I have been reading her blogs and watching Patrice Washington on the Steve Harvey show. She is very inspirational and knowledgeable of finances. She has risen to the top as a blogger and expert as The Money Maven. I am working toward getting my credit back on track, so I have dive into reading and watching her free teachings and resources..
Here is a few tips from a blog post of Patrice about setting financial goals:
- Be specific.I consider undefined goals to be nothing more than dream killers which is why most people fail at New Years Resolutions. To achieve financial goals you must be deliberate about your intentions by using concrete numbers, dollar amounts, percentages, dates for accomplishment, etc.
- Next, Be deliberate. Once you have great specific goals, you have to get a plan in place to reach them. Divide big goals into smaller steps so you don’t become overwhelmed.
- Last, I want you to be accountable. After you’ve got your big goals all worked out and even have action steps to keep you moving along, don’t make it OK to not hit your goal.
So, Instead of saying I want to save more, make your goal to save $1000 by December 31, 2016.
So, now your goal to save $1000 becomes, saving $333 per month or even $85 per week. Doing it this way allows you to look at your spending and see what you can cut down or cut out to make that happen. Even if you have to get radical and sell things to hit your goal, at least now you know what you’re aiming for.
Get an accountability partner who can support and encourage you to achieve your goal. You need a friend or family member you trust who won’t let you off the hook.
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