The Power and Importance of Written Financial Goals

Hero

I launched FinanceSuperhero in April 2016 to help others save money, get out of debt, earn more money, and live the best life possible. Send me an e-mail or a comment if I can help you in your journey. Thanks for reading!

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24 Responses

  1. Apathy Ends says:

    Great post and interesting statistics

    I write down yearly financial goals and recently started looking at our spending on a monthly basis. A big plus of blogging is you can put them out there for everyone to see (extra motivation if you need it)

    • Hero says:

      I think if more people were aware of the statistics, we would become a more goal-oriented society.

      It is interesting that you mentioned the value of putting goals out publically. I am planning a future post in which I will do exactly that. I hope you’ll come back to dissect my goals!

  2. Start setting goals and managing one aspect of your life and you’ll soon see other areas will improve.

  3. I always believe there is a value in setting and writing financial goals. Like you, I follow the SMART process and ever since I adopted it, I have been able to achieve my goals with little to no problems. I guess because I have laid out what I need to do.

    One of the financials I had was eliminating my debt, which I completed paying in December of 2015. I was indebted to the tune of $40K. I made it a goal and paid off in 2.5 years. Luckily, at the same time, I was able to save at least $70K even when I was the only one working in my family.

    I believe that without goals, a person will always travel on a long and winding road without any successful end in sight. To be successful is to have a goal.

    Great post.

    • Hero says:

      Allan, thanks for commenting. It is great that you were able to set a goal to eliminate your debt and accomplish it while also saving a significant sum of money. Did you scale back lifestyle significantly or gain a raise during that time? Or did having a SMART goal give you the focus and motivation you needed to reach the finish line?

  4. Michael says:

    Great post, Hero! I thoroughly enjoyed reading it. I couldn’t agree more with you. In the month of December, I sit down and write down my goals for the next year.

    In addition, I write my financial goal on a piece of paper and put it into one of the transparent pockets in my wallet. Every time I open my wallet, I am constantly reminded of my goal and it motivates me towards the goal.

    I have been doing it for three years in a row now and I will admit that I have so far achieved my goal every single time.

    • Hero says:

      Michael, I think placing your goals in your wallet is a phenomenal idea! I have placed goals on notecards on my refrigerator and bathroom mirrors before, but the wallet idea is a new one for me.

      Congratulations on adhering to your goals over the past three years, and thanks for your comment!

  5. Goals are so important. Even something as simple as an expense goal in the form of a budget goes a long way.

    When I started working, I wasn’t spending much as a student, so when my income increased, I didn’t worry about my spending. And that trend continued until finally I decided to control my spending.

    As soon as I started tracking expenses and living within a budget, not only did I spend less (and save more), but I had less worry over the expenditures I did make.

  6. FiFever says:

    My favorite part of this was “beginning with the end in mind”. If you don’t really know what you’re working for you won’t have motivation to save that extra $100.

    I’ve been keeping track of my goals in Mint for a while but it’s a lot easier when you have accountability. Now I’m publicly documenting my progress, as I’d recommend everyone do as it really gives you that extra push to keep up with it.

    • Hero says:

      Mint is a great tool. I currently use EveryDollar and PersonalCapital, but only because I prefer their user interfaces.

      Public accountability is a very powerful thing, especially when achieved through a blog platform. I am working on a post featuring my goals so I can have others hold me accountable. Have you found that it helps you, FiFever?

  7. ZJ Thorne says:

    Currently, my income is too variable to have such specific goals regarding numbers. However, I have written down my goals about skill development to get my income both higher and more stable.

  8. @DistilledDollar @financialsamura A common theme in your recent posts – highlights the power of the act of writing!

  9. ZJ Thorne says:

    My current goal is to save a down-payment in eight months. On the path to attaining financial freedom in five years.

  10. Good post and I 100% agree with goal setting although I’m pretty positive the supposed 1979 Harvard study on goal setting is a myth. As well as another popular 1953 Yale study. There is no proof that either of these studies actually took place.

  11. Agreed! Something that is often overlooked by many. Without being goal-oriented we are really just wandering around aimlessly. The importance cannot be overstated.

  12. DMEF DMEF says:

    I think many people have never explored the idea of written financial goals so it’s great that you’re bringing light to it!

  13. Great post!
    It’s nice to be able to back up the importance of goal-setting with numbers.
    I set a daily list each day, and a monthly list I blog, plus a semi-annual review. But there’s some skill to goal-setting. I have to get better at setting the right goals. Thanks for sharing!

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