After you set your financial goals, you need to develop a plan to achieve them.

How will you pay off your debt in 3 years?

When are you going to make the time to track your expenses to be able to create a budget?

It’s easy to create answers to these questions and make a plan. As a reminder, all financial goals should be SMART:

    • Specific
    • Measurable
    • Actionable
    • Realistic
    • Time Bound

While it’s easy and exciting to set goals, it can be even easier to become derailed due to obstacles that life throws at all of us.

Here are a few common obstacles that get in the way of achieving your financial goals:

  1. Procrastination – ”I can start this next year”
  2. Laziness – ”I’m too tired to think about this right now.”
  3. Lack of time – “I have too much going on right now.”
  4. Do not recognize the need – “I make plenty of money, I don’t need a plan.”
  5. Lack of urgency – “I’ll start making plans once I’m older, it doesn’t matter now.”
  6. I do not have money to worry about financial planning – ”How can I plan around my money, when I don’t have much to plan with?”
  7. Fear of money – ”I just don’t understand finances.”
  8. An aversion to discuss money – ”I don’t want nor do i like to talk about money.”

It’s easy for these obstacles to slip into our journey of achieving our goal. This is why it’s important to plan for these obstacles in the beginning of your goal-setting process.

Accountability is huge in successfully accomplishing goals. Hold yourself accountable for the decisions you make that either help you achieve or distract you from achieving your goals. It also helps to involve a trusted friend or partner to hold you accountable – tell them what your goal is and ask them to keep you on track.

Be honest about what your obstacles are and how you plan to overcome them.  Ask yourself these questions:

  1. What are the obstacles that keep you from setting your financial goals?
  2. What is your biggest obstacle to setting your financial goals?
  3. What additional resources would you say you need to feel qualified to begin setting your financial goals?
  4. Have you ever written down your financial goals?
  5. What are the personal benefits of setting and accomplishing your financial goals?

Planning for life’s obstacles

Answering these questions helps you define why these goals are important to you and can provide motivation when a hardship or detour comes along that distracts you from your goal. Take some time to go through your financial goals and ensure these questions can be answered and predictable obstacles are planned for.

What are some obstacles you face with your financial goals?

About Erik Garcia

Hi there, I'm Erik. How you manage your money and other resources impacts practically every aspect of your life. I help individuals and families invest plan for a more secure and predictable financial future. Thanks for taking time on my site!

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