Suze Orman: Do These 4 Things If You Want To Meet a Big Financial Goal This Year
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Gabrielle Olya
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Amber Barkley
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We’re just about through the first quarter of the year, which is a great time to check in on how you are pacing toward any financial goals you set at the beginning of the year. If you’re not where you want to be, don’t panic. There are still steps you can take to achieve your goals before the year ends.
Here are Suze Orman’s tips to achieve your big financial goals in 2024.
Enlist an Accountability Partner
If you’re having trouble sticking to your goals, find a friend or family member who can hold you accountable.
“Sharing your goal with someone is going to help you,” Orman wrote in a recent blog post. “Even better is finding a friend, colleague or family member who just might want to work on the same financial goal. Or a different financial goal. You can hold each other accountable. And celebrate the wins together. And when one of you is losing steam, the other is right there to cheerlead you to keep at it.”
Break Down Big Goals Into Smaller Steps
If you have a lofty financial goal, it’s easy to get overwhelmed and just give up entirely.
“Whatever your initial goal was, consider breaking it down into a smaller bite,” Orman wrote. “Maybe instead of a monthly goal, you will respond better to a daily or weekly goal. Maybe instead of saving $50 a week, it’s $25 a week that is sustainable.”
Get Out of Your Comfort Zone
According to Orman, what usually works for you and your personality type might not translate in the personal finance arena.
“Some interesting research a while back found that people who tend to be very detail-oriented actually did better when their financial goal was less detailed. And people who are more big-picture did better if they made their financial goal very specific,” she wrote. “It seems when we shake things up a bit, it can help us focus and be more persistent.”
Orman explained how this could work if your goal is to save $200 every month this year.
“If you’re a detail-oriented person, you might have told yourself: ‘I will save $200 every month.’ If that didn’t work, try telling yourself, ‘I will look for ways throughout the month to save money,'” she said. “If you’re the big-picture person who might have had some hazy-ish goal of ‘saving more’ consider getting specific. Tell yourself you will save $200 a month, or whatever you want your specific goal to be.”
Celebrate the Small Wins
It’s easier to stay motivated to achieve bigger goals when you take the time to celebrate the small wins along the way.
“One reason I recommend creating smaller/shorter goals is that it gives you frequent milestones that when you reach them, you can celebrate,” Orman said. “This isn’t silly, or indulgent. It is how we remind ourselves that we have the power to build the financial security we crave.”
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