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% How to set financial goals - and break the paycheck-to-paycheck cycle Tom's Guide Skip to main content Tom's Guide is supported by its audience. When you purchase through links on our site, we may earn an affiliate commission. Here's why you can trust us.
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% How to set financial goals - and break the paycheck-to-paycheck cycle Tom's Guide Skip to main content Tom's Guide is supported by its audience. When you purchase through links on our site, we may earn an affiliate commission. Here's why you can trust us.
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Ella Rodriguez 1 minutes ago

How to set financial goals - and break the paycheck-to-paycheck cycle

By Sarah Sharkey publ...
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For example, retirement is a big financial goal for many. But you can set financial goals for both t...
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<h1>How to set financial goals - and break the paycheck-to-paycheck cycle</h1> By Sarah Sharkey published 7 September 2022 The right financial goals can propel you to a bright financial future (Image credit: We Are/Getty) It's called personal finance for a reason. Everyone has different ideas for their financial future. &nbsp;Whether you want to break the paycheck-to-paycheck cycle or work towards a life of financial freedom, setting financial goals can help you get there.&nbsp; Financial goals define your money-related targets.
Sophia Chen Member
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How to set financial goals - and break the paycheck-to-paycheck cycle

By Sarah Sharkey published 7 September 2022 The right financial goals can propel you to a bright financial future (Image credit: We Are/Getty) It's called personal finance for a reason. Everyone has different ideas for their financial future.  Whether you want to break the paycheck-to-paycheck cycle or work towards a life of financial freedom, setting financial goals can help you get there.  Financial goals define your money-related targets.
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For example, retirement is a big financial goal for many. But you can set financial goals for both the short and long term.&nbsp; Let's explore how to set financial goals for your own life.
Lily Watson Moderator
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For example, retirement is a big financial goal for many. But you can set financial goals for both the short and long term.  Let's explore how to set financial goals for your own life.
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Ava White 15 minutes ago

Start with why

On the surface, money goals might seem only to impact your financial life. B...
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Noah Davis 13 minutes ago
Our financial situations shape our lives in more ways than we may care to admit.  For example, ...
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<h2>Start with why</h2> On the surface, money goals might seem only to impact your financial life. But that couldn't be further from the truth.
Aria Nguyen Member
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Start with why

On the surface, money goals might seem only to impact your financial life. But that couldn't be further from the truth.
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Alexander Wang 1 minutes ago
Our financial situations shape our lives in more ways than we may care to admit.  For example, ...
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Our financial situations shape our lives in more ways than we may care to admit.&nbsp; For example, you might want to visit your dream destination for fun. However, you'll need money to make that dream a reality. Beyond a budget, our financial situation impacts our time freedom because more financial flexibility often grants us the ability to reclaim our time.&nbsp; When you start setting money goals, consider your reasons why.
Noah Davis Member
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Our financial situations shape our lives in more ways than we may care to admit.  For example, you might want to visit your dream destination for fun. However, you'll need money to make that dream a reality. Beyond a budget, our financial situation impacts our time freedom because more financial flexibility often grants us the ability to reclaim our time.  When you start setting money goals, consider your reasons why.
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Take a look at the reasons why you want to achieve a particular money goal. Perhaps you want to build an emergency fund for greater financial stability or want to pay down debt.
Luna Park Member
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Take a look at the reasons why you want to achieve a particular money goal. Perhaps you want to build an emergency fund for greater financial stability or want to pay down debt.
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Grace Liu 6 minutes ago

See where you stand

Before you can start moving in the direction of your financial goals, i...
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Nathan Chen 2 minutes ago
With a better idea of where you stand, you can focus your efforts on the most pressing money goals. ...
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<h2>See where you stand</h2> Before you can start moving in the direction of your financial goals, it's important to determine where you currently stand. A few ways to assess your current money situation include adding up your net worth, looking over your expenses and tracking your income.
Elijah Patel Member
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See where you stand

Before you can start moving in the direction of your financial goals, it's important to determine where you currently stand. A few ways to assess your current money situation include adding up your net worth, looking over your expenses and tracking your income.
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Ava White 7 minutes ago
With a better idea of where you stand, you can focus your efforts on the most pressing money goals. ...
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Andrew Wilson 3 minutes ago
You might choose to focus your financial efforts on paying that off before you start saving for a do...
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With a better idea of where you stand, you can focus your efforts on the most pressing money goals. For example, let's say you have high interest credit card debt.
Alexander Wang Member
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With a better idea of where you stand, you can focus your efforts on the most pressing money goals. For example, let's say you have high interest credit card debt.
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Daniel Kumar 4 minutes ago
You might choose to focus your financial efforts on paying that off before you start saving for a do...
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Alexander Wang 17 minutes ago

Choose SMART goals

If you have some broad money goals in mind, it's time to transform those...
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You might choose to focus your financial efforts on paying that off before you start saving for a down payment on your future home.&nbsp; When you take a close look at your finances, you may or may not like what you find. Regardless of where you stand, be kind to yourself. Instead of scrutinizing past mistakes, look to how you can change your trajectory for the better.
David Cohen Member
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You might choose to focus your financial efforts on paying that off before you start saving for a down payment on your future home.  When you take a close look at your finances, you may or may not like what you find. Regardless of where you stand, be kind to yourself. Instead of scrutinizing past mistakes, look to how you can change your trajectory for the better.
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Isaac Schmidt 16 minutes ago

