Three Simple Steps that Can Help You Achieve Your Financial
Goals
Special to The Truth
Americans have mixed
emotions around financial planning, a new study suggests.
But setting specific goals can help you achieve the
financial outcomes you want. Forty-eight percent of
individuals with specific financial goals say they expect to
be in a much better place in the next four years, versus
only 12 percent of those without goals.
The study, “2017 Financial
Focus: Goals and Reflections of Today’s Consumer,” conducted
by Lincoln Financial Group, found that while Americans have
a desire to retire comfortably and support loved ones, there
is a fear factor involved in actually saving for these
financial needs. Staying grounded and focused is a good
first step, say experts.
“Those individuals who are
progressing with their goals are first and foremost working
to ensure they have a solid foundation to build upon,” said
Dick Mucci, president of Group Benefits at Lincoln Financial
Group. “While it might not be exciting, putting extra money
toward things like debt, savings or insurance coverage
certainly pays off in the long run, particularly if
something unexpected happens.”
The study also looked at
progress in achieving New Year’s Resolutions -- and 72
percent of Americans are doing pretty well. Those who say
they are progressing with their 2017 resolutions in some way
are those who are most likely to leverage financial
products, such as retirement plans, life insurance and
investment accounts. This group also tends to make reducing
debt a priority and avoids sacrificing savings when money is
tight -- instead they sacrifice the extras, such as
vacations.
Here are some effective
goal-setting strategies to help you plan for your financial
future.
• Be specific. When you
make vague goals, it can be difficult to measure progress.
When goal-setting, get as specific as possible, both with
the goals themselves and the steps you will take to succeed.
• Prioritize your goals.
Once you set a goal, make it the last thing you compromise
in your budget, whether that is paying down debt, saving for
a rainy day or retirement planning. Money tight this month?
Skip a luxury item that’s not working toward your goals.
• Take a breath. Thinking
about your financial situation and potential circumstances
that could arise can be emotional. But taking practical
steps to improve your situation can offer peace of mind as
you face the future. “Putting the right financial plans and
protections in place can help alleviate some financial
fears,” says Mucci. “An employer-sponsored retirement plan
is a great place to build savings, and insurance coverages
offered through the workplace can help protect against the
financial challenges that could come with an unexpected
injury or illness.”
More financial planning
tips and information can be found at LincolnFinancial.com.
By setting attainable
goals that you can realistically meet, you can get a handle
on your finances and better plan for the future.
Courtesy StatePoint
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