- January 27, 2022
- Posted by: Virg Cristobal
- Category: Finance
Working toward your financial goals means that when you end 2022 you will definitely be further along than had you not started anything to begin with. If 2022 is going to be your year to increase financial security or just complete those goals that you have on the back burner, here are seven ways to stay focused on your financial goals for 2022.
#1. Do an annual review.
Before getting started on what you want to accomplish in the upcoming year, take a look back over the last year or even 2 to 3 years to find out what you really done and accomplished and where you’ve come from. It might be a bit painful but the lessons you learn on what not to do can be just as powerful as those you learn on what to do.
Ask yourself critical questions about your personal life such as what is actually worked over the last year or two? Are there any business products or services that have served you well? What are the biggest disappointments or mistakes that you may have made? Are there any regrets or decisions that can offer you a teaching moment for this year?
#2. Analyze your current financial situation.
Once you analyze the previous year, turn your attention to your current financial situation. Run a balance sheet, profit and loss statement, update your personal financial statements and make sure you have a good snapshot of what your personal finances look like. If you are unsure on how to read them, a business consultant or financial advisor can be of great tool to help you manage these details in a more understandable way.
#3. Look to the future for your financial goals.
What is the end goal or result you’re trying to achieve? Are you looking for security for yourself and your family? Have more playtime? Starting a new business or turning the management over to someone else? Are you looking to have a business partner or use better contractors and vendors? Are you looking for a bigger cash reserve to protect you from the economy?
#4. Build goals into your existing budget.
Once you know where you’ve been and where you’d like to go, it’s important to incorporate those goals into your existing budget. Do you need to increase your budget to achieve those goals? Do you need a new accounting program or financial manager to help you achieve those goals in a more understandable and comprehensive way? Do you need to understand your cash flow to meet your goals? Are you looking towards retirement or having multiple avenues of revenue to protect your assets over the years? What is your current spending objective and how can you alter it or balance it to keep pace with where you want to go?
#5. Set small, achievable goals.
Be realistic with your goals and end result. If you are shooting for the moon, that’s fine, and to have a bigger dream goal is appropriate, but not having smaller steps on how to get there can be overwhelming and make you give up before you’ve even reached a small, obtainable goal. Try breaking your goals down into manageable pieces that will help you win overall.
#6. Stick to your budget.
This can be difficult for just about anyone but the rewards are immeasurable. Just think where you’ll be if you stick to your budget for one year. Probably a lot better off than had you blown the budget and on your own thing. One of the simplest ways to achieve your financial goals is to create and stick to a budget. If you need help sticking to the budget, a financial planner or even life coach can help with simple tricks and tools to get you where you need to go.
#7. Stay positive.
No, this is in some life-altering Guru motto, but studies really show that staying positive, filling your day with affirmations and positive feedback can really work wonders towards achieving your goals faster. If your entire life is negative or pessimistic, chances are you’re not going to reach your goals anytime soon. The more positive you are, the more you literally say to yourself “I’m going to do this or I can do this or I have done this” the more likely you are to stick with the plan and have the result that you want.
If you’d like help with your financial planning goals or need some help determining financial goals and how to get there, give Chrome Advisors a call at any time.
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