5 Tips to Set Intentional Financial Goals for 2024
The confetti has settled, the champagne flutes are dry, and we’re staring down the barrel of a fresh, shiny year. 2024 is a blank canvas and ripe for painting—with bold strokes of ambition, that is. But before you put “buy a yacht” on your glittery vision board, let’s be real: it’s time to ditch the generic resolutions and get intentional about your financial goals.
Why intentional? It’s simple. Wishing for a bigger wallet is akin to throwing spaghetti at a wall and hoping it sticks. On the other hand, intentional goals are well-defined, driven by a plan, and supported by them. They’re the difference between daydreaming about financial freedom and actively building the roadmap and taking action to get there.
So, how do we transform vague desires into actionable ambitions? Buckle up, because here are five tips to set intentional financial goals for a prosperous 2024:
Tip 1: Know Your “Why”
Before you even consider dollar signs, ask yourself: What do you truly want your money to do for you? Is it early retirement and tropical cocktails? Freedom from debt and peace of mind? A bigger nest egg for future adventures? Articulating your “why” gives your goals a heartbeat and a reason to keep pushing through inevitable setbacks.
Money is just a tool; it is not an end-all, be-all within itself. Money carries no intrinsic meaning on its own. Rather, it is merely a resource we use to live life the way we want to live it, whatever that looks like. Knowing your “why” will help guide your direction and make the path clear.
Tip 2: Be Honest With Yourself
Wishing for a mansion while living paycheck to paycheck is setting yourself up for failure and disappointment. There’s no sugar-coating it: you must be truly honest with yourself if you expect to achieve your financial goals. Be honest with yourself about your shortcomings, and be willing to break any bad habits that you’ve formed over the years while also building healthy new ones.
Do you shop too much? Are you spending more than you make? Are you not keeping track of where your money goes? Are you not saving enough? It could be anything; the point is, don’t hide from it; face it head-on, and make this year the year you choose to do something about it.
Tip 3: SMARTen Up Your Goals
Remember that wish for a yacht? Let’s SMARTen it up:
- Specific: Don’t just say “save more.” Aim for something specific, like “increase monthly savings by 15% to reach a down payment for a sailboat by year-end.”
- Measurable: You don’t know if you’re winning if you don’t know the score, so track your progress. Set quarterly milestones and celebrate achieving them.
- Attainable: Be ambitious, but realistic. A $10 million yacht in one year might be a stretch…
- Relevant: Make sure your goals align with your “why.” You must find meaning and purpose in the goal. Don’t chase something just because it sounds nice.
- Time-bound: Give yourself deadlines! “Save for retirement” is too vague; “contribute 10% of my salary to my 401(k) every month” is actionable.
Tip 4: Plan Your Money Moves
Once you have your SMART goals in hand, it’s time to craft a tactical plan. This could involve:
- Create a budget. Allocate your income towards your goals and track where your money goes.
- Investing: Research smart investment options aligned with your risk tolerance and time horizon, or hire an investment adviser to help.
- Payoff debt: Prioritize high-interest debt and consider strategies like the snowball or avalanche method.
- Boost your income: Explore side hustles or career advancement opportunities to fuel your income goals faster.
Tip 5: Stay Motivated and On Track
Reaching those milestones deserves a victory dance! Acknowledge your progress, no matter how small. But remember, this is a marathon, not a sprint. Regularly review your goals and adjust as needed. Don’t be afraid to seek support from a financial advisor or other personal finance communities.
Remember, intentional financial goal-setting is a journey, not a destination. It’s about learning, adapting, and building a stronger, more empowered relationship with your money. So, embrace the adventure! 2024 awaits, and with these tools in your pocket, you’re well on your way to a year of abundance.
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Advisory services are offered through Forefront, a DBA of Forefront Wealth Partners, LLC.
This material is general in nature, was developed for educational use only, and is not intended to provide financial, legal, fiduciary, accounting, or tax advice, nor is it intended to make any recommendations.
