Have you ever set a goal but failed to complete that goal? You are not alone! According to the University of Stanton, 92% of people who set New Year’s goals never even achieve them (Schwantes). Why do such a large percentage of people not achieve their goals? While there may be a lot of factors, one common problem is that an action plan hasn’t been created (Lim). Creating an action plan most definitely requires more of your time and a strategy, both of which can be a challenge to come by. But, breaking down goals into an action plan is critical! Doing so helps you to stay accountable for the goal(s) and provides you with a starting place for achieving the goal(s). If you’re not sure how to break down goals into a plan, you’re in luck. I’ll walk us though the example below so you get an idea of how it works!

First, determine what your goal is:

• Goal: Buy a vehicle.

Next, create an objective based on your goal that is specific and time-bound:

• Objective: Save $6,000 for a car by August of 2022. Make sure you have researched the type of vehicle that you would like to consider to confirm that the amount you are saving is sufficient to pay for the choice vehicle.

Now that we have made our goal more specific it is time to break it down into actionable and manageable tasks (these are just a few examples of tasks that I could do to save for a car):

• Task: Determine how much I need to save from now until next August (which would be $545 per month).
• Task: Look for ways to save money each month and put that money in the car fund (ex: Can I eat out just two times a month instead of five?)
• Task: Review my budget and make the necessary changes so that I am able to put more money towards the car. (Ex: Instead of allotting $50 to clothing each month can I lower it to $25?)
• Note: If saving $545 per month does not seem feasible after reviewing ways to cut expenses or increase income then please consider adjusting the goal. That might mean taking the bus or walking to work (if those are options of course) or using your current car a little longer then anticipated while extending the time to save. Or it might mean spending less on a vehicle. Whatever the adjustment, be creative to make it realistic!

What financial goals might you like to achieve? Consider taking a few minutes to write out a strategic plan for achieving your goal using this simple method, and remember, I am here to help the IWU student body through one-on-one coaching sessions. So, schedule a meeting today!

Resources:

Schwantes, Marcel. (2018, June 13). “Science Says Only 8 Percent of People Actually Achieve Their Goals. Here Are 7 Things They Do Differently.” Inc.com. https://www.inc.com/marcel-schwantes/science-says-only-8-percent-of-people-actually-achieve-their-goals-here-are-7-things-they-do-differently.html

Lim, Shawn. “Top 10 Reasons Why People Fail to Reach Their Goals.” Goalcast.  https://www.goalcast.com/top-10-reasons-people-fail-reach-goals/