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Time to tweak 2013 money goals?

By Kemberley Washington · Bankrate.com
Thursday, April 4, 2013
Posted: 7 am ET

It has been more than three months since the beginning of the new year, when many of us set "new" financial goals. Although some of us are well on our way to achieving these goals, others have fallen short.

If you are on the wrong track, redefining your financial goals can help you to victory.

Redefine your financial goals

Whether your goal is to get out of debt, boost your savings or invest more, this is a great time to redefine such financial goals. List each goal on paper. This simple technique has been a great success in my own life. I usually jot down my goals and post the list where I can see it daily to serve as a constant reminder of what I am trying to achieve.

Redefine your plan

Having financial goals is great, but having a plan to get there is better. At this point, you should understand what works and what does not. Experience is the best teacher. Identify what has stopped you from reaching your goals and begin to make changes.

Think hard and long about this. Has frivolous spending prevented you from saving? Does the shopping mall cause you to go over budget? Or what about a night with friends? Whatever it is, identify your weaknesses and develop a plan to overcome each one. In addition, list steps required to reach these financial goals.

Redefine your actions, mindset

Sometimes, a new mindset helps us achieve new things. This may mean leaving some of your old bad habits in the past. Simply put, do things differently and take a holistic approach. Surround yourself with people who are good stewards of their money. If credit cards have been your downfall in the previous year, cut them up! Develop a new mindset to accomplish the goals you desire this year.

Remember: your choice, your future!

Kemberley Washington is a certified public accountant and business professor. She writes a personal finance blog at Kemberley.com. Follow her on Twitter and on Facebook.

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2 Comments
Save First
April 07, 2013 at 6:16 pm

Ditto by 150%. I enjoy cycling (a lot), and 12 years ago I made a goal to ride 10,000 miles in a year. It was a DAILY effort to put forth 30-50 miles, and I did it (10,220 precisely). I am now using the same mentality and determination to pay off my 30-year mortgage in 7 years, saving almost 170k in the process. Little steps, monthly principal increments, avoiding distractions (no iPhones or fancy cars here), staying on track with my amortization sheets, knowing that some months I can pay more than others, etc... all lead up to making a long-term STRETCH goal very attainable. So many of my colleagues and neighbors think I have a high income - I don't (less than nearly all of them, actually). I am patient, driven, and focused - that is the only difference and why I will be mortgage free at 40.

Albert Haynes
April 04, 2013 at 3:19 pm

I agree one hundred percent that jotting down your goals, and to least Veiw it everyday as an reminder is a great technique. For people who may not know take this technique serious you all should ,because I use it and it works.