Breaking Down Financial Goals: 8 Bite-Sized Steps to Success (2024)

Estimated reading time: 10 minutes

Are you looking to take control of your finances, achieve your goals, and finally master your budget once and for all? It’s all about breaking it down! There’s no better time than now to start making progress towards your financial goals. However, setting goals strategically is key to avoiding overwhelm. Many people wait for specific dates like the first of the month, the start of a new year, a birthday, or other significant occasions to take action. But the reality is, your money doesn’t wait. To your finances, any date is arbitrary.

While some set numerous goals, attempting to “eat the elephant” in one go—a guaranteed recipe for failure and financial overwhelm—we take a different approach. If you’re ready, here are eight steps to assist you in breaking down and establishing your targets, enabling you to promptly start achieving those significant financial goals!

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8 Steps for Breaking Your Financial Goals into Achievable Pieces

Discover Your True Self: Unveiling the Depths Within

To achieve your financial goals, it’s crucial to reflect on the roadblocks you’ve encountered in the past. Take a moment to understand why your goals haven’t materialized. This might entail confronting some harsh truths, but it’s an essential step towards progress.

When I started to assess and organize my finances, I analyzed successful strategies and pinpointed areas for improvement. In the past, I set multiple goals, but lacked focus, making them difficult to achieve. I take full responsibility and acknowledge that this situation was entirely my fault. It can be tough to admit this, but it’s a necessary step.

I used to think, “I’ll set ALL my financial goals RIGHT NOW,” which, in my small-mindedness, I thought was totally doable. But, well, not quite…

I was experiencing shiny object syndrome—I couldn’t seem to stay in one lane for very long. In a way, it was a case of choice paralysis. I had so many decisions in front of me that I got overwhelmed and just ignored them. I wasn’t breaking down my financial goals, I was trying to do everything at once.

Embrace Your Failures: The Path to Financial Success

When reflecting on those years of financial struggle, I used to look back at the end of the year and wonder, “What did we really accomplish this year?” It made me feel like I was wasting time, not reaching my financial goals, and needing to prioritize what truly mattered.

So, I had to take a moment and be totally honest with myself. I had to admit that sometimes, the mere thought of actually achieving our goals scared me. What would happen then, right? It dawned on me that I was actually hiding behind all these financial goals, avoiding facing them. And well, the outcome was failing at every single one of them.

I not only let myself down, but also my team and those closest to me, because I failed to stay focused.

I don’t know about you, but I really don’t like (or, as I would tell my daughters to say: intensely dislike) to fail at anything—it drives me wild! And just so you know, I don’t think anyone actually enjoys failing at anything, but there have been a couple of times when playing it safe just felt more comfortable. Believe me, I speak from experience…

Embracing what didn’t work in the past has been instrumental in breaking down and reframing my goals. It’s helped me find a way to achieve my financial aspirations in the future.

Crush Your Financial Goals: Mastering the “Big 3” and Breaking it Down

Because I knew deep down that I had to make a change to achieve my financial goals, I set out on a mission to find a clear path. And guess what? I finally discovered the key: narrowing my focus. It’s the secret sauce to making those goals not just possible, but totally doable!

I decided to avoid overwhelming myself with ‘all the goals’ and instead, focus on what I like to call the “Big 3” goals. When it comes to setting financial goals, let’s not worry about the time of year. The concept of financial “New Year’s resolutions” and similar objectives often leads to disappointment.

Quarterly Financial Goals: Breaking Down the “Big 3” + Crush Your Annual Targets

I like to track and accomplish the “Big 3” every quarter. Once you reach a goal, set another one. No need to wait for a new year or month. Just keep that momentum going! The important thing is to start with only the Big 3.

I hear you thinking, “Wait, just three goals?! I need major financial gains (or wins) TODAY! Three goals seem too few.” Let me tell you, I learned a lot from this experience too. Shifting my mindset was tough. I mean, how can we limit ourselves to just three goals and not achieve them?!

Honestly, it felt kind of ridiculous, and it left me feeling a bit like a sell-out because it was just too easy. I kept thinking the whole time, “Seriously, if I only aim for three, how can I NOT hit my goals!?” And then, BOOM! (Okay, I admit, I can be a little slow on the uptick sometimes, but there it was.) THE WHOLE POINT WAS TO HIT MY GOALS! And guess what? With just three goals, I could do it!

