4 Reasons Why Setting Financial Goals Can Help You Get Ahead
Here’s Why Setting Financial Goals are So Important
Setting financial goals doesn’t seem very exciting. But it can be helpful if you wish to build financial stability. Here's why.
1. It Gives You Clear Milestones
Saving $5000 might seem like a herculean task, especially if your paycheck is already being stretched, but a $500 increment at a time makes it seem like an easily achievable goal.
Smaller amounts for setting financial goals allow you to feel more in control while achieving each of them adds a sense of accomplishment and incentive to strive further.
It’s a way to both keep you accountable and stop you from overspending when you need to be saving money, but also stops you from imposing an unbearable load onto yourself, and makes the process of building financial stability easier.
2. It Forces You to Be Accountable
While reaching the milestones you’ve set feels great and incentivizes you to work harder, falling short of them can feel disheartening.
This could actually be a good thing if you let it!
Falling short of a milestone a couple of times might:
- Incentivize you to re-adjust your budget to see where you’re falling short and trim it to get rid of unnecessary expenses;
- Teach you a more realistic way of planning and setting up financial goals according to your circumstances (practice makes perfect!);
- Still leave you with more money saved than ever before.
Setting financial goals is already a motivation in and of itself to try to be better about your spending.
3. It Gives You Freedom to Act
There’s a Russian saying that goes something like “those who don’t take risks don’t drink champagne”. It means that if you wish to make a big achievement and be successful, you’ll need to take risks along the way.
Here’s the thing about risks though – taking them can result in both a big win and a big loss, but that loss can be significantly mitigated when you’ve got a security cushion.
Say you wish to start your own business. It can either result in big success, a mediocre affair, or you might crash and burn. And crashing and burning with it will have much less dire consequences when you’ve got a sound business plan and you’ve set financial goals that will indicate how well your business is doing.
And if you do crash and burn? Starting anew is much easier if you have an emergency fund ready to go.
4. It Gives You Long-Term Security
While most financial experts can’t seem to come to a consensus over the best investment, saving, and wealth-building practices, they do agree on one thing – the first goal of anyone who’s living paycheck to paycheck should be setting up an emergency fund.
An emergency fund is money you keep in a separate easily accessible (and preferably high-yield) savings account you can use to cover, well, financial emergencies. Most experts advise saving up around 3 to 6 months’ worth of expenses so that you’re covered even if the worst-case scenario (like a job loss), and have a head start with picking up the pieces.
So when setting up the financial goals, funding an emergency fund should be your priority. It’s the foundation your financial peace cannot be built without.
What happens if I don’t set up an emergency fund?
Skipping the emergency fund means you’re risking putting yourself in a money hole. An emergency fund is supposed to handle unexpected car breakdowns, doctor visits, home repairs, and other problems you can’t simply cover from the paycheck and risk exacerbating if you postpone dealing with them.
If that’s the case, you need to get money from other avenues – like take out Georgia auto pawns.
What makes title pawns an option?
Auto pawns are the quickest and easiest way to acquire fast cash to deal with an emergency (unless you’ve got an emergency fund). It’s a simple and straightforward procedure not requiring a lot of paperwork, and usually lasting only around 30 to 45 minutes.
As long as you’re over 18 and your car title is in your name, you can easily apply for one at Georgia Auto Pawn, Inc., and rest assured that you’ll be accommodated every step of the way, even if your credit score is bad (or non-existent). Your approval isn’t based on credit, as the lender will be working off of your current situation.
How do I apply for A Georgia Auto Pawn Online?
- Go to the website home page and fill out the online form.
- Answer the call from the store representative so that they can set up a meeting with you.
- Bring your car, your lien-free car title (must be in your name), and your government-issued ID to the meeting for a brief inspection.
- Wait for the store representative to assess everything and determine if you qualify for the loan.
- Get approved and get the cash.
Setting financial goals for yourself sets up a plan to succeed as long as you follow it. It is the ultimate way to set you up for success when it comes to your money coming in and money flowing out. If you need a little extra financial help, Georgia Auto Pawn, Inc. is here to help with a same day title pawn.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.