Did you achieve your financial goals in 2018? If you found yourself short on cash flow last year or didn’t reach the savings milestones that you hoped for then it may be time to set some new financial goals for the New Year.

Here are four ways to help set financial goals for 2019:

Prioritize for the short and long term.

Many people have short-term (within 2 years) and long-term (over 5 years) goals; the key to achieving all of them is to prioritize. The amount of money, time, and effort you dedicate to each goal depends on their importance a.k.a. their priority.

According to Investopedia “Setting goals is an important step toward becoming financially secure. If you aren’t working toward anything specific, you’re likely to spend more than you should. Setting short-term financial goals can give you the confidence boost and foundational knowledge you need to achieve larger goals that will take more time.”

Be realistic about all goals.

Setting, working toward, and achieving financial goals is a strong motivator for bigger accomplishments, but only if the goals are realistic. It can be extremely disappointing to want something that you don’t achieve.

When setting financial goals, be realistic about the time horizon, monthly budget allocation and affordability. It’s also important to set mini-goals and check in on your progress regularly. These actions will help determine if you’re on track to achieving your goal or if the plan of action needs to be adjusted.

Seek professional advice.

When it comes to your personal finances, goals are not always easy to achieve – that’s where the advice of a professional can become part of the plan. A financial advisor can help set realistic money management goals as well as create a plan to help you achieve them in a reasonable amount of time.

An advisor can also help create investment strategies for your financial goals that align with your risk tolerance and time horizon. According to Marketwatch “Median annual returns for 401(k) holders who got professional help were 3.32 percentage points higher than returns for people who invested on their own.”

Don’t just save. Invest wisely.

A major benefit of seeking professional financial advice is the advisor’s investment knowledge and industry expertise. Of course, the option to invest on your own is an option, but when it comes to money, paying for service from an expert is definitely worth the cost.

A financial advisor doesn’t just help you find extra disposable income to save; they help you invest wisely so your money grows over time. The more your money grows, the faster you’ll achieve your goals.

If you have specific financial goals for 2019, contact me today and let’s create a plan to achieve them!