By: Jennifer Brazer
Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.
Fact Checked By: Brittany McMillen
Financial Goals & How To Achieve Them
Most people spend more time planning their next vacation than thinking about their financial future. The irony? One is fleeting, while the other—your financial health—lasts a lifetime. As the CEO and founder of Complete Controller, I’ve spent more than 15 years guiding individuals and businesses toward sound financial management. Along the way, I’ve learned one thing for certain: financial success isn’t about luck or guessing—it’s about having a plan.
Let’s dive into how you can set and achieve financial goals, build a secure future, and stop winging it with your money.
Did You Know Most People Wing Their Finances?
Here’s a surprising fact: only 32% of Americans have a long-term financial plan. That means the majority are winging it, hoping things just “work out.” Unfortunately, hope isn’t a strategy. I’ve seen firsthand how this lack of planning can lead to financial strain and missed opportunities.
But the good news? You don’t have to be part of the guessing game. With clear goals and actionable steps, you can create the financial security you deserve.
Why Financial Goals Matter
Think of financial goals as your roadmap. Imagine you’re planning a cross-country road trip but have no GPS, no map, and no idea where you’ll refuel or rest along the way. Chances are, you’re going to get lost, stay stuck, or worse, never even leave the driveway.
Your finances are no different. Without specific goals, you’re essentially driving blind. That’s why setting clear objectives is crucial. Whether it’s buying your first home, paying off debt, or retiring comfortably, goals help you focus your efforts and resources.
Data to consider
Did you know that only 34% of Americans have even a basic understanding of financial concepts like budgeting, saving, and investing? (Source: National Foundation for Credit Counseling, “2020 Financial Literacy Survey”). This knowledge gap is why so many people struggle to set meaningful financial goals. If this sounds like you, don’t worry—you’re not alone, and we’re about to change that.
What Are Your Financial Goals?
Not all financial goals are created equal. They typically fall into two categories: short-term objectives and long-term aspirations. To get started, pick one goal from each category, and use it to fuel your progress.
Short-term financial objectives
- Save three months’ worth of expenses in an emergency fund.
- Pay off high-interest credit card debt.
- Save for a vacation, holiday season, or major purchase.
Long-term financial security
- Build a robust retirement fund.
- Invest in your first (or next) property.
- Grow your business or start a new venture.
Pro Tip: Write these goals down—seriously. Studies show you’re 42% more likely to achieve a goal if you write it down.
For a detailed approach on setting SMART financial goals, check out this resource.
Creating a Budget to Achieve Your Financial Goals
The next step in achieving financial goals is creating a budget. If goals are your roadmap, a budget is the vehicle that gets you there. Without one, you’ll likely spin your wheels or wind up stranded.
Why budgeting works
Budgeting isn’t about restrictions—it’s about clarity and control. It helps you tell your money where to go, instead of wondering where it went. As the CEO of Complete Controller, I’ve seen countless clients achieve their financial dreams simply by creating a realistic budget.
For some actionable tips, take a look at creating a realistic budget.
Budgeting strategies
- 50/30/20 Rule: Allocate 50% of your income to necessities, 30% to wants, and 20% to savings or debt payoff.
- Zero-Based Budgeting: Plan for every dollar of your income so expenses minus income equals zero.
A 2018 study by the National Endowment for Financial Education found that using budgeting apps increased savings by 25%. Consider using tools like Mint or You Need A Budget (YNAB) to jumpstart your process.
For extra tips, explore these budgeting strategies.
Building an Emergency Fund
If life has taught me anything, it’s that financial surprises happen—and not the good kind. Whether it’s a medical bill or a sudden job loss, an emergency fund is your best defense.
Why you need one
A survey by Bankrate revealed that 44% of Americans don’t have enough savings to cover three months of living expenses in an emergency. Knowing this, I always recommend starting with just $500 and building from there.
Steps to get started
- Automate Savings: Set up automatic transfers to your savings account every payday.
- Use High-Yield Accounts: Consider banks like Ally or Marcus by Goldman Sachs to earn more on your savings.
Want more guidance? Read about building an emergency fund.
If you’re still unsure why emergency funds matter, this resource on the importance of emergency funds explains it perfectly.
Investing Wisely to Grow Wealth
Now let’s discuss the “growth” part of your financial plan. As someone who has worked with thousands of clients over the years, I can confidently say that investing is one of the best ways to make your money work for you.
Where should you invest?
- Stocks: High risk but high reward over the long term.
- Bonds: Safer, more stable investments.
- Mutual Funds: Diversified and managed for you.
- Real Estate: Ideal for building long-term wealth.
According to Charles Schwab, the average return on a diversified stock portfolio over 20 years is about 7% annually—a compelling reason to start investing now.
Monitoring and Adjusting
Don’t set it and forget it. Life changes—maybe you’ve gotten married, started a family, or launched a new business—and your financial plan should reflect that. Commit to reviewing your goals and budget every quarter.
Seeking Professional Advice
Sometimes, even the best plans need a professional touch. Financial advisors can make the difference between good intentions and great results.
Take Sarah, one of our clients at Complete Controller. She started with no plan and a pile of debt. Together, we created a realistic budget, built an emergency fund, and implemented a smart investment strategy