Tips to Achieve a Lifetime of Financial Goals

Everyone desires to achieve financial sucess and setting a few goals is the first step in making this a reality. There are many practical steps you can take to create a lifetime of financial success. It begins with an attitude of responsibility and goes from there. Even in these difficult economic times, you can remain focused and work towards building a secure financial future.

-Begin at a young age.
As soon as you begin to earn money is the best time to develop good saving habits. Most young people start off with babysitting or grass cutting jobs to earn a little spending money. This is the beginning of learning how to take responsibility for setting financial goals. 

Spend a little, save a little. Since the income won’t be a great amount, it is important to discipline yourself. It is okay to allow yourself to spend a little but always set a certain amount aside for saving. By saving you are building a fund which will allow you to make a larger purchase in the future. It allows for greater independence as well. 

-Be responsible.
You must look out for your financial future. You will be making many different money decisions and you will be responsible for each one.  It is up to you to make the right choices in your money matters. If this involves investing, borrowing or making a large purchase, you should do your research. 

Every money decision requires a great deal of thought as well. Do not spend money on a whim. Learn to discipline yourself in your purchases so you do not spend money foolishly. This will be a good habit to develop for a lifetime.

-Think ahead.
As you go through life your financial goals change. Once you have completed your education and are approaching a life of independence you will want to think ahead. Set realistic goals for yourself; week, month and years. 

You can begin with writing down a budget. You will need to meet your immediate expenses and responsibilities. By writing down your budget you can see exactly what your needs are and budget accordingly. Along with your independence comes a certain amount of sacrifice. Learning to pay your bills first and play later is crucial in maintaining a budget. 

-Pay yourself.
With every paycheck, pay yourself. You should set up a savings account and have a portion of your paycheck deposited automatically into a savings account. Most banks offer this service. Every two weeks have a certain amount transferred over into your savings account. By making this an automatic deposit, you have made the decision to save first. By doing this, you get used to having the remainder of your check for paying your bills and money for entertainment.

You can change the amount you automatically save at any time. Start with an amount you are comfortable with and as you watch your savings grow, you will be encouraged to increase the amount. 

Remember, this is a discipline that will benefit you for the rest of your life.  Building a savings account enables you to have a backup plan if an emergency arises. If you feel you can afford to open two savings accounts, you can use one for emergencies and the other for general saving.

-Be prompt and keep good records.
Always pay your bills on time and do not use a charge card if you cannot pay it in full when it is due. This step is crucial for you to develop a good credit rating. Keep good records of payments and be efficient in your personal finances. When you have a good credit rating, it enables you to grow in your financial success. 

-Listen to the experts.
Listen and learn from your parents, both by their words and by their actions. Those who strive for financial security often do so by learning from others. Observe their good and bad habits and learn from them. 

Take advantage of the many experts who offer sound financial advice. Dave Ramsey, is a well-known, trusted man who has practical, personal money management advice. He teaches classes and has a live radio program that encourages people to take control of their money and live debt free. He draws from his past experience and offers hope to those who are struggling. He is the author of several books and a proven financial genius.

Another practical and excellent money expert is Suze Orman.  Suze is a self-made success and has helped millions of people learn how to manage money and reach financial success. She is very direct in her attitude about money and gives excellent advice. She can be heard on TV or radio and is the author of several books.

These steps will enable you to reach your lifetime financial goals. It is hard work and requires a great deal of discipline. The ultimate goal is to be debt free and learn to live without the constant stress, poor money management can bring to your personal and professional life.

Begin to set your goals as soon as you understand the importance of money.  Learn from your mistakes and search out those who can help guide and direct your financial decisions. When you understand the importance of planning and saving; learn to control your spending, you will reach financial independence and find the balance needed for financial success.