Identify your goals, they should be SMART goals.
S- Specific,
M- Measurable
A- Achievable
R- Relevant
T- Time-Sensitive
Specific
You need as many details as possible. What exactly do you want to accomplish? The other points of SMART will help you get all the details but get as much as you can in this step.
Measurable
Do you want to buy land? How many acres? What does it need to have on it? What does it need to cost? What does it need to be able to produce?
Achievable
This is where you might need to crunch some numbers, get real with yourself on time frames and what you can afford. The goal needs to be reachable.
Relevant
This is where you check yourself to make sure you’re making goals for yourself and your family that are truly what YOU want. You’re not here to live someone else’s dream for you, you’re here to live YOUR LIFE. Is the goal relevant to what you truly want and have the know-how to do, or can you find the people with the know-how to help you make this happen?
Time-Sensitive
When do you want this to happen by? How soon can you really make this happen?
**CHALLENGE** I challenge you to write down 3 short-term goals and 3 long-term goals this week. If you’re married, you must do this with your spouse! Take this opportunity to dream together and get clear on what you want, you might learn something about your spouse, and improving communication in marriage, especially on finances can really help you feel like a team!
Thing two, Budget.
Create a budget that tells every dollar you have to work with where to go for the next pay period. Turn the tables, take control of your money and quit living as if it controls you.
Finish by Making a Plan.
You need a plan, you need to decide you’re going to do the plan, you need to do the plan, and you need to stick with the plan.
The Ramsey baby steps provide a great outline to help you build financial stability and have a plan so you always know exactly what to do with the next chunk of money coming in.
1. Save a $1,000 beginner emergency fund.
2. Pay off all debt besides your home.
3. Save 3-6 months’ worth of expenses.
b. Save for down payment on a home. (If applicable)
4. Start investing 15% of your income for retirement.
5. Save/invest for kid’s college/future.
6. Pay off home early.
7. Give generously.
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