What is your BIG money goal for 2024?
With 76% of our Rask community setting money goals and 19% wanting to start this year, we finish our Summer Series with a big deep dive into goal setting.
In today’s episode, Kate & Owen discuss how to set money goals, what stops you from achieving them and why it’s so important to focus on the journey, not the destination.
āIf you aim at nothing, you will hit it every time.ā
Zig Ziglar
Hereās what our Rask community have to say about goal-settingĀ
Do you set financial goals? 76% yes, 19% want to start in 2024Ā
Does setting financial goals help you reach financial milestones? 62% yes, 31% sometimes
š What stops you from setting goals?
- Feel lost about where to put my money
- I can never stick to them
- I change my mind regularly
- For me it’s more about where do you start?!
- Too many expenses
šø What helps you reach your financial goals? Any tips for first-timers?
- Document goals, regular check-ins, and make minor adjustments as neededĀ
- Work backwards. Can I do $200pw? Yep. Therefore goal is $11k over 52 weeks.
- We have a family vision board with goals and financial info that we update monthly
- Aim huge & if you fall short, youāre probably better off than your original goal
- Start small with automated amounts to saving and investing
- Using trackers and having a goal end date
- Set a goal every month, thatās only 12 things. Over time it all adds up to financial independence.
- I run two scenarios in my head, one where I execute the goal and one where I donāt.Ā
- I have separate savings accounts for my short, medium and long-term goals, plus my emergency fund.
- Variable income = budget each pay
- Starting small focusing on building the habit.
ā ļø What stops you (or slows you down) from reaching your goals?
- Children, vehicle breakdowns
- 3 kids and a mortgage – kids first!
- Inflation & market declines
- Need something to help me track my progress
- Unexpected emergencyĀ
- Spending sprees on material things
- KFC & analysis paralysisĀ
- Limited income and increasing costs
- Tax
- Plan change
- Interest on mortgage repayments
- Not having a stable income
- Procrastinating āI will start tomorrowā
š Reflection questions to consider
- What do you want 2024 to look like?
- Imagine yourself in 12 months’ time; what have you experienced, learned and achieved?
- Look at your big expenses and purchases from 2023. How do you feel looking back at these now?
- What are you most grateful for from 2023? What do you want to bring with you into 2024?
- What do you want to do more of/less of this year?
- How can you work backwards from this to figure out what your goals are?
- What has held you back in the past from reaching your goals? Identify and write down your challenges. How could you overcome them this year? (pre-mortem for your 2024 goals)Ā
