Imagine 2020 is the year you like with no debt, no loans, no mortgage, nothing. Imagine what life would be like! For most of us, this is something you read in a fiction story. The thought of being debt-free is far-fetched and unreachable in our thoughts! In most cases, we actually have to give up on life to strive for our dreams, in other cases, we need to give up our dreams to strive for the life we want to live. 

What would it be? Live for the moment or live for the future? Well, friends continue reading this article to see how you can achieve your financial goals by learning how to manage and set priorities aside for successful living.

It is known that the best way to start saving for your financial goals is to build a plan to be successful in the end. We have all heard the adage, ‘if you do not have a plan, then you won’t survive’, something like that. The point of that when you have a plan set and stick to it, it is easy to achieve your goals. The best way is to make a specific plan for both short-term and long-term with detailing how you will achieve it step-by-step. 

The easiest and first step to set your financial goals is to write them down or document it on your computer or smartphone. From less important goals to priority ones – list down everything that requires a set budget to achieve it. Just ensure that you have them saved someplace you can see and access them easily too. While the new year has just begun and you are still feeling the buzz, it is a perfect time to re-evaluate your finances and set clear and steady plans for prioritized goals. Once you have done this, it will ease your budgeting and spending decisions too.

Moreover, you will also be confident about adhering to these plans and reach these goals. In order to focus on achieving your financial goals, there are some goals that you need to destroy. With a plethora of financial goals ahead of you, there are some of the important ones you can set and work towards achieving while destroying the unnecessary ones. By destroying, you will be willing to evaluate your current plans and situations, which will help you to prioritize the goals to come to a right decision.

For example, if you only have a couple of thousands in your bank account, a financial goal should not be saving half of it next month for a new shoe you just saw. This will only resolve your desires and increase your debt, which is not what we are trying to do. ‘Delayed gratification’ is one of the biggest goals to financial success. Once you have saved enough money, say over 5K or 10K, then you can perhaps get the shoe you want. 

Financial Goals to Destroy in 2020 – Make Your Efforts Count

So, to give you a head start, here are some financial goals you can destroy for successful financial stability in 2020 and the future ahead.

  1. Rein your spending
  2. Not Making A Budget
  3. Clear Off Credit Cards and Debts
  4. Not Planning for Emergency Funds
  5. Not Prioritizing the Goals
  6. Failing to Invest
  7. Not saving for retirement

While you can make sheer efforts to save money to achieve your goals, these habits/goals can actually destroy your efforts. Once you have your goals in place, it’s recommended that you make sure to review them often, to further make amendments. For instance, you can start reviewing your goals on a weekly basis, then gradually review it every month. Making minor adjustments and tweaking your plan often will be necessary as life changes and things may not be the way it should be, according to your plan. Thus, it is important to be aware of these goals that can destroy you; and make some amendments to your financial lifestyle.

  • Rein your spending

If you are not where you should be financially or are unable to save as planned, overspending unnecessarily can be the culprit. When the monthly income comes to your bank account, you may not even keep track of the spendings, if you do not have a planned budget and structure to follow.

Moreover, some of your spendings can also lead to paying off debts, unless you decide to address the problem of overspending. A quick solution to this can be, that you create a budget which is the next important factor that can destroy your goals. Creating a budget can align your goals and withdraw you from unwanted spendings. If you do not want to run out of money, it’s best that you understand the pattern of how you spend and create a plan around it.

  • Not Making A Budget

When you decide to create a plan, that’s when it is time to get serious about your finances too. Making a budget is one of the top financial goals and you must definitely consider making one starting this year. Destroy the days when you do not stick to a plan and make 2020 a year to start creating a budget of your own to follow.

It is actually the foundation to achieve all your financial goals because creating a budget is a plan towards segregating how much money you require for short-term as well as long-term goals.

  • Clear Off Credit Cards and Debts

The idea of paying off debt can be very stressful and a high-rate debt can be very toxic to your finances. Once you have control over your finances, spending and making a budget plan, figure out how much you owe to clear off the debts and what debts can you pay off first.

The best way to do this is to segregate a part of your monthly income towards debt repayments, especially if you are using a credit card or have other forms of revolving debt. This will help you save a lot of your finances in the future.

  • Not Planning for Emergency Funds

Planning an emergency fund might not seem very glamorous to most people. But, it certainly seems to be necessary, right up till the time, you lose your job or need medical support.

While you have planned to keep aside some money for short-term as well as long-term, keeping aside a little or some money for an emergency fund will help you save up more of your finances which will make your achievements become a lot easier to reach. When you have an emergency fund, you are always prepared for those ‘life happens’ moments.

  • Not Prioritizing the Goals

If you are an impulse buyer or spender, not prioritizing your goals can actually destroy the momentum of your finances and put you on debt. Unplanned spendings or poor purchasing habits can lead you to impulse actions when planning a budget.

The best way to avoid this is to account for your spendings. Prioritize your short-term and long-term goals and keep aside money towards the goals, by segregating the amounts by the end of the month. The good news is that debt repayments are not permanent. Once you have cleared that and have your balances to zero, you can redirect all your finances into special savings for your prioritized goals.

  • Failing to Invest

Once you have learned how to save money and make a budget, investing the saved money is another way to make more money and build a potential wealth for the future. Failing to invest will not only destroy your goals but will also affect the ways of you making money and spending it and guess what?

Your money will never grow! In order to grow your money, you also need to start investing wisely. If you are failing to invest at the right time, you are actually planning to fail. One way to get rid of this goal is to hire a financial advisor who can help suggest different ways of investing and how to make money in smart ways.

  • Not saving for retirement

Having to save for debt repayments can actually pull you off the hook for retirement savings immediately. But it is always better to save something, anything towards retirement while you are earning too. As you imagine your retirement days ahead of you, what do you see?

Do you want to travel the world or want to own that RV? No matter what you see, you have to work towards it now! Even saving a few bucks a week and, on a monthly basis can add to those futuristic plans. This is because saving for retirement is a long-term play and you need to accumulate and keep aside a lot of cash with small deposits. When you stop working, your income stops too.

Hence, destroying this goal is not just nice – it is necessary and understanding the need to save for retirement is important. Saving for years will contribute a larger amount by the time of your retirement years.

Aahna Gandhi

Aahna Gandhi is an enthusiast traveller, writer and a PR Professional. She likes sharing memorable moments from her travels and inspire others to live a life full of wonder. Known for her content, she has worked for travel, technology, lifestyle, health sectors as well as finance.

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