As the end of the financial year is fast approaching, we can all reflect on the financial goals that we set out at the beginning. Have we reached those goals? Were they easily achievable? Were they not?

Whether or not you set any goals for this ending financial year, the new financial year is coming up very soon. It’s always a good idea to set a goal and try your best to meet that goal before the end of the next year.

So here are a few tips on how to set goals for the new financial year.

Setting Goals for the New Financial Year

Specify your goals – Setting a goal or a target and following through to the end of it is always going to be a difficult process. Most people stray away from the goal after a short period of time, intentionally and unintentionally. But part of the reason why one would go off the tracks to the goal is because the goal wasn’t set properly in the first place. You need to be specific about the goal. It needs to have a clear measure and a clear destination. Setting a goal like saving $100 a week and being successful at it will turn out better than a goal like saving as much money as possible each week. A specific amount with specific details will be a whole lot better to set and achieve. And you will find yourself being more motivated with a clear goal to work toward.

Focus on at least one goal for improvement – When you set multiple goals, it’ll definitely be harder to meet those goals. It’s like trying to take on too many responsibilities and ending up not being able to deliver results to any. When managing money, a lot of financial advisers suggest debt consolidation to deal with multiple debts because it combines all the debts into one loan, making it easier to deal with. Setting goals is no different from that either. Having one goal and putting all your focus on it will be more achievable for the long run; or in this case the entire financial year.

Revisit your previous goals – If you had goals from the previous year, you can revisit them and figure out what worked and what didn’t. You might find some of them worked but they could still use some improvement. You might also find some of the goals were just too good to be true, meaning they were more based in fantasy than reality. Nevertheless, it’s always great to learn from your past mistakes and improve yourself for the future. So when planning new goals for the new year, reviewing your past goals will also work to your advantage.

Make time for yourself – It’s understandable that when you’re completely focused on saving money, you can tend to forget about yourself in the process. You’re consciously deciding not to go shopping because you’re focused on your financial goal. It’s important to stick to your financial goals but it’s also important to live a healthy life, physically and mentally. So when you do set your financial goals for the new year, make sure you leave some for yourself once in a while so you can still enjoy your life.