When certified financial planner (CFP) Akeiva Ellis got a raise, she decided to double down on her monthly car loan and repay it three years early.
Massachusetts-based Ellis, who is also co-founder and CEO of personal finance website The Bemused, regularly creates spreadsheets to hold herself accountable in her career—in addition to chronicling her work experiences on YouTube.
Ellis’ success through planning is backed by research. People who write down their goals are 42% more likely to accomplish them, according to a study conducted at the Dominican University in California. And those who jot down their goals and report their progress to a friend are, on average, 80% more likely to succeed.
If you shy away from the idea of broadcasting your career or personal finance progress on YouTube, don’t worry, you’re not alone—and you can still accomplish your goals with many other strategies and mindsets. Read on for a few of them.
Different Goal Strategies
Jodi Brandstetter, an entrepreneur based in Ohio, used the SMART (specific, measurable, attainable, realistic and time-bound) goal method to map out how she would promote her book HR by Design. Brandstetter aimed to be a guest on 48 podcasts in 12 months and used email, LinkedIn and Twitter to contact podcast hosts. In the end, she appeared on 20 podcasts in 12 months, less than half her goal.
While satisfied with the outcome, the SMART method helped Brandstetter quantify the time, energy and resources it took to book herself on 20 shows and helped her realize that outsourcing her PR strategy to focus exclusively on growing her business made more sense for her.
“Be mindful and okay with pivoting when it makes sense,” says Logan Rae, founder of the digital marketing firm Argon Agency in Florida.
In a nutshell, whether you choose to write them down, use the SMART goal framework or find an accountability partner to keep you on track, finding the method that works for you and maintaining a positive mindset are foundational for success.
“Find a group of like-minded people to cheer you on,” Rae adds. “It’s easier to strive for bigger and better achievements when you celebrate the wins.”
And try out a couple of different ones before choosing which works best. You never know—maybe a YouTube channel might work for you after all.
How Do I Execute My Goals?
Simplify. Simplify. Simplify.
First, ensure your goal is realistic by creating smaller steps. Janelle Hallier, co-founder of the California-based women leadership organization The Association, explains how she writes three tiny steps a day that help toward a larger goal. For example, if Hallier wants to save money, her steps one day might be:
1. Drink coffee at home.
2. Keep my Amazon cart empty.
3. Use cash for necessities but leave my credit cards at home.
“Goals have to be so small that there’s practically no room for failure,” says Hallier. “These are small promises I know I can keep and do today. Each day, I’ll rewrite three more action steps,” she explains.
Hallier’s day two goals may be similar to day one or even the exact same. The key is to break down goals to stop any feelings of overwhelm in their tracks.
Other ways to remain motivated to cross the finish line:
- • Try to set your goal publicly (even with a friend) or in a team.
- • Be specific and don’t worry if a goal seems too small.
- • Consider meditation, mood boards and visualization to help you gain clarity.
- • Continue to build momentum by tracking your progress.
- • Be ready for curveballs and establish a supportive network.
- • Join an accountability group.
- • Create separate checking or savings accounts for each of your needs and goals (this helps keep your money organized and ensure funds that need to grow, can).
- • Be kind to yourself during the journey.
Why Do People Fail to Meet Their Goals?
Let’s face it: While everyone loves to reap rewards of a completed goal, staying on track can be a challenge, especially when the payoff isn’t immediate.
“Keeping yourself going is one of the most important things you can do to meet a financial goal,” says Beth Pinsker, CFP, an investing columnist at MarketWatch. “Money goals—especially saving money—take discipline,” she adds.
Another reason a goal can fall flat is when it is too vague. For example, there is a difference between setting a goal to start investing versus committing to invest 10% of your income this year through your 401(k). The latter is much more specific and easier to hold yourself accountable.
That said, no amount of specificity will make up for committing to a goal without conviction.
“One of the biggest reasons people fail meeting goals is because it’s not meaningful to them to begin with,” says Ellis. “If you’re chasing a dream because someone told you to, but you aren’t motivated to see it through, chances are you won’t.” So take the time to identify your motivation and inspiration for your goals, whether that’s starting a business or committing to opening and maintaining a money market account. Focus on your “why.”
Another goal-buster is when the outcome is lofty or abstract. “Be open and flexible about how to interpret lofty goals so they become actionable,” stresses Hallier. As in the above example, if your goal is to start investing, simply setting an amount and time horizon can help make that goal more actionable.
The good news is people can and do accomplish their goals routinely—and celebrate their wins.
“I do a happy dance every time I accomplish a small win, whether it’s a challenging email I’ve put off or a tough call I dread to make,” says Hallier.
Financial wins are no different. “Money goals can be hard. If you are able to get to the finish line, you deserve a ticker tape parade,” says Pinsker. “If that’s not in the cards, settle for what makes you happy—as long as it doesn’t make you incur credit card debt,” she adds.
An effective way to reward yourself is to let the reward double as something that fortifies you. For example, while Ellis paid off her car loan with her raise, she also put $1,300 toward a professional certification.
Reinvest in yourself, and before you know it—like Ellis—you can check off another goal well done.
Doria Lavagnino is the host of SheVentures, a podcast about women who pivot in work and life on Apple and Spotify. She co-founded the financial wellness platform CentSai and lives in Brooklyn with her partner, two teen daughters, three cats and a rescue dog named Scarlet.
Illustration by Josie Portillo
LEARN MORE: What is a Money Market Account?