5 Tips To Achieve Your Financial Goals

Only a few days left before we bid goodbye to 2022 and welcome another year. Like most of you, I assess the goals I set at the start of the year to know how far I've come in making achieving these goals. 2021 has been tough but I'd say still better compared to 2020 —back to the time when our world literally stopped due to the pandemic.

This year, I was able to fulfill some of my financial goals like having an emergency fund that is enough to cover one year of my expenses, buying insurance for me and my two kids, increasing my savings, and having an extra for the things I want. As a single mom, it was not easy to be financially stable but if you are really determined to achieve your goals, nothing can stop you from doing it. Here are 5 tips to help achieve your financial goal.

Define your goals
First thing first, set a realistic goal. Consider the amount you are earning and monthly expenses and from there, create a goal as to how much you can save every month. If you set a goal that is impossible to achieve, you will end up being disappointed because no matter how hard you try, these goals are not feasible. 

Set a timeframe
Classify your goals into short and long-term ones. Once you have categorized these goals, you will be able to create an effective and efficient strategy on how to achieve these goals, considering how much time you have to achieve your financial goals.

Look for ways to earn extra money
I have been in the freelancing world for years now and this gives me the freedom to have more than one client. Always look for ways to earn extra money. You can either put up a small business, sell online, or use your skills to earn from a part-time job.

Save as much as you can
I am a firm believer in the saying "Pay yourself first" but it does not mean that you have to give in to all your cravings and wants. While it is important to reward yourself for a job well done, it is also vital to growing your savings.  Look for ways to cut your expenses, save as much as you can and be consistent.

Track Your Savings and Investment
Now that you have developed the habit of saving up and investing, the next step is to keep track of them. I found an online tool called Savings Calculator that helps me understand how much I need to save for certain goals and how long it will take me to achieve these goals. 

One of the features I like about this online tool is the Savings Goal Calculators. It offers 2 separate calculators which help savers figure out their finances. The first calculator tells you how much you need to save each month to reach your goals. The second calculator tells you how long it will take to save up for a certain amount given the current amount that you have and the monthly deposit you need to make.

For 2023, I am working on my retirement plan and it's good that Savings Calculator has a Retirement Planning Calculator. 

Whatever your financial goal is for the coming year, be sure to make use of online tools like the Savings Calculator to see how much you need to save each month and how long it will take to reach your goals.