Making Your Financial Goals Tangible

Write each goal on a separate sheet of paper. Make sure to write in the present tense, as if the goal has already been achieved. Also, use the word "I" and describe the goal with vivid language. If available, include pictures of the sought after goal. Make sure to answer the following five questions:

1. What? - Describe each goal in extensive, specific detail.

2. When? - Determine when the goal is to be completed.

3. How Much? - Calculate how much money (if any) is required.

4. Why? - Analyze why it is important to achieve this goal.

5. Why Not? - List the obstacles to achievement.

Organizing Your Financial Goals

Organize each goal according to its desired completion date and the following three time horizons:

• Short-term (1-3 years)
• Mid-term (4-10 years)
• Long-term (over 10 years)

Then, prioritize the goals in each time horizon category.

Put Your Plan Into Action

Three-hole punch all written goal pages and place in a binder. Keep the binder in a convenient place. Review every page in the binder several times a week. Use an online financial calculator to determine how much money to save monthly for each goal. Review your current spending plan to pinpoint expenses that could be reduced to create additional savings. Create a detailed Action Plan that will help you stay focused on accomplishing your goals continually. Keep in mind that financial or time horizon adjustments may need to be made along the way to goal achievement.

Benchmark the progress of your action plans. On each page, write notes identifying if you are on track for accomplishing the goal as written. If not on track, identify steps that will get you back on track.

Eliminate goals that are no longer relevant and add new goals that are desired. Make changes to the details of current goals to keep them in line with your dreams.

When a goal is completed, remove the specific page from the binder and place it in a file of achieved goals. For inspiration and self-congratulation, review this file periodically.