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4 Ways to Hold Yourself Accountable to Your Financial Goals

Sam Dominguez, AWMA®, CRPC®

Director of Financial Education

Last Updated
February 03, 2022

Tips to Help Maintain Your Financial Discipline

At this point, you likely understand the basics of saving and investing. Create a budget, set aside a portion of your income in savings, save in an emergency fund and invest in a diversified portfolio. Hopefully you’re working with a qualified financial advisor and have a plan in place to help you achieve your long-term goals. If so, great! You’re on the right path. However, it’s not enough to simply know what you need to do to prepare for the future; you must also follow through on a consistent basis. While it’s normal to have occasional slips, it’s important to remain mostly consistent in your approach to managing your finances. The following tips can help.

Tip # 1 – Set short-term goals

While it’s important to save and invest for the long term, setting shorter-term goals, and achieving them one by one, can give you a sense of accomplishment and help you stay motivated over time. Consider writing down small weekly or monthly tasks that will contribute to your big-picture goals, and remember to celebrate small successes along the way.

Tip #2 – Focus on the big picture

While setting short-term goals can help you remain motivated, it’s the big picture you’ll want to focus on. If you have a goal of one day purchasing a home in the mountains, picture yourself breathing in that fresh mountain air when you’re tempted to make a decision that could derail your plans. Ask yourself if your choice will bring you closer to that big-picture dream or push you further from it. Making decisions with your long-term goals in mind can help you hold yourself accountable to achieving your dreams.

Tip #3 – Confide in someone

A study conducted by the American Society of Training and Development (ASTD) found that people have a 65% chance of achieving a goal if they confide in an accountability partner.1 Share your financial goals with someone you trust, and check in regularly with that person to discuss your progress. Your wealth manager can also help you stay motivated toward your goals by modeling various financial outcomes to illustrate how your actions today can impact your ability to achieve your long-term goals.

Tip # 4 – Track your progress

One of the best ways to stay motivated is by tracking your progress over time. Schedule regular check-ins with your wealth manager, and review your progress toward your savings, investing and retirement goals. Seeing the progress you’ve made over time can help you remain accountable and motivated to continue on the path toward achieving your dreams. If you’d like help establishing or achieving your long-term financial goals, Creative Planning is here for you. Our experienced teams can help you establish a custom financial plan that incorporates all aspects of your personal financial life. For help getting started, or with any other financial matter, please schedule a call.

Footnotes

  1. https://www.forbes.com/sites/forbescoachescouncil/2018/08/14/three-steps-to-overcoming-resistance/
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This commentary is provided for general information purposes only and should not be construed as investment, tax or legal advice, and does not constitute an attorney/client relationship. Past performance of any market results is no assurance of future performance. The information contained herein has been obtained from sources deemed reliable but is not guaranteed.

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