5 Step Plan to Reach Your Money Goals

When you sit down to make money goals all kinds of things can start to happen in your mind and in your body.  What felt like a simple task suddenly has you sweating and trying to think of anything else to do rather than focus on money. 

It can feel really hard.  And why?

For most women, we get stuck in perfectionism and/or it’s partner - analysis paralysis.

We are afraid we’re going to set a goal we don’t have the knowledge, skill or time to reach.  Or we think our goal is too small and probably won’t make a difference in our life anyway.  Or we think our goal is too audacious and everyone is going to laugh at us for even dreaming this big.

No matter which reason is stopping you, it’s tied into the fear of not doing it perfectly.  So instead of picking a goal and chasing it, you do nothing. 

Want to know something…there is no perfect way to set a money goal.  Don’t overthink it.  Pick your goal and get to work.  If you are motivated by a stretch goal, make your goal big.  If you get fired up with micro wins, set a series of smaller goals and start ticking them off.  You get to choose.

You don’t want to overthink it so much that you never take any action.

This 5-step plan will help you not only start your goal, but make sure you achieve it.  Let’s go!

Step 1: Clearly state your goal.

Your goal has to be clear and it has to be measurable - use numbers and dates.  The closer your completion date is to today, the more likely you are to stay motivated and achieve your goal.

Step 2: Visualize what achieving this goal would look like on a daily basis.

As you start to take action, you want to start from this place ‘as if’ you have already achieved your goal.  Try to walk back from that place to where you are now.  Write down what actions you took.  Think about what choices you had to make.  Be cognizant of the timeframe you visualized.  Sink into the feeling of accomplishment you have from achieving this goal.  What opportunities opened up for you?  Who are you now that this goal is achieved?

Step 3: Answer these 5 questions before taking action. 

These will help you identify any behaviors and activities you currently have that will enhance your chance for success.  They will also help you prepare for and eliminate (if possible) any behaviors and activities that will hinder your success.

Question 1:  On a scale of 1-10 (1 is ‘never gonna happen’ and 10 is ‘1000% achievable’) how hopeful am I that I will reach this goal? 

NOTE:  If your number isn’t a 9 or 10 use your answers from the next 4 questions to boost that optimism.  Doubts are normal – clarity and feeling resourced will allow you to overcome any resistance you’re feeling.

Question 2: What’s one activity, skill or belief I have (or can adopt) that would provide the biggest impact on achieving this goal?

Question 3: What daily activity can I stop doing (or at least pause) that would allow me to reach this goal more quickly?

Question 4: What challenges might I face and what can I do now to make them easier to handle?

Question 5:  Are there resources I can bring in to make it easier to achieve my goal?  And what is my plan to go after them?  Imagine that every resource you need is available.  Think big!

Step 4: Start!  Put together your action plan.

First - lay out a high level picture of the steps you need to take.

Second – break each step into smaller actions

Third – break that level into smaller actions

Fourth – continue this until you cannot define any smaller

Here’s an example.

GOAL:  Open a high yield savings account (HYSA)

First Level – just try to think about the main tasks

1. How much money do I want to put into a HYSA?
2. Set up my HYSA
3. Transfer money into my HYSA

Second Level – outline what needs to be done to complete each action above

1. How much money do I want to put into a HYSA?
   1. Review budget to see what money is available
   2. From available money, how much do I want to move into this account
   3. Is there something specific I’m saving for?
2. Set up my HYSA
   1. Decide if I want this account to be at my current bank
   2. If not, research what bank I want to use
   3. Contact bank and open account
3. Transfer money into my HYSA
   1. Move initial deposit into account
   2. Set up automations if transfers are going to continue

Third Level – see if it’s possible to break down the steps above even smaller

1. How much money do I want to put into a HYSA?
   1. Review budget to see what money is available
   2. From available money, how much do I want to move into this account
   3. Is there something specific I’m saving for?
      1. If Yes, what is it and how much do I need
      2. If No, what is the plan for this money
   4. Set up my HYSA
      1. Decide what bank I’m going to use
         1. Check rates at my current bank
         2. Check rates for online banks or credit unions
      2. Contact bank and open account
         1. Gather necessary information (SS#, current bank information, etc.)
         2. Pick a password (financial accounts should have unique passwords!)
      3. Transfer money into my HYSA
         1. Move initial deposit into account
         2. Set up automations if transfers are going to continue

You can take it from here.

Once you have broken this task down into all the small pieces, the next step is to start putting in actual dollar amounts, dates and timeframes.

Step 5: Set yourself up for success.

No matter how much planning you’ve done, things will happen on your way to achieving your goal.  There will be setbacks that convince you that this is one goal you’ll never achieve.  Here are a few tips to help you stay motivated. 

Use these and add any of your own.

1. Sink into ‘why’ you set this goal in the first place
2. Create milestones along the way to your goal – and reward yourself when you hit one
3. Have an accountability friend, someone who knows what you’re trying to do and can cheerlead you along the way
4. Give yourself permission to succeed – too often, we feel our goal is more than we deserve. Women have traditionally been taught to be givers. Women have traditionally NOT been taught to be financial achievers.  But you’re here to bust those old stereotypes!

So what money goal are you going to set? If you don’t have a goal in mind, pick one of these. 

Pay off half my credit card debt by the end of the year

Boost my emergency savings by $1,000

Open a high yield savings account this week dedicated to saving for a down payment on a home

Request copies of my credit reports and make sure they’re accurate

Plan a vacation and set up a savings plan

Pay off my car loan

Increase retirement savings

Setting and achieving financial goals can definitely feel daunting, but so worth the effort.  Remember, it’s OK to think big.  It’s OK to think small.  It’s OK to adjust your goal along the way as circumstances in your life change.  Following this 5-step plan and taking the time to write out your answers provides a handy reference so that if you get sidetracked you can easily see what you need to do to get back on track. 

The key is to stay motivated and celebrate the milestones.  You’ve already envisioned what it will feel like when you reach your goal, so go ahead and get started!

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Blog cover art by Ella Jardim