I have already set my financial goals for 2013. My current financial goals for 2013 are to save 50% of my income and live on minimum wage. I will likely set a couple more financial goals later in the year. If you haven’t set any financial goals for 2013 you should. Studies have shown that making a specific resolution is ten times more likely to be successful compared to just generally wanting to do something. For example, if you set a goal to save $100 a week you are much more likely to be successful than if you just want to save more money, but don’t set a goal.
In order to keep on track with your goals it helps to review them from time to time. You can decide to review your goals on a weekly, monthly, quarterly basis or whatever works for you. This is an area I definitely need to improve on. It can also help to remind yourself of your motivation for your financial goal. One of my goals is to save 50% of my income so I can become financially independent. Reading Your Money or Your Life every year reminds me of why I want to be frugal and save money.
Keeping your goals is also easier if your goals are complementary. Living on minimum wage will keep my expense level low and make it easier for me to save 50% of my income. If you are going to set multiple financial goals you should determine how each goal affects the other and adjust your goals if necessary.
You can enter to win $100 by clicking on the Rafflecopter widget below. Perhaps the $100 could be a jump start for your savings. If you would like to be part of the next giveaway, you can read more about them at the snowflake giveaway page.