The Money Bagel Show – 002 How to Set Your Financial Goals

What are you saving money for? If you don’t have goals, then your hard-earned cash could just be floating in limbo. In this episode, Gabe talks about setting life goals and then translating those into financial terms. First, he discusses what is happening in the news right now, including Europe’s temporary slowdown turning into a severe downturn.

Then, Gabe explains how personal and financial goals are different, yet influence each other. For instance, if your personal goal is to be healthier, you may need to set aside more finances for healthier food and gym memberships.

Check if your financial goals are aligned with your personal goals and vice versa. Also, we need to separate goals based on their timelines. For example, buying a house may be a long-term goal, whereas buying a car can be a short-term goal.

Gabe wants us to remember that our goals need to be S.M.A.R.T. or specific, measurable, attainable, relevant, and timely. How do you turn a common financial goal into a S.M.A.R.T. goal?

Listen to Gabe explain how to set a goal of building up an emergency fund by going through each step in S.M.A.R.T. Plus, Gabe says to write down your goals every six months. Monitor your progress and make sure they still make sense. Don’t forget to celebrate your achievements and expect setbacks. Stay tuned to hear Gabe answer the listener question of the week and don’t miss out on trivia!

Enjoy the show!

Timestamps:
[01:50] Financial news this week
[03:00] Financial and personal goals influence each other
[03:55] Think about goals in terms of their timelines
[04:35] S.M.A.R.T. goals
[10:10] Write down your goals twice a year
[11:00] Listener question: how much should I save for retirement?
[12:00] Trivia time!

Resources:
Website: https://moneybagel.com
Trivia: http://moneybagel.com/trivia/

Quotes:
• “Goals have different timelines.”
• “Your actions for your long-term goals need to be sustainable for a longer period.”
• “If you can’t track your progress toward your goal, then it becomes too easy to give up.”
• “Break down your goals into smaller chunks to make it easier to measure success.”