Almost everyone has something they want related to finances, whether this is to build wealth or to pay off debt, but not everyone realizes the power of a goal. A goal provides knowledge of where to go, and the steps that make up a goal provide the means to achieve it. However, if you are finding yourself dealing with bankruptcy, you may want to ask a Chattanooga bankruptcy lawyer for help.

Setting a Financial Goal Works

Setting a financial goal, especially a goal with a time limit, is essential for achieving something you want. Without a goal, there is no definitive map to success. A goal Why Setting a Financial Goal Worksallows people to know exactly what they want, which lets them start the process of developing practical steps.

Going in blind is a strategy for achieving what you want financially that can sometimes work, however, having a clear goal provides direction and a plan. Without a plan, the actions taken toward what someone wants may not always fall into the right place at the right time. This can easily lead someone away from achieving what they want financially.

Whereas a specific goal will provide information on what you need at what time to achieve what you want. The plan created from this goal will provide you with practical steps, deadlines, and what to do if the plan goes off track. There are three types of goals you can choose from that depend on what your financial desires are:

  • Short-termĀ goals
  • Midterm goals
  • Long-termĀ goals

Short-term goals can be achieved within a few years or less. Midterm goals can be achieved in three to ten years. Long-term goals may take longer than ten years to achieve.

How to Set Your Financial Goal

Start by listing out your financial desires and values. Use these to develop your first financial goal, something that will help you achieve one of your financial desires. In terms of effective goal setting, the best place to start is to research as much as you can about your specific financial goal.

Look at alternatives, ways to achieve this goal, and steps that others have taken with success. Start listing steps with realistic deadlines and specific things that need to be completed. Make sure you know when a step is completed so you can track goal progress. List potential obstacles and ways to overcome them.

For example, many people who build an emergency fund will start by deciding how much money they want to be saved by what time. The steps could include calculating how much income each month to put aside, setting up automatic deposits, and budgeting. This may involve monthly or semi-annual deadlines for a certain amount of money that should be saved.

Bankruptcy Lawyer in Chattanooga, TN

You may not have to give up if your financial situation has led you to bankruptcy. Feel free to call us at Tom Bible Law today at (423) 424-3116 for a consultation about your financial options. Our experienced Tennessee bankruptcy attorneys can help you choose the best bankruptcy option for your situation. We are located throughout the Tennessee cities of Chattanooga, Kingsport, and Tullahoma.