{"id":1074,"date":"2020-09-17T20:25:09","date_gmt":"2020-09-17T10:25:09","guid":{"rendered":"https:\/\/knowledge.lifetick.com\/?p=1074"},"modified":"2020-09-17T20:25:09","modified_gmt":"2020-09-17T10:25:09","slug":"easy-ways-you-can-turn-financial-goals-into-success","status":"publish","type":"post","link":"https:\/\/knowledge.lifetick.com\/?p=1074","title":{"rendered":"Easy Ways You Can Turn Financial Goals Into Success"},"content":{"rendered":"\n<p>Whether the calendar is nearing January 1st and the New Year\u2019s Resolutions are flowing, or something is igniting a self-improvement spark inside of you, you\u2019re probably thinking about goal setting. And for many goal seekers, financial freedom is at the top of the list.<\/p>\n\n\n\n<p>Having financial goals are\ngreat; They can teach valuable financial skills and pave the way to a\nfinancially-sound future. The problem, however, is that many people are unsure\nof where to begin.<\/p>\n\n\n\n<p>To help, we\u2019ve broken down\nthe most common financial goals with tips to help you accomplish them\nsuccessfully:<\/p>\n\n\n\n<p><strong>Improve Your Credit Score<\/strong><\/p>\n\n\n\n<p>The key to any financial\ngoal begins and ends with a financial plan. Financial planning takes into\naccount a holistic view of your current financial situation to create a roadmap\nthat best defines your financial goals and the necessary steps to reach them.\nYour credit score is a critical component of your financial plan and can\nsignificantly impact your ability to achieve financial freedom.<\/p>\n\n\n\n<p>\u201cIt\u2019s better in the long\nrun to take the time now to improve your score,\u201d <a href=\"https:\/\/www.mentalfloss.com\/article\/84487\/how-can-i-use-credit-help-me-reach-goal\">notes personal finance\nexpert Farnoosh Torabi<\/a>.\n\u201cBecause milestones such as buying a car, owning a home, and starting a\nbusiness can come with hefty price tags, you can (and should) leverage the\npower of credit to help you achieve these goals.\u201d<\/p>\n\n\n\n<p>When it comes to improving\nyour credit score, the standard practices include paying all of your bills on\ntime, paying off debt, and keeping credit card balances low. An account that\ngives you <a href=\"https:\/\/www.chime.com\/second-chance-banking\/\">a second chance at banking<\/a> can help you achieve these micro-goals\nand, ultimately, your long-term financial goals by helping you manage your\nfinances in real-time. You can use your account as a way to monitor your\nexpenditures to ensure you can cover your bills and pay your debts. Once you\nmaintain consistent, healthy financial practices, your credit score will improve,\nand you can focus on your next exciting financial goal.<\/p>\n\n\n\n<p><strong>Start Saving Money<\/strong><\/p>\n\n\n\n<p>Saving money is an\nall-encompassing goal, meaning that it includes or is dependent on other\nfinancial habits, such as budgeting and spending habits. Seeing as it is such a\nbroad aspiration, the best way to set yourself up for success is to begin by\nwriting down your savings goal. As a matter of fact, merely <a href=\"https:\/\/www.inc.com\/peter-economy\/this-is-way-you-need-to-write-down-your-goals-for-faster-success.html\">writing out goals makes you\n42% more likely to achieve them<\/a>, according to a study on goal-setting\nfrom the Dominican University in California. <\/p>\n\n\n\n<p>By putting pen to paper,\nyou are essentially transforming your goal into a S.M.A.R.T. goal, determining\nif your goal is specific, measurable, achievable, relevant, and time-bound. To\nillustrate, begin by asking yourself what you want to accomplish by saving\nmoney. Perhaps, you decide you want to save enough money to retire by age 65.\nYou would then need to measure your progress. In this case, you might do so by\ndeciding how much money you need to save to retire.<\/p>\n\n\n\n<p>From there, you will gain a\nbetter understanding of how attainable your goal is and if you need to\nre-strategize, such as changing your desired retirement age. It\u2019s important to\nmake sure your goal is relevant, as well. This might mean asking yourself, \u201cIs\nthis the right time to be saving for retirement?\u201d Lastly, ensure your goal is\ntimely. It\u2019s one thing to say you want to save X amount of dollars for retirement,\nbut a better goal is to save X amount of dollars in X years.<\/p>\n\n\n\n<p><strong>Create a Spending Plan<\/strong><\/p>\n\n\n\n<p>With any goal, there are\ntasks or things you must do to get you to your end result. A perfect example\nhere is to create a budget. Not only is devising (<em>and sticking to<\/em>) a budget a worthy goal in and of itself, but it\nalso makes for a great stepping stone for nearly all your other financial\ngoals.