What’s the Influence of Goal Setting on Financial Achievement?
February 6, 2023
Do you set weekly, monthly, or yearly goals for finances? What about bigger long-term goals like an emergency savings fund or retirement goal? Setting goals for your financial plans is important, according to one research project.
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A recent Lincoln Financial Group consumer sentiment tracker study found that plenty of consumers in the United States are feeling the financial strain after a difficult year in 2022.
While two out of three people say they are getting by or not in trouble financially, the other third report the factors like debt, inflation and market volatility are affecting them. One of the biggest distinctions between the two groups is that those who had specific financial goals in the last year were up to three times more likely to say that the aspects of their personal finances improved during that same year.
Those same individuals who set goals were also three times as likely to say that their overall financial wellness was something they’ve given themselves a great score for.
Taking a definitive and goal focused approach is one of the best ways to accomplish your goals, regardless of outside challenges that may be causing you to rethink your financial strategy, or question your overall financial wellness. Having an established goal setting strategy, especially if it has been developed in conjunction with the team of financial professionals, can really help you navigate unexpected changes and challenges in the marketplace.
If you haven’t yet sat down to review your financial goals and to discuss your next steps, now is a great time to meet with the team at Shah Total Planning. Whether you need to set short term goals, long term goals, or both, we can help you.