How to Get Dwindling Financial Goals Back on Track - PowerPoint PPT Presentation

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How to Get Dwindling Financial Goals Back on Track


It is easy to fall off the track while working towards your financial goals. However, with these easy tips you can take charge of your financial goals the SMART way. – PowerPoint PPT presentation

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Title: How to Get Dwindling Financial Goals Back on Track

How to Get Dwindling Financial Goals Back on Track
Take Stock of Your Financial Goals Be Specific
  • Although the goal to save more sounds great, it
    doesnt provide you with enough details. This
    cant mean the same thing to everyone.
  • To personalize your resolution, youll want to
    answer the following
  • How much money do you want to save?
  • By what date do you want to save it?
  • How will you save this money?
  • Why are you saving money?
  • How will your goal affect the rest of your

Setting goals the S.M.A.R.T. way
  • If youre ready to set goals youre more likely
    to achieve, the S.M.A.R.T. technique is here to
    help. Its a mnemonic device that helps you
    create clear, definable goals with distinct
    deadlines.You can break down this acronym into
    its five letters each standing for a different
    yet important step to setting achievable goals.

S Specific
  • This first step is all about clarifying your
    needs and wants by naming your goal with exacting
  • Aiming to save 200 per month to pay off a loan?
    Saving 10,000 for a rainy-day fund. Or want to
    save 20,000 for a down payment on a house.
  • If you arent sure how much money you need for
    your goals dont panic! Its time to open up a
    search engine to find answers to more challenging
  • What does "more" mean to you in "saving more?

M Measurable
  • The Measurable step asks you to break down your
    goal into a number of deliberate tasks.
  • This exercise is especially helpful when youre
    thinking about bigger goals such as saving for a
  • It helps to dismantle a daunting goal into
    several smaller objectives which are easier to
  • Focus on small steps to stay on track

A Attainable
  • It forces you to review what youve established
    so far and determine if its practical for your
    current situation.
  • Ask if while thinking of my current bills and
    responsibilities, can I realistically save this
    much without throwing my budget off track?
  • You may want to have your household budget within
    easy reach when you tackle this step.
  • Undergo a quick reality check

R Relevant
  • It makes you ask yourself if this particular goal
    and its measurable tasks are relevant for your
  • If you have figure out how you may cut down on
    your spending, be honest with yourself are the
    sacrifices worth it?
  • If the answers are no to either of these
    questions, you have two options
  • (a) Go back to the Attainable step and tweak
    your actions.
  • (b) Ask why the answer is no and see what you
    need to change to make it yes
  • Are the sacrifices realistic?

T Timely
  • A timeline or deadline often makes you work
    harder than if you didnt have one at all
  • When you have a limited time before youre
    supposed to reach your goals, youll have to
    prioritize your tasks, so you only focusing on
    the things that matter
  • Make a mini due date for each of the smaller
    tasks you outlined in the Measurable step that
    help you reach the final deadline. Dont choose
    this last deadline at random pick something that
    makes sense with what youve learnt from the
    steps above.
  • Set Effective Deadlines

Get Motivated Again!
  • Sign a Commitment Contract
  • A commitment contract harnesses a consequence of
    your choosing to compel you to achieve your
    goals. If you fail, whatever you put at stake is
    lost or damaged. If you win, you succeed at your
  • Make your consequence count!
  • Choose what works for you
  • Try telling a friend about your plans. Here, the
    shame of telling them when you fail could be
    incentive enough to keep you motivated. Or try
    using commitment contract apps such as Beeminder
    or StickK

Get Motivated Again!
  • Avoid all-or-nothing attitudes
  • Its easy to see money as a black and white
    topic. Either youre in the red or youre not.
    Avoid thinking that if you dont meet all of the
    mini-steps outlined in your S.M.A.R.T. method
    breakdown, then you arent achieving what you set
    out to do.
  • Dont let negative thoughts derail you
  • If you miss a savings date or spend more money on
    things you dont need, dont dwell on these
    mistakes. Break through these negative thoughts.

Next Time, Do it Better
  • Henry Ford once said, failure is simply the
    opportunity to begin again, this time more
  • This is an important piece of advice whenever
    youre planning to make a big change in your
    life. Your mistakes arent just a record of your
    failure but an opportunity to learn how to do
    better next time and every other time you fail

Thank You!
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