Whether you are working towards paying off high interest debt or looking to build an emergency fund, goal-setting is a prerequisite to achieving financial goals. Setting achievable goals requires a realistic yet positive approach. You must be diligent in your spending, saving, and investing habits to ensure that you achieve financial success. Here are six simple tips for setting and achieving your financial goals.  

Figure Out Your Long-Term Goal  

The first thing you should do is figure out what you ultimately want to achieve financially. Setting a long-term goal will give you something to strive towards, helping you stay motivated and focused on doing what you need to do to improve your finances. This is especially important as you make sacrifices to reach your goals. Once you know your long-term goal (or goals), write it down and review it regularly.  

Start with Short-Term Goals  

Build momentum by setting smart, short-term goals. You’ll stay motivated and feel accomplished as you make progress on your long-term goals. For example, if you’re looking to save $10,000 by the end of the year, make a short-term goal to put $200 in your savings account each week.

Track Your Income and Expenses  

It's hard to know how close you are to your goal if you fail to keep track of your finances. Whether you're trying to save more, spend less, or boost your income, it's important to track what’s going in and out of your bank account each month. Pay special attention to reoccurring charges. For example, cancelling a few monthly subscriptions that you aren’t using can be an easy way to save $50 a month. 

Automate Your Savings  

Save it before you see it. It’s much harder to move money out of your checking account into savings, especially if there’s a sale at one of your favorite stores. Set up automatic transfers to your savings account or automatically withdraw funds from your paycheck into your 401(k). 

Make Extra Money on The Side  

Sometimes the best way to achieve your financial goals is to create another stream of income. Starting some kind of side hustle is a great way to use your natural abilities to make extra cash. You could sell things online, rent out a room in your home on Airbnb, or even become an Uber driver. You could also start a freelancing side hustle, offering your professional skills to businesses and entrepreneurs for a price. You could even become a virtual assistant or find another remote job that isn’t overly taxing.  

Create A Savings Account for your Goal

It helps to create a specific account for your financial goal. This will help you keep track of how close you are to achieving it and it’ll also keep your money somewhere safe and sound where you won’t bt for tempted to spend it.  For example, if you’re aiming to buy a house, you could open a high-interest savings account to save for your down payment. Compartmentalizing your money will help you hit your goal.