How to Set and Achieve Your Financial Goals in 2024 and Beyond

Setting financial goals isn’t an activity reserved for the new year, so dust off your 2024 goals or consider setting new ones mid-year.

If you’re the kind of person who only thinks about goal setting in January, then you may be wondering why we’re writing about setting financial goals right now. However, we believe that mid-year is a perfect moment to reassess and realign your financial goals for 2024 and beyond. Whether you’re considering major life changes, planning for the future, or aiming to enhance your financial well-being, setting and achieving goals mid-year offers a strategic advantage. In this article, we dig into the importance of mid-year goal setting and provide a roadmap for achieving financial aspirations in 2024 and beyond.

Reassessing Goals Mid-Year: Why It Matters

Mid-year presents an opportune moment to reflect on your financial aspirations. There are a few reasons for this, not the least of which is that a great many people – about 80% – give up on New Year’s resolutions and goals by this point in the year. If you fall into this category, all hope is not lost. Reassessing and setting financial goals now allow for adjustments, aligning them with changing circumstances, economic shifts, and personal developments you may have experienced this year. Think of it as a timely recalibration, offering the chance to achieve more realistic and attainable goals before the year’s end.

The Power of Clear and Measurable Goals

Setting clear and measurable financial goals is key to success. Whether it’s savings targets, debt reduction, investment growth, or planning for major life events, defining precise and achievable objectives forms the foundation for successful financial planning. You might benefit from the S.M.A.R.T. goal setting formula if you haven’t had success setting goals on the past.

Savvy Strategies for Setting Financial Goals Mid-Year

If you’re overwhelmed by the S.M.A.R.T. goals process – which can, indeed, require time and energy – then use these tips to get started right now with setting financial goals that make sense at this point in the year:

Reflect and Adjust: If you did set goals at the start of the year, reflect on the progress made so far and make necessary adjustments to your initial goals. If you didn’t set any financial goals this year, set them now!

Prioritize Goals: Identify and prioritize the most critical financial objectives for the remainder of the year. This process will also help you divide your goals into near-term, mid-term, and long-term, which can be helpful in prioritization and planning.

Create Actionable Steps: Are some of your goals BIG? Good! Of course, this can also mean they feel overwhelming to achieve. Break your goals down into actionable steps, setting timelines and specific actions to achieve them.

Leverage Technology and Tools: Take advantage of the digital world we live in and use financial apps or spreadsheets to track progress and maintain focus on your objectives.

Tailoring Goals for 2024 and Beyond

As mentioned already, it’s often helpful to divide your goals down into near-term, mid-term, and long-term. While you may be tempted to focus on the goals you can achieve more quickly, setting financial goals for the long-term is crucial. Whether it’s retirement planning, building an emergency fund, or investing for the future, incorporating long-term financial goals ensures a more comprehensive and sustainable approach to your financial future.

The Role of a Financial Advisor in Setting Financial Goals

There are lots of steps you can take on your own in terms of setting financial goals now and into the future, but you may find that having a professional partner helps you achieve them more quickly. Seeking guidance from a financial advisor can significantly bolster your goal-setting endeavors. Advisors offer expertise in aligning your goals with your overall financial plan, providing insights, strategies, and accountability to help you achieve your aspirations.

Achieving Goals Through Consistency and Adaptability

Consistency in tracking and adapting to changing circumstances is key to making progress toward your goals. Regular reviews, adjustments, and staying committed to your goals will help you make continued progress toward achieving your financial aspirations. Remember, even small progress is still progress, so stick with your plan and stay motivated.

Are You Setting Financial Goals Right Now for the Remainder of the Year?

If you’ve only ever approached goal setting at the start of the year, it can be a bit of a mindset shift to tackle them right now. However, mid-year presents a strategic juncture to refocus and recalibrate financial goals for the remainder of the year. It’s an opportunity to set clear, measurable, and attainable objectives for 2024 and beyond. With a thoughtful approach, tailored goals, and potential assistance from a financial advisor, achieving your financial aspirations becomes a well-structured and achievable journey.

If you’re ready to embrace the power of mid-year reflection and realignment to drive your financial success, we can help! Schedule a complimentary review with Riverside Wealth Advisors and learn more about how we support our clients in setting financial goals, building strategies to achieve them, and gaining confidence in their financial future. We look forward to helping you make the most of the rest of the year!

Riverside Wealth Advisors

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