How to Set Financial Goals and Stick to Them For The Upcoming Election Year

As the election year approaches, there is a lot of uncertainty about the future of the economy. With so many factors outside of our control, it can be easy to feel overwhelmed and unsure about how to handle our finances. However, setting financial goals can help us feel more in control and empowered, no matter what happens in the coming months. In this post, we'll explore some strategies for setting financial goals and sticking to them, even in uncertain times.

Whether your goal is to save money, pay off debt, or invest for the future, these tips will help you stay on track and achieve financial success.

So, let's dive in!

Assess Your Current Financial Situation

The first step in setting financial goals is to assess your current financial situation. This means taking a close look at your income, expenses, and debts. Here are three tips to get started:

1. Track Your Spending: Keep track of all your expenses for a month or two to get a clearer picture of where your money is going.
2. Calculate Your Net Worth: Add up all your assets (such as savings, investments, and property) and subtract your debts to get your net worth.
3. Review Your Credit Report: Check your credit report for errors or issues that could be impacting your credit score.

By taking these steps, you'll have a better understanding of your financial situation and be better equipped to set realistic goals.

Set SMART Financial Goals

Once you have assessed your current financial situation, it's time to set some goals. However, not all goals are created equal. To increase your chances of success, it's important to set SMART goals:

• Specific: Be clear about what you want to achieve.
• Measurable: Set goals that you can track and measure progress towards.
• Achievable: Set goals that are realistic and achievable given your current financial situation.
• Relevant: Set goals that are relevant to your overall financial priorities.
• Time-bound: Set a deadline for achieving your goals.

For example, instead of setting a vague goal like "save more money," set a SMART goal like "save $500 per month for the next six months to build up my emergency fund."

By setting SMART goals, you'll have a clear roadmap for achieving financial success.

Take Action and Stay Accountable

Setting SMART financial goals is an important first step, but it's not enough on its own. To achieve your goals, you need to take action and stay accountable. Here are three strategies to help you do just that:

1. Automate Your Savings: Set up automatic transfers from your checking account to your savings account to make saving money easier.
2. Use a Budgeting App: Use a budgeting app like Mint or YNAB to track your spending and stay on top of your financial goals.
3. Find an Accountability Partner: Share your financial goals with a friend or family member who can hold you accountable and provide support.

By taking action and staying accountable, you'll be much more likely to achieve your financial goals and create a brighter financial future for yourself and your family.

As the election year approaches, it's more important than ever to take control of your finances and set SMART financial goals. By assessing your current financial situation, setting SMART goals, and taking action and staying accountable, you can achieve financial success no matter what the future holds.

So, take some time today to assess your finances and set some SMART goals for the coming year. You'll be glad you did!

Start Investing With Professional Guidance

Making the correct investing decisions and putting a long-term investment strategy in place is the smartest move for volatile financial times such as the ones we are experiencing now.?

With professionals on your side, such as our team of financial advisors at Ridgewood Investments, managing your assets becomes a lot more stress-free.

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