Use this method to achieve your financial goals!
We all have a variety of money-related goals. They could be to buy a car, a new house, take your family on a vacation, or something else. Regardless of your goal, achieving them often takes longer than they should. I believe the reason for this is due to a lack of focus and planning. In this article, I will show you a change I recently made that is already helping me achieve my financial goals faster, and you can do it, too!
In the next few months, I need to buy a vehicle. I know the exact type I want to buy, how much it is going to cost, and how it fits into my lifestyle, but I was struggling to get clear on how much money I had designated towards it in my account. I decided to get ultra-focused on developing a plan to accomplish this goal as fast as I could.
The first thing I did was opening a new bank account. I call this my “GOAL ACCOUNT” and I set it up to track my progress to achieving my financial goals. As I said before, I am working to buy a vehicle, and I have a list of goals to accomplish after I crush this one (house, new filming equipment, etc).
The reason I opened this new account was so that the money I am going to buy the car with is separate from my regular savings. It allows me to take a quick inventory of how I am doing while working towards this goal and hold myself accountable.
Before opening the account, I wanted to make sure it had a few important options. I did some research to choose a savings account that had no fees, high interest, and no restrictions on transactions. Do some research and discover which bank account is best for you based on these qualities, and other incentives you might discover.
The first thing I did after opening my new GOAL ACCOUNT was to immediately deposit some money into it. It does not have to be a lot of money, just put some into it so that you take action, commit to the goal, and start to build momentum. I am a firm believer that financial momentum is key to achieving any financial goal.
After I had opened the account and I made my first deposit, I planned out what percentage of my monthly income I was going to put towards this goal and I set up automatic deposits into that account. I also committed to contributing the money I make from my business until I have enough money to buy the vehicle.
Making a plan on how you are going to use your money to achieve whatever financial goal you have is so important. Determine what percent of your income you will contribute. Find a side-hustle you can start to increase cash flow. Lower your expenses. Make a plan and then make it happen!
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