In my post last week, I wrote my 2016 year-end summary. At the end of the post, I touched on why goal setting is important. I’ve read quite a few articles over the last week from different bloggers regarding goal setting, and most bloggers argue that people only achieve 8-20% of their goals. That was shocking to me!
I figured people who actually took the time to set goals would be able to achieve at least half of the goals they set?? This made me think: is there a simple process people can follow to help them achieve their goals?
In my post today, I will:
- Share five goal setting tips that I follow
- I will share my 2017 goals for The Grounded Engineer blog
- Finally, I will close out this post by sharing a few financial goals my family set for 2017
Five goal setting tips to help you achieve your goals:
Goal setting has been instrumental to success I’ve had in my career. Each year, I set goals, goals that I know will be difficult to achieve. Here are the five goal setting tips I use:
- Write down your goals
- Create a plan for how you will achieve your goals – ask yourself: what will success look like if I achieve this goal?
- Track your progress at least monthly
- To help with your goal setting, use the acronym: SMART
- Specific – What is your goal? Is it specific enough or is it too broad? What does success look like if you achieve your goal?
- Measurable – How can you measure your progress and how often will you check in?
- Attainable – Can your goal be achieved?
- Realistic – Is the goal realistic?
- Time – What’s your time frame for reaching your goal?
- Review your goals at the end of the year before setting next years goals
My 2017 Goals for the blog
Below are the goals I set for The Grounded Engineer blog for 2017. To achieve these goals, I am holding myself accountable by publishing them on my site AND reviewing them in a post each month to monitor progress.
- Provide value to my readers by sharing information they can use to either: get out of debt, take better control of their finances, and/or start investing.
- Write one new post each week.
- Reach 20k monthly pageviews
- Grow email subscriber list to 500 people
- Grow Twitter follower list to 10k followers
- Spend at least 15 minutes each week on marketing
- Read one book each month relating to personal finance – currently, I am reading two books:
Financial goals for 2017
In January, we will be fine-tuning our budget because of a few life-changing events – a new addition to our family at the end of September and we are moving into a new house in January. We adjusted our budget that we keep, but we are still working through what the total cost of having a child is and what the new total cost of our house (utilities, house maintenance, etc.) will be.
I hope to have at least two or three more concrete goals starting in mid-February to add to our goal setting list.
- Our top priority is to begin savings into our daughter’s college fund. We have a target of $80k and by saving almost $3k/year we can achieve that:
- Just to be safe, we are going to pad our emergency fund a little more because my wife is staying home with our daughter. We need to add about $5k more to have a solid 6 months worth of expenses.
- Max out my 401(k) and Health Savings Account (read about HSA benefits here).
- Continue contributions into our Roth IRA, with a stretch goal to max out each one (my wife’s and mine).
- Make at least two extra house payments.
- Begin saving for a new car – $7k target savings goal.