There are several ways you can go about creating financial goals, but there are only a few ways you can create powerful and lasting financial goals that will bring you closer to the future you desire. One effective way to increase the chances of successful goals is the SMART goals approach, a method that makes sure your goals are held up to certain standards. Finding effective goals is equally as important. If you ever find yourself struggling financially or falling to the point of bankruptcy, then consider asking a Tennessee bankruptcy attorney for guidance.
Create SMART Goals
SMART goals is an acronym for specific, measurable, achievable, relevant, and trackable goals. This method of creating goals can be used to ensure your financial goals are realistic enough to be accomplished by a certain time period. Not using the SMART goals method will still let you create financial goals, but there are likely to be fewer unexpected obstacles with the SMART goals strategy.
A specific goal is a goal that is clear enough to not be misinterpreted the wrong way. This type of goal is a goal you can look back on ten years from now and know exactly what the outcome needs to be. Measurable goals are goals you can measure by frequency, numbers, scales, or almost any other kind of measurement. When it comes to money, you can measure your financial goals with how much money you want to save up or the percentage increase you wish to achieve.
Achievable goals are realistic and doable according to your unique situation and the resources at your disposal. These goals usually involve thinking ahead in terms of what your resources are now and what your resources might be in the near future. Relevant goals have to be relevant to your needs and financial situation. For example, you would not want goals that have nothing to do with your finances.
Timely goals come with a deadline, that is, a specific date when you want to have the goal accomplished like the end of the month or next year.
Finding Effective Financial Goals
Finding effective financial goals in Tennessee is important when you want to significantly improve your finances. Some financial goals might not help you at all, while others may actually harm your finances. One of the first steps in this process is figuring out where you stand financially at this very moment. Do this by adding up all your financial assets and how much money you spend in a typical month.
Then figure out what you want in the future. Whether this is a house, a hobby, or a car, you will use this wish to guide the creation of your financial goals. Calculate how much money you would need to accomplish this wish. It helps to break this down into short-term and long-term financial goals.
Bankruptcy Attorneys in Chattanooga, TN
Maintaining healthy finances is not always easy. Consider talking with our legal team in Chattanooga, Tennessee, and North Georgia if you ever find yourself at the brink of bankruptcy. Call Tom Bible Law today to speak with a Bankruptcy lawyer in Tennessee at (423) 424-3116 for a free consultation. Our team of Tennessee bankruptcy lawyers is located in Chattanooga, Kingsport, and Tullahoma.