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Crush your financial goals

General

Posted on January 8th, 2021

Lets get this out of the way, congrats for surviving 2020 with a smile on your face, and still having the determination to set goals in 2021 - that takes some serious moxie. We're here to give you the tools to crush your financial (and any other goals) this year.

Whether your goal is long-term, like saving for your child's college education or your own retirement, or a short-term, like topping up your emergency fund or renovating the kitchen, James Clear's Four Laws of Behavior Change can help make your goals a reality.

Make it obvious

That doesn't mean you have to yell your goals from the rooftops or start an Instagram account documenting your progress. Unless you want to, of course, in which case, follow us so we can be Insta friends and cheer you on! We digress.

By making it obvious, we mean to make your goals and what it takes to achieve them obvious and crystal clear to yourself. For example, saying that you want to save more is the kind of vague resolution that usually falls by the wayside come February. Instead, decide on a concrete goal like: I will deposit $20 into an emergency fund once a week on Sundays. And then schedule it in your calendar.

Make it easy

When looking at a big or vague goal, it's easy to get overwhelmed, not have time or get disheartened by what seems like slow results. If you set a broad goal that involves a considerable behavior change, like no longer getting takeout and putting that money into an emergency fund instead, you're likely to end up disappointed. Because. Life. Happens. There will be a day when the baby has an ear infection, you're up against a deadline, and your internet is on the fritz. Screw resolutions, order the pizza. Your sanity is not worth the sacrifice. Instead, decide to forego takeout on weekends, when you're less likely to be under pressure, and dedicate the $20 saved to your emergency fund.

Pro tip: You could even make a fun weekend family activity out of it by making your own pizzas or a build-your-own taco bar.

Which brings us to our next point: Make it attractive

It's no surprise that we're more motivated to do things that make us feel good, so the key is getting yourself excited about your new responsible habit by bundling it with something you actually want to do. Not unlike how you trick your kids into eating more veggies by making zucchini bread, cauliflower pizza, or pretty much any vegetable covered in cheese. This bundle could look like: Once I've deposited $20 into my emergency fund, I can build the taco of my dreams at home... without being charged extra for guac.

Make it satisfying

It can be tough to stay motivated while working toward a long term goal like saving for college. Sure, it feels great to start your college savings journey, but after the initial excitement has worn off, for most of us, that kind of investment doesn't give you another dopamine hit for about 18 years. That's why it's important to keep your motivation high by breaking your big goals into smaller, incremental goals, with their own mini-rewards. If you decide to contribute $50 a month to your child's 529 college savings plan and you stick to that habit for 6 months, reward yourself with a massage.

If your kids are older, you can get them in on the college savings action, by setting savings goals for them to strive for. For example: If they contribute 10% of their pocket money or after school job earnings to their college savings plan, for 6 months you can reward them with that new pair of sneakers they've been begging for.

Bonus! Getting your kids involved will teach them the value of delayed gratification, as well as important savings and investment lessons that most of us only learned after maxing out our first credit card... or even later.

We interrupt this blog, for a shameless commercial break: If setting up a 529 college savings plan is one of your financial goals, we've got you covered! With Scholar Raise, you can be on your way to making your child's future education a reality in 5 minutes, with no minimum investment. But wait! There's more! We help you level-up your savings game with shareable profiles, allowing friends and family to join you on your college savings journey.

Another great idea when tackling goals is to identify any potential obstacles and brainstorm a solution beforehand. That way, you won't be caught off guard if you experience a hiccup. That means it'll be less likely to throw you off course, or demotivate you. For example, if your goal is to save for your child's college education, and you incur an unexpected expense that your existing emergency fund won't cover, then you can plan to pause your contributions for that month and maybe ask loved ones to contribute toward your child's education instead?

Whatever your goals are this year, we can't wait to see you take those first steps toward making your dreams a reality. The future is bright!

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