What springs to
mind when we hear the words 'Goal Setting'?
· Oh no, this
sounds like a lot of work...
· It's all too
hard...
· I've tried this
before and it didn't work...
· I haven't got
time...
· It's no use
trying because I never achieve my goals anyway...
Sound familiar?
Unfortunately,
these are not too uncommon reactions and a lot of people think that it is an
absolute waste of their time to set goals however, they are often the very same
people that sadly struggle for direction in their lives and continue to just
keep doing what they are doing, all the time wondering why things aren't
getting any better!
It's all about
creating a balanced life and reducing our stress levels by having some form of
structure in our lives (i.e. having an effective goal to focus on and move
towards). Once we have taken the time to create the structure around a goal, it
becomes much easier to maintain the focus on achieving that goal.
Goals can be seen
as a type of 'road map' to an eventual destination that you wish to reach in
your life and they can be planned around just about anything (e.g. Financial,
Emotional, Lifestyle, Relationship, Business, Career, Etc).
Setting goals
around your money management and finances can be particularly useful,
especially when you have a set of goals that extend well out into the future to
plan for your retirement years.
It is absolutely
amazing how many people don't do this and, it becomes utterly startling when
you consider just how many are relying on winning the lotto to get them through
their latter years!
I for one would
rather be secure in the knowledge that I have effective plans in place to
ensure I live a comfortable life when I am no longer able to (or want to) work.
It is just too big of a gamble for me to leave it to chance and I would much
rather be in charge of my own destiny!
I personally can't
see the point in working hard my whole life, whilst paying my taxes, just to
have absolutely nothing to show for it when I retire.
History tells us
that government pensions are not keeping up with cost of living expenses and,
it doesn't look as though any of the governments of the world are capable of
taking care of their citizens comfortably when they reach retirement age. In
fact, a number of countries are actually extending the retirement age for their
citizens!
There is nothing
unbelievably hard about setting goals, all that is required is to sit down and
think about what it is that you actually want to achieve, why you want to
achieve it, when you want to achieve it by and, most importantly, how you are going
to achieve it.
It is a sad fact
that a lot of goals are intended, but never actually achieved and this is
mainly due to them not being planned out effectively.
People can be quick
to judge the goal setting process when they fail to achieve the desired outcome
but to be successful, you really do need to have an EFFECTIVE plan behind you.
When you properly
plan out your goals, and the steps to achieving them, you have a much better
chance of accomplishing them.
The age old formula
of 90% Planning and 10% Execution is the number 1 rule to follow when you are
setting out to reach your goals.
This means that the
plan MUST clearly state (in writing) the What, Why, When and How of the
particular goal that you wish to achieve.
Although goals can
be planned for just about anything, it is handy to remember that if you have a
rather complex goal, it may be easier to break the final goal down into a
series of more easily achievable goals. By doing this, your smaller goals act
as 'To Do' lists, making it much easier to achieve the overall desired outcome
of the final goal.
Psychologically
speaking, it is also quite good to complete the smaller goals, as you can
actually see that you are successfully making progress and achieving each
milestone. The completion of each of these milestones is actually taking you
closer and closer to the achievement of your final goal.
There is a very
easy to follow formula (which has been around for a very long time) for
creating effective goals which is called S.M.A.R.T. and it is designed to give
you the best chance of actually achieving your goals.
The letters can
represent a myriad of different words depending on where the SMART criteria are
being applied (i.e. Business, Personal, Etc) however, I have found the
following to be useful, especially for personal money management purposes:
S- Specific
M- Measurable
A- Attainable
R- Realistic
T- Timely
Specific- This frames the entire goal and
states the specific elements that are to be included in the goal.
A specific goal has
a much greater chance of actually being accomplished than a general goal.
Measurable- This establishes the exact criteria
for measuring the progress towards achieving each goal that you set.
When you are able
to measure your progress you tend to stay on track more, which in turn, enables
you to hit your target dates.
When you hit your
target dates, it is an incentive for you to continue on to achieve the final
goal.
Attainable- It is important to set goals that
are reachable however, when you recognise the goals that mean the most to you,
you will begin to think about ways that you can actually make them work.
You may even start
to think about any potential hurdles that you may encounter along the way and
how you are going to get over them.
Realistic- Working towards a realistic goal is
very important, as you must be driven and be able to achieve it.
The only person
that can decide how high your goals should aim is you. Just be sure to set
goals that you can make substantial progress in.
A high goal is
sometimes easier to reach than a low goal due to the fact that there can
sometimes be less motivation involved to reach a low goal.
Timely- A goal should definitely be set
within a time-frame. If there is no time-frame associated with a goal, there is
no sense of urgency to actually achieve it.
If you have broken
your main goal down into a series of more achievable goals, make sure each of
those goals has a time-frame surrounding them, as you will get a great sense of
achievement as you reach each milestone and continue to work your way towards
the main goal.
*Setting and
achieving goals is a great life management tool, which will also enable you to
build your self-confidence.
Whatever your goals
may be:
· Be sure to work
out exactly what you want and why.
· Don't make your
targets so tight that you won't be able to achieve them.
· Set yourself a time-frame to accomplish your goal and if the need arises, break your main goal
down into a series of more achievable goals.
· Be sure to give
yourself a little reward for reaching any targets you set (even if it is a
small treat that you haven't had for a while, e.g. a chocolate bar).
For years Patrick
McMahon has been helping people successfully manage their money more
effectively and get their own personal finances back in order.
Patrick invites you
to: Free yourself from financial stress; Take control & know exactly where
your money is going; Effectively manage your loans & credit cards; Control
your expenses and; Get collection agencies off your back.
Visit
[http://www.debtanalysistips.com] to start freeing yourself from debt &
financial stress.
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