Revising Your Goals.
On this page, you will:
- learn 2 ways to help you revise your goals.
If you have cut down on your spending to the minimum and you still cannot free up enough extra money to save for your goals, then you need to find ways to increase your income.
However, if you can’t increase your income any further, then you should review and revise your goals. You should always look for ways to increase your income first before revising your goals. The reason being you want to come up with a budget to achieve your goals and dreams. Not come up with goals to suit your budget!
Postponing Your Goals
You can postpone your goals. This will lower your monthly savings amount.
Example: Revising goals.
Clear dredit card debt of $1,500 in 6 months.
Monthly savings needed: $1,500 / 6 = $250 a month
After cutting down my spending and have no way to increase my income, I can only save up to $100 a month.
Prolonging my goal from 6 months to 15 months.
Monthly savings needed: $1,500 / 15 = $100 a month
In the example above, I have lower down my savings needed to achieve my goal and therefore I have a working budget.
By postponing your goals, you will take a longer time to achieve your goals. However, this is still better than not having a working budget. When you have a working budget, you become motivated, dedicated and confident.
Prioritizing Your Goals.
Look at your list of goals. Are there any unimportant goals that you have put inside the list? Could you have given yourself too many goals, therefore stretching your budget too much?
Removing the less important goals will lower your monthly savings and move you closer to a working budget. With less goals, you can dedicate more energy and time into achieving the goals more important to you.
Next: Sticking To Your Budget.
Previous: Increasing Your Income.