Set a Goal
Another excellent way to encourage you along the way of improving your financial situation, your credit and aspirations for your future, is by setting goals. You should set achievable short term goals, so you can see the fruits of your labor in the short term and long term goals, so you're reminded to continue working at it. Everyone's goals are unique so there's not any 1 set of goals you should be striving to achieve. However, we listed a few goals below to give you an idea of how your goal structure should be. Ultimately, it's important to set things up in a way not to be frustrating. For example, If you make 25k a year and have $3,000 in savings, the first goal you list shouldn't be a million dollars in the bank, 4 houses in 4 countries and you want to achieve this within the next 2 months... If this is your goal, it's a perfectly good long term goal, but sticking with simple goals at first to build momentum is usually the better strategy. All goals are relative to you and depends on your personal situation (income, current debt, current credit, etc). Use the list of goals below as an example and make necessary changes as needed.
List of Financial Goals (example)
My short term goals:
I want to pay an additional $______ towards all loan balances.
I want to save an additional $______ every month & put it in savings.
I want to contribute $______ every month towards my emergency fund.
I want to contribute $______ every month towards my retirement account.
If I can pay an additional $_______ towards my mortgage, it can be paid off by _________.
I want to improve my credit score by ______ points within the next 12 months.
I want to improve my credit score by ______ points within the next 2 years.
My long term goals:
I want to have zero-3% balance on all credit cards.
Debt free from all other loans.
I want my mortgage paid off by ___ /___ /_____.
I want to retire at age ____ and have my retirement account balance over $___________.
This is just some basic ideas and is intended to give you a guideline. You can add to this list or change it however you need to so it fits your own personal circumstance and sets your own personal goals.