5 Reasons Why You Need Financial Goals

As you embark on your journey to financial health, goals are a must

“You would never embark on a family vacation without knowing the destination. And you would never get on the road without how knowing how to get to that destination. You have a plan. The same is true for your financial goals.”

 

“I want to get financially healthy.”

“I want to give generously, save wisely, and live appropriately.”

You may have found yourself making similar statements. But as time went by, you found yourself no closer to financial health, no closer to giving generously, saving wisely, and living appropriately.

What happened?

Without goals, good intentions quickly dissipate. As you embark on your journey to financial health, goals are a must. This is why we provide the 8 Money Milestones in The Money Challenge. You need goals. Here’s why:

  1. Financial goals identify the destination. Imagine that it is time for your family vacation. The luggage is crammed in the car. The kids are buckled in their seats. You start the car, and your spouse asks a simple question: “Where are we going?” You better know the answer. An undetermined destination will only create stress and frustration for everyone. You can desire to have a great vacation. But without a destination, “great” will not be how you describe the time. Without financial goals, good desires can result in stress and frustration. Identify the destination. Identify your financial goals.
  2. Financial goals require a plan. You would never embark on a family vacation without knowing the destination. And you would never get on the road without how knowing how to get to that destination. You have a plan. The same is true for your financial goals. Identifying which financial goal to chase is important. But equally important is figuring out how to get there. Goals force you to plan. Some call this budgeting.

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