If you have financial goals and feel like you will never achieve them, then you may simply be missing the steps. Almost any goal someone has can be broken down into manageable steps. Each step brings you closer to your goal. When you want to figure out how to break down your financial goals, looking at examples helps. However, if your goal is to escape bankruptcy in Tennessee, then feel free to ask a Tennessee bankruptcy attorney for help.
BEST FINANCIAL GOAL EXAMPLES
Looking at some of the best financial goal examples might help you figure out how to break your financial goals into manageable steps. Small steps are necessary for any large goal. Otherwise, the goal could never be achieved. Having a plan and knowing your plan is the very first step.
Some of the most common financial goals people have are building an emergency fund, paying off a house or car, and retirement. To build an emergency fund, you need to figure what steps are necessary to reach your end goal. Your end goal for an emergency fund would be a minimum amount of money you want in your savings account by a certain date.
Let’s say this end date is by the end of this year. Many people recommend saving nine months’ worth of income. You need to know how much this is for you. Add up all your income for nine months. Then subtract your usual monthly expenses from your monthly income and see what is left.
Add up this leftover amount for 12 months and subtract this amount from your nine months’ income total. This will tell you how much more money you need to be saved to achieve nine months’ worth of income for your emergency fund. When you want to pay off a car or reach a certain amount of money for retirement, similar steps can be used.
This is also known as a budgeting plan. Subtract your monthly expenses from your monthly income and see what unnecessary expenses you can cut. Then make paying off your car a priority for a certain number of months.
HOW TO ACHIEVE YOUR FINANCIAL GOALS
Achieving your financial goals is all about taking action for each small step you create. Only thinking about goals will not do anything for you. One of your strongest ways to make sure you follow your goals is through personal financial planning. This involves putting all your steps together to see how they will all play out.
First, write out your current financial situation including all your expenses, monthly income, and what money you have left. Next, write out the money you would need to save or pay toward something each month to achieve your goal. Lastly, write alternative backup plans.
BANKRUPTCY LAWYER IN CHATTANOOGA, TN
Falling into bankruptcy can be a terrifying realization. This is not something anyone ever really expects to happen to them. Do not hesitate to contact Tom Bible Law by dialing (423) 690-7712 to explore your financial options. Our team of Tennessee bankruptcy attorneys might be able to help you escape bankruptcy or bad credit. Look for us in your local Tennessee cities of Chattanooga, Kingsport, and Tullahoma.