Setting Money goals: 4 important tips to getting it right

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Why Focusing on the Number is Holding You Back 

setting money goals

You thought it would be black and white. You thought it would be as straightforward as setting money goals and working towards achieving them. That could be why you are now left feeling overwhelmed, disheartened, and ready to give up. Before I figured out the recipe for financial freedom and ease, I felt like that almost every day.

My goals not only weren’t being fulfilled, but they never felt aligned with me in the first place. The motivation that you must have in order to achieve any outcome or goal was missing and I couldn’t figure out why. Did I want the amount of money I was aiming for? Yes, heck I needed it. But, the number itself was uninspiring.

Furthermore, I was so set on how I needed to get there. Restricting and planning just seemed like a normal way of life. I didn’t understand at the time that there was so much more to it than that and how focusing on the wrong aspects of setting money goals could, and often does, result in failure. 

It is no surprise that we hold on to numbers. After all, it’s how we are taught to “handle” money if we are even taught at all. I’m here to provide a new perspective on setting money goals and why focusing on just the numbers is problematic and holding you back. I’ve written a lot about different aspects of this subject over the past couple of months. I wanted to round up some of the pain points so that you can have a clearer understanding and so that you can start setting money goals that feel right for you and that work for you.

Setting Money Goals Tip #1

There Should Always be an Emotional Outcome

Feeling as if once you’ve obtained a certain number in your bank account will set you up for defeat. Numbers are just numbers. We aren’t programmed to feel a certain way about them. Having that as the “face” of your goal will not keep you motivated and determined to achieve it long-term. Remember that we are on a lifelong quest for financial freedom, ease and fulfillment.

We need to find ways of keeping consistent. This was a big eye-opener for me. I always matched a number to my goal and wondered why it never materialized. When I started to focus on an emotional outcome instead, I started to feel a shift, both within me and with my progress. We need to leverage the fact that we are sensitive beings who are driven by emotions.

Setting Money Goals Tip #2

Focus on the Outcome, Rather than the Strategy 

If you’ve done the work to establish what you really want, your goals shouldn’t really change. How do you do that all-important work? You ask yourself honestly what it is that you are looking to achieve. Not what the coach on Instagram said you should want, not what your family thinks you want, what YOU want. Setting money goals that are truthful to who you are is what will keep you going and pushing forward in the end. I have seen so many times women focusing on the HOW and not the WHY. The how is important, sure.

However, it can change (and probably will) depending on what is going on in your life. Often when a strategy needs to change, we feel that we have failed in some way because we haven’t “made it work”. Change is good. Stagnancy isn’t. By focusing on the outcome over how you’ll get there will ensure no matter what happens, you know where you’re going and what it is for. What do YOU focus on when setting money goals?

Setting Money Goals Tip #3

Make Sure You Understand Where Money Comes From

Most of us, like it or not, have a weird relationship with money at some stage of our lives. This can be inherited, learned from an early age, or learned later in life from the people and institutions around us. We can oftentimes associate money with something that has to be earned through hard work (thanks to the industrial revolution) or something that we aren’t deserving of.

We are told from an early age that a noble and respectable person is someone who works really hard for what they have. That you must work yourself to the bone to be deserving of the money. This rigid concept holds us back from opening ourselves up to the possibility of more. Having a figure in your head that you want to obtain and that must be earned in one particular way isn’t going to provide you with opportunities to be successful with your goals. 

You can be successful in so many different ways. Leaning into that and opening yourself up to the world will allow you to see opportunities available to you. Money doesn’t come from one place. It is infinite, abundant, and destined for you if you want it. However, don’t focus on the figure when setting money goals, focus on yourself and what is going to deliver that emotional response we talked about previously. 

Setting Money Goals Tip #4

Stop Equating Success with Money 

I don’t know about you, but I am a little tired of feeling bad about myself. With so much content out there it’s hard to not over-consume. I speak a lot about social media’s influence on our mindset, self-esteem, and outlook on life. It’s important though. Feeding into an idea that making 100k a year or hitting 10k months is what success looks like is inevitably going to make us feel like garbage when we don’t achieve that.

We are influenced by what is around us. We buy into an idea of success that so heavily revolves around income that it is no wonder we have become completely overcome with a sense of underachievement. What is your happiness worth? What is your well-being worth? What is financial freedom worth? I guarantee you, it’s priceless and doesn’t look like a number in a bank account. 

And now over to you….

My goal with this blog and my business as a whole is to empower and educate others so that they can start to make small and effective changes towards the life they have always wanted. Once I stopped focusing on the numbers, everything just started to make sense. You clearly know you are deserving of more, why else would you have landed on this page and read to the end (thanks for that, by the way ;)? 

So, what is your next step? You can dive into some more of my blog which is packed full of valuable information for you to start on your journey to financial freedom.

One of the best ways to get started setting money goals in the way I just described so they are aligned and successful? Using the free Strategic Savings Guide – I made it just for you to help you get started. Click below to get instant access!

I’m Sarah

I HELP WOMEN ENTREPRENEURS CREATE FINANCIAL SECURITY AND ABUNDANCE THROUGH BUDGETING

On a mission to change the world of finance from stuffy suits and guilt-trips to a place of understanding supported by solid strategy; I have personally journeyed from homeless teen mom to ass-kicking CEO and now my work centers around empowering women like you to do the same.

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