Everyone talks about the importance of setting goals, but how many people really understand the process of effective goal setting? Goal setting is the foundation for both personal and professional growth and should rank high on your priority list, especially when it comes to the area of finances. If you are in debt, ignoring it is not going to benefit you. You must first asses your situation so you can determine what your options are.
If you are barely getting by financially and have no money in savings, contacting a credit counselor, who can offer advice on how to manage outstanding debts and answer related credit questions, may help you head in the right direction. You may want to consider entering a debt management program to allow credit counselors to negotiate with your creditors for lower balance, no fees and a lower rate of interest. If you have over $10,000 in unsecured debt, you may qualify for debt settlement. Bankruptcy, although a last resort, may ultimately be your best alternative. Whatever your situation is, the first step is to determine the best path for you. Only then can you begin to set realistic goals that will give you your desired results.
Once you’ve achieved this, you are ready to set your goals. Start by prioritizing which goals you’d like to focus on immediately. Goals should be specific, measurable, action-oriented, reasonable, and timely. You should have laser focus on what you want to achieve, how you are going to achieve it, and when you expect results.
Another important aspect to successful goal planning is positive language. Too often goals sound like painful work! Instead of a “to-do” list, how about an “action list” or “an action plan”. Instead of thinking in terms of what you don’t have, celebrate what you do have. Proper language should inspire, motivate and give you solutions, not cause you stress and be something you dread.
Breaking a goal into manageable steps is another helpful tool. Often we set goals, get overwhelmed, and give up. If a goal seems too big, pump it into steps that are achievable, but still challenge you.
Plan your weekly and daily goals and rank them in order, from most critical, to least. Your goals should consistently be rotated up the priority level and to accomplish them more efficiently.
Finally, visualization is an amazing tool to have in your toolbox when it comes to goal setting. Seeing yourself debt free is a powerful motivator that will keep you energized and on track.
Whatever debt relief solution you decide to embark upon, goal setting is an important component in the success of your venture.
DMCC is a 501 (c)3 nonprofit organization committed to educating consumers on financial issues and providing personal assistance to consumers who have become overextended with debt. Education is provided free of charge to consumers, as well as personal counseling to identify the best options for the repayment of their debt. To speak to a certified credit counselor, call toll-free 866-618-3328 or email contact@dmcconline.org.