Don’t Fall for the Temptation: Avoid Setting Additional Financial Goals

Doesn’t it sound surprising? You can actually achieve your financial goals by setting just three! I mean, why bother taking on a bunch of extras? Then came the self-talk, “Well, if I can handle three goals, why not make it five?” And just like that, I was off to the races again.

I won’t bore (or scare) you with the intricate workings of my internal thought process because, well, it was just a never-ending loop that I had to make sense of in my head.

So, once again, I made the choice to stick with the Big 3 if I wanted to be successful. Trying to achieve more than that would just be too much, and I needed to stay focused on those three goals.

Supercharge Your Financial Goals with the Stretch Goal Challenge

So, what happens after you achieve the Big 3? Do you take a few months off? Do you kick back and relax? No way! Once you’ve experienced the satisfaction of reaching your financial goals, it’s time to embrace a new challenge. Go for a Stretch Goal!

Stretch Goals are our biggest, scariest, and really, really ambitious goals. Honestly, we usually don’t hit them. But by setting them, we know we’ll keep aiming for them in the future. They serve as a constant reminder, always right there in front of us.

In case you’re wondering just how many Stretch Goals to set, I’ll let you take a guess. Yep! You should limit those to three as well (are you sensing a pattern here?).

By focusing on three goals again, it helps you break them down into smaller, more manageable bites. Suddenly, that big hairy goal doesn’t seem so intimidating anymore!

Timeframe Mastery: Achieving Your Financial Goals with Precision

By breaking down each of our financial goals—the Big 3 and the subsequent Stretch Goals—quarterly, then monthly, and finally weekly. This approach makes managing our financial goals much more doable.

Using this breakdown format will show you what’s working, what’s not working, and what you need to tweak to get back on track to accomplish your financial goals. Remember, it’s way easier to readjust your goals after a rough week or even a tough month. If you wait until a quarter or a year has gone by, you’ll be left wondering what went wrong (and why you didn’t reach your targets).

Instead, let’s break it down into small, manageable steps. What can you do this week to get closer to your financial goals? And what about next week? By the end of the month, what needs to happen to stay on track for success?

I discovered that without breaking my goals into smaller steps, I would inevitably find myself in the same place as before—failing. So, I made a firm decision that failure is absolutely not an option this time around…

Avoid Financial Derailment: Break Down Your Financial Goals

I must admit, I’m not a fan of failure or making mistakes. This fear often leads me to avoid taking action altogether. I tend to procrastinate rather than risk facing failure. However, this fear has led me to embrace a saying that has truly shifted my mindset: Failure is not the antithesis of success; rather, it is an integral part of the journey towards achieving it.

Here’s the thing: failure only happens when you give up. No matter how many times you stumble, whether it’s a lifelong aspiration or a short-term target, the mere act of striving propels you towards triumph. It truly is as straightforward as that. Remember, every step you take, no matter how small, is progress! The key is to continuously move forward, never losing sight of your goal.

Personally, I deeply appreciate the Japanese proverb that embodies this resilient spirit: “Nana korobi ya oki,” which translates to “seven falls, eight getting up.” Or, as you may already be familiar with the saying: “Fall 7 times; stand up 8.” This proverb beautifully captures the essence of perseverance and the unwavering determination to rise stronger with each setback.

Achieve Your Financial Goals: Start Breaking Them Down Today

Whether you’re embarking on a new year, a fresh month, or simply feeling the ticking of time, don’t let fear hold you back from pursuing your financial goals. Now is the moment to dive in and propel yourself forward.

Lastly, andmostimportantly, remember you only fail when you stop trying. By breaking down and implementing your financial goals into manageable bites, I guarantee they won’t be quite so big, scary, or hairy!

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Once you get your budget rolling, check out my post on6 Simple Steps to Get Financially Organized. This post also includes a helpful checklist available in my Resource Library (free to access).

Admittedly, this particular checklist has a larger-scale focus on your overall financial picture, but I genuinely feel that getting your finances organized is essential. Eventually, you’ll build upon those principles as you set broader Stretch Goals.

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