What’s Getting In The Way Of Your Financial Goals?

Have You Defined Your Financial Goals?

What are your financial goals? Maybe you want to save to improve credit so you can buy your first home. Perhaps you’re hoping to purchase a car in the near future. Maybe you’re tired of debts hovering over your head. Do you have a clear idea of what your financial goals are? According to a CIBC poll, the majority of Canadians have financial goals, but 46% don't have a financial plan in place to achieve them. What's getting in the way of your financial goals?

Why Haven’t You Set Any Financial Goals?

The fact is, there isn’t much in the way of Canadians reaching their goals. It requires sacrifice, hard work, and self-discipline. There is a light at the end of the tunnel, all you have to do, is keep your focus and avoid excuses. Here’s how to debunk the common excuses:

“I don’t make enough to save money”

What you’re really saying, is that you’re living outside of your means. This is a choice and can be fixed. Find a way to lower your monthly costs and work towards a higher income. Even if it means moving back in with mom and dad for a year while you have your money or go back to school, there is always a way.

“I don’t know how to budget/save money”

In the age of the internet, this problem is easily fixed. Practice your Google-fu and find some Canada-specific saving and budgeting guides. You can also opt for downloading a budgeting app that truly takes the guesswork out of budgeting. One such app is Mint, and it’ll get you on track with your budget in a few simple steps. Learn more about the Mint App here.

“Interest rates are too low to grow my money”

If you’re not saving because the process is too slow, then force that growth yourself! Make regular saving deposits and watch your money grow with each new deposit. Saving a little with low-interest rates is better than not saving at all!

“My debt won’t let me put money into savings”

Once again, you’re living outside of your means. Ensure your cost-of-living matches the actual amount of money you make. Cost of living includes things like debt payments and money reserved for saving. There is always somewhere in our lives where we can cut down on what we spend, even if it means downsizing our lives or our homes. Technology is another resource to help you pay down your debts, save your money and build your credit score. Check out these 5 smartphone apps to help you reach your financial goals.

“I’ll start saving more when I make more money”

There is never a guarantee that you’ll make more money. If we do wind up making more, our cost of living miraculously seems to rise. Don’t accept this as an excuse or you’ll find yourself hitting retirement with no savings.

“What I can afford to save won’t help me that much”

So you think! Saving just a little bit each month adds up! Over the years, the amount you’ve saved will grow, and one day you’ll discover that you have considerable savings. Besides, the little you save now will develop healthy financial habits.

Start Living Excuse Free Now, So You Can Be Debt Free Later

Excuses are easy to make, but they can lead you down an obstacle-ridden path. Learn how to map out your financial goals, work towards them and then reach them using Refresh Financial’s F.I.T. or Financial Intelligence Training. It’s one of the many perks of the credit building programs available from Refresh. Click here to learn more about F.I.T.

Your financial goals are attainable. All you need to do is stay focused, find the right resources and set yourself up for success.

What are some of your financial goals? Let us know in the comments!