index card and write down your goals. Think about where will be the best place to remind you of your goals and place that card there.
Share your goals with people in your life who will be cheerleaders in your quest to accomplish them. It is always good to have support and motivation in what you do. Be careful not to share with those who may have a negative attitude about your goal setting. They may try to dissuade you from them, convince you to change them to something that is not your desire or call you a dreamer who will never get it done.
Remember you alone are responsible for achieving your personal goals and you will reap the rewards!
– Jill Vasbinder
References
“The Key to Getting Ahead”, Chapter 1 of Money in Motion developed by the American Center for Credit Education (ACCE), a division of Rushmore Consumer Credit Resource Center. 2005. https://bkeducation.credability.org/
