Financial goals are something almost everyone strives for, even without realizing it. People can be striving for financial goals by simply trying to save more money or escape debt. Writing down these goals is what can increase their chances of becoming a reality, but this is also where some people find themselves stuck. If you are struggling with bankruptcy, then consider asking a Chattanooga bankruptcy attorney for help.
How to Start Financial Goals
Starting financial goals can be like writer’s block. Financial goals do not always come to mind right away, and this is when thinking about your personal values and life goals can offer guidance. An effective recommendation is to take some time to visualize what you would like your future to look like.
Some people may visualize owning a home or a car, not having any debt to pay off, and retiring by a certain age. Others may envision certain hobbies, collections, vacations, and other leisure activities. Nearly all of these things cost a fair amount of money. Many people give up and never pursue these dreams.
However, creating financial goals can increase your chances of achieving what you have in mind for your future. What this looks like is listing your financial values, needs, wants, and dreams. Do not hold back at first. Once the list is done, then you can go through each item and decipher which ones are the most feasible for you.
Start categorizing these values and dreams into long-term versus short-term accomplishments. Moving into a home, for example, may take a few months or half a year to do. Paying off all debt may take years. Use this information to start forming SMART goals that are specific, measurable, achievable, relevant, and time-bound.
In other words, make your goals as practical as possible with specific deadlines and details. Break each goal down into steps that need to be completed by certain times.
Ways to Make Your Financial Goals a Reality
The SMART goal technique is one of the most powerful ways to make your financial goals a reality. Specific goals are written precise statements of what you want to achieve. Making the goal measurable means you can physically track the progress of the goal with numbers or checklists.
Achievable means the goal is practical, within reach, and realistic given your unique financial situation. Striving for unrealistic goals can lead to discouragement. Relevant goals are smaller steps that build up to your main financial goals. Irrelevant goals will lead you off track and hinder progress.
Time-bound goals have set deadlines for the goals and steps to achieve those goals. This can be flexible and may change with new events but having deadlines will be the driving force for completing your goals.
Bankruptcy Attorney in Chattanooga, TN
Falling into bankruptcy can significantly disrupt your financial goals. Start by calling us today at Tom Bible Law by dialing (423) 424-3116 for a consultation about your financial situation. Our experienced Tennessee bankruptcy lawyers might be able to help you escape your financial situation through various bankruptcy options. We are located in the Tennessee cities of Chattanooga, Kingsport, and Tullahoma.