<\/p>\n\n\n\n<p>A simple way to establish a\nbudget is to follow the 50\/30\/20 rule, which divides and allocates your\nafter-tax income into three categories: needs, wants, and savings. Once you <a href=\"https:\/\/moneyfit.org\/50-30-20-budget-calculator\">calculate your after-tax\nincome<\/a>,\ndesignate 50% to essential and necessary expenses like housing, groceries,\nutilities, and transportation. Next, devote no more than 30% of your income to\nwants or lifestyle expenses, such as cell phone plans, gym memberships,\nhobbies, dining out, and entertainment. Last, but most certainly not least, use\nthe remaining 20% of your income to save money and pay off any debt.<\/p>\n\n\n\n<p>By establishing a budget or\na spending plan, you will gain a better understanding of where your money is\ngoing and thus catapult you further into financial freedom. Budgeting provides\ncountless benefits and opportunities for financial growth by highlighting your\nspending habits, preparing you for unexpected expenses, and even improving\nconversations surrounding money.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Whether the calendar is nearing January 1st and the New Year\u2019s Resolutions are flowing, or something is igniting a self-improvement spark inside of you, you\u2019re probably thinking about goal setting. And for many goal seekers, financial freedom is at the top of the list. Having financial goals are great; They can teach valuable financial skills [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[13],"tags":[104,131,129,128,130],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Easy Ways You Can Turn Financial Goals Into Success - Lifetick - Knowledge Centre<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/knowledge.lifetick.com\/?p=1074\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Easy Ways You Can Turn Financial Goals Into Success - Lifetick - Knowledge Centre\" \/>\n<meta property=\"og:description\" content=\"Whether the calendar is nearing January 1st and the New Year\u2019s Resolutions are flowing, or something is igniting a self-improvement spark inside of you, you\u2019re probably thinking about goal setting. And for many goal seekers, financial freedom is at the top of the list. 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And for many goal seekers, financial freedom is at the top of the list. Having financial goals are great; They can teach valuable financial skills [&hellip;]","og_url":"https:\/\/knowledge.lifetick.com\/?p=1074","og_site_name":"Lifetick - Knowledge Centre","article_published_time":"2020-09-17T10:25:09+00:00","author":"Shane Maloney","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Shane Maloney","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/knowledge.lifetick.com\/?p=1074","url":"https:\/\/knowledge.lifetick.com\/?p=1074","name":"Easy Ways You Can Turn Financial Goals Into Success - Lifetick - Knowledge Centre","isPartOf":{"@id":"https:\/\/knowledge.lifetick.com\/#website"},"datePublished":"2020-09-17T10:25:09+00:00","dateModified":"2020-09-17T10:25:09+00:00","author":{"@id":"https:\/\/knowledge.lifetick.com\/#\/schema\/person\/e93340f7680e4a9b9b99ce23dcc3d3cb"},"breadcrumb":{"@id":"https:\/\/knowledge.lifetick.com\/?p=1074#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/knowledge.lifetick.com\/?p=1074"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/knowledge.lifetick.com\/?p=1074#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/knowledge.lifetick.com\/"},{"@type":"ListItem","position":2,"name":"Easy Ways You Can Turn Financial Goals Into Success"}]},{"@type":"WebSite","@id":"https:\/\/knowledge.lifetick.com\/#website","url":"https:\/\/knowledge.lifetick.com\/","name":"Lifetick - Knowledge Centre","description":"Tips, Guides and Manuals for Lifetick","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/knowledge.lifetick.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/knowledge.lifetick.com\/#\/schema\/person\/e93340f7680e4a9b9b99ce23dcc3d3cb","name":"Shane Maloney","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/knowledge.lifetick.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/0b4c44f5fc4f4c35dde3c23d4379bed2?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0b4c44f5fc4f4c35dde3c23d4379bed2?s=96&d=mm&r=g","caption":"Shane Maloney"},"sameAs":["http:\/\/lifetick.com"],"url":"https:\/\/knowledge.lifetick.com\/?author=4"}]}},"_links":{"self":[{"href":"https:\/\/knowledge.lifetick.com\/index.php?rest_route=\/wp\/v2\/posts\/1074"}],"collection":[{"href":"https:\/\/knowledge.lifetick.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/knowledge.lifetick.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/knowledge.lifetick.com\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/knowledge.lifetick.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1074"}],"version-history":[{"count":2,"href":"https:\/\/knowledge.lifetick.com\/index.php?rest_route=\/wp\/v2\/posts\/1074\/revisions"}],"predecessor-version":[{"id":1076,"href":"https:\/\/knowledge.lifetick.com\/index.php?rest_route=\/wp\/v2\/posts\/1074\/revisions\/1076"}],"wp:attachment":[{"href":"https:\/\/knowledge.lifetick.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/knowledge.lifetick.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/knowledge.lifetick.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}