A goal is a future envision, result, or experience that is planned to be achieved. Many of us have a vague idea of our financial goals like retirement or buying a house someday. But, until we have a plan, those wants are wishes, not goals. Thus, we need SMART (Specific, Measurable, Achievable, Relevant, and Time-Bound) Financial Goals. Specific For something to be specific, it must be clearly defined, particular and
Every month, I like to set five goals to accomplish. One in personal finance, health, social, learning and career/business. A goal is a future envision, result, or experience that is planned to be achieved. We all have things we want to achieve, but until we have a plan, those wants are wishes, not goals. For October 2021, my goals are: Spend $100 or less eating out Run 1 mile 4x
Every month I do a recap of my goals, budget, and savings. This recap helps me to see how I am progressing in those areas of my finances and determine how well I’m doing. Then, if needed, I can make adjustments for the next month. Now, without further ado, here is my September 2021 monthly recap. Budget A budget is a plan of how income is spent. As the saying
The purpose of an emergency fund is to provide cushion and protection when life happens. Having one will allow you to focus on the situation rather than stress about money. Giving you time to recover and heal as you get back to normal. An emergency fund is like insurance that protects you from the unexpected. Allowing you to be reimbursed instantly for a claim and providing you with many benefits and
Saving is setting money aside for one of the three types of savings: emergency, goal, and irregular expense. No matter the type of savings, how to save is the same. You must define the goal, secure the funding, and accumulate the savings. Define the Goal Like everything in life, saving has to have a purpose. You decide this purpose. By answering the questions of what, when, how, and where you
Saving is to not use something now, intending to use it in the future. In money terms, saving is income not spent or deferred consumption. It’s calculated by taking income minus expenses. So, if monthly income was $2,000 and expenses were $1,800, the savings would be $200. When I think of saving, I think of setting money aside for one of the three types of savings: emergency, goal, and irregular
Buying and Selling Most definitions of money will state that it is a form of exchange, measure of value or method of payment. When buying or selling goods and services, money is spent or received. For many of us, our idea of money revolves around what we can buy or do with money. After all, we are constantly advertised the latest and newest things to buy and know exactly how
My slogan is “Be WIZE with MONEY.” Once I became serious about my money, I’ve been striving to be WIZE with it. I base all my decisions on being WIZE, especially MONEY. I’m the type of person who always wants to achieve more and be better. This is what it means to be WIZE to me. Let me breakdown what WIZE is: Welcome New Ideas Being WIZE starts with realizing
You can make a resolution, set a goal, or form a habit. Making a resolution is making a firm decision to do or not to do something. Setting a goal is setting a desired result to achieve. Forming a habit is forming a behavioral routine that is repeated regularly without thought. As you can see, these are three different approaches to achieve what you want. Which one you select is
I came across the book Atomic Habits by James Clear when I was looking to learn more about setting and achieving goals. Like many people, I had no problem creating goals but struggled to achieve them. I even thought there was an issue with the goals I was setting because the success would never last. Eager to be successful, I explored “Atomic Habits”. An atomic habit is a tiny habit