Choose SMART goals

If you have some broad money goals in mind, it's time to transform those...
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Isabella Johnson 16 minutes ago
(Image credit: Shutterstock) Let's say that you have the goal of building an emergency fund. Instead...
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<h2>Choose SMART goals</h2> If you have some broad money goals in mind, it's time to transform those into SMART money goals. A SMART goal is Specific, Measurable, Achievable, Relevant, and Time-bound.
Sophie Martin Member
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Choose SMART goals

If you have some broad money goals in mind, it's time to transform those into SMART money goals. A SMART goal is Specific, Measurable, Achievable, Relevant, and Time-bound.
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Zoe Mueller 6 minutes ago
(Image credit: Shutterstock) Let's say that you have the goal of building an emergency fund. Instead...
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Write down your financial goals in a place you'll regularly see, like your phone's lock screen or ba...
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(Image credit: Shutterstock) Let's say that you have the goal of building an emergency fund. Instead of keeping the goal at that broad scale, nail down the specifics. For example, you could set the goal of building a $10,000 emergency fund over the next year, which means that you'd have to save $833 per month to meet your goal.&nbsp; When looking at your big financial plans, find ways to break down bigger goals into more actionable steps.
Ethan Thomas Member
access_time 55 minutes ago
(Image credit: Shutterstock) Let's say that you have the goal of building an emergency fund. Instead of keeping the goal at that broad scale, nail down the specifics. For example, you could set the goal of building a $10,000 emergency fund over the next year, which means that you'd have to save $833 per month to meet your goal.  When looking at your big financial plans, find ways to break down bigger goals into more actionable steps.
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Write down your financial goals in a place you'll regularly see, like your phone's lock screen or bathroom mirror, to motivate your progress each and every day. As you move forward, mark your progress along the way. <h2>Make it enjoyable</h2> Not all financial goals are the most eye-catching.
Dylan Patel Member
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Write down your financial goals in a place you'll regularly see, like your phone's lock screen or bathroom mirror, to motivate your progress each and every day. As you move forward, mark your progress along the way.

Make it enjoyable

Not all financial goals are the most eye-catching.
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For instance, saving for retirement is usually a decades-long process that can sometimes feel like a drag. It's easy to let your eyes slip off the prize.&nbsp; Instead of letting your financial goals get stale, make sure to sprinkle in some fun rewards along the way. Set clear milestones that come with a reward, such as a fun splurge when you are halfway to your goal.
Brandon Kumar Member
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For instance, saving for retirement is usually a decades-long process that can sometimes feel like a drag. It's easy to let your eyes slip off the prize.  Instead of letting your financial goals get stale, make sure to sprinkle in some fun rewards along the way. Set clear milestones that come with a reward, such as a fun splurge when you are halfway to your goal.
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Luna Park 29 minutes ago
  Build your goals into your budget and leave some room to enjoy the journey.

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&nbsp; Build your goals into your budget and leave some room to enjoy the journey. <h2>Be In the Know</h2> Get instant access to breaking news, the hottest reviews, great deals and helpful tips.
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  Build your goals into your budget and leave some room to enjoy the journey.

Be In the Know

Get instant access to breaking news, the hottest reviews, great deals and helpful tips.
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Sarah SharkeyPersonal finance writer Sarah Sharkey is a personal finance writer who enjoys helping p...
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Sarah SharkeyPersonal finance writer Sarah Sharkey is a personal finance writer who enjoys helping people make better financial decisions. She covers personal finance topics ranging from insurance and banking to mortgages and credit cards.
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Sarah SharkeyPersonal finance writer Sarah Sharkey is a personal finance writer who enjoys helping people make better financial decisions. She covers personal finance topics ranging from insurance and banking to mortgages and credit cards.
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Her real hope is that readers find valuable takeaways to improve their own financial situation in her work. You can find her writing on Business Insider, Money Under 30, Rocket Mortgage, Bankrate, and more.
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Her real hope is that readers find valuable takeaways to improve their own financial situation in her work. You can find her writing on Business Insider, Money Under 30, Rocket Mortgage, Bankrate, and more.
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She lives in Florida with her husband and dogs. When she's not writing, she's outside exploring a new stretch of coastline.
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She lives in Florida with her husband and dogs. When she's not writing, she's outside exploring a new stretch of coastline.
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Connect with her on her blog Adventurous Adulting. (opens in new tab) More about personal finance 4 ways a smart thermostat can lower your energy bill New IRS rules could mean bigger paychecks for you in 2023 - here's howLatest I used four different tools to get rid of leaves - here's what worked bestSee more latest ► Topics Personal Finance See all comments (0) No comments yet Comment from the forums MOST READMOST SHARED1I'm worried the Xbox Series S is holding back true next-gen gaming 2I just did Jessica Alba's full-body workout - and wow3Today's Wordle answer and hints - solution #491, Sunday, October 2349 microwave mistakes you never knew you were making5AirPods Pro 2 vs.
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Beats Fit Pro: Which noise-cancelling earbuds win?1I'm worried the Xbox Series S is holding back true next-gen gaming 2I just did Jessica Alba's full-body workout - and wow3Today's Wordle answer and hints - solution #491, Sunday, October 2349 microwave mistakes you never knew you were making5AirPods Pro 2 vs. Beats Fit Pro: Which noise-cancelling earbuds win?
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