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Setting Up Financial Goals In Times Of Uncertainty
With inflation through the roof and the cost of groceries astronomical, it’s hard to focus on anything beyond that when it comes to setting financial goals. For many, their goal may be to somehow figure out a way to pay high rent prices and put food on the table.
No matter what it is you’re trying to budget for, you always start with your “why”. If you’re not sure what that is, I talk about it here:
Why you are trying to save money will dictate how you do your budget. For example, my why is to quit work by June 2024. That means I have 20 months and 12 days in order to hit that large goal. Now, it’s a matter of figuring out what I need to do on a yearly basis and break it down to a monthly goal.
No matter what your goal is, it needs to be achievable and realistic. Make a list of all your bills, debts you have payments on and what you spend on things such as groceries and gas. Whatever is left is what you have to work with.
Now you can start assigning those dollars to your “why”.