So, you’ve set financial goals for the year. But are you accurately tracking your progress? A good resolution is something that takes time and multiple steps in order to achieve. Good resolutions are rarely completed in January.
So how do you know if you’re tracking well on your resolution or not?
Here are some things to keep in mind as you begin tracking your progress to keep yourself on the road to financial success this year.
Redefine your goals. Before you can begin tracking your goals, take another look at them. Do they need to be redefined in order to successfully track them? If your goal is just “lose weight,” how will you measure whether or not you’re on track? Your weight fluctuates, and losing a few pounds may not actually achieve much. The same goes for financial goals -- if your goal is something broad like “budget better” or “save for retirement,” then it’ll be tough to ever feel like you achieved something. Instead, make your goals measurable and definitive. Some examples: Save $5,000 this year. Pay off credit card debt. Reduce student loan debt by 75%.
Be real. When it comes to your goals, don’t hold anything back, and be honest when you realize you haven’t met your goals or you’re not making the progress you thought you would. If you have a significant other, a family, or even a roommate with whom you share expenses, bring them into the conversation, too. They can help keep you accountable and can help get you back on track if you realize you’ve gotten off track.
Don’t compare apples to oranges. Use your own history as a benchmark for yourself. Never compare your own financial situation to anyone around you, because no two will ever be the same. Ensure your goals are based on your own personal financial past as well as your ability to succeed in the future.
Use an app or service. Tracking your progress on your own can get tough, and let’s be real, we can all be a little more forgiving to ourselves than an outside force can be (it’s tough to explain to an app why you just had to have that new outfit that set you back on your track to meet your goal). Wela allows you to track your progress and even get real feedback and advice from humans. If you haven’t already, download the app and get started.
Review and revise your goals. Things change. There’s no way of knowing where you’ll be in a few months, or even weeks. Reevaluate your goals regularly. Make sure your goals are still realistic after you’ve had some time to work toward them. Keep in mind it’s okay to revise your goals. If a big life event happens, or you redefine your goals, don’t be afraid to change your goals -- just be careful not to give up on your goals completely. They can always be revised!
We’re here to help you achieve your financial goals, whatever they may be this year. We’d love to stand beside you and empower you to reach healthy, realistic goals, while tracking your financial progress. If you’re ready to get started, download the Wela app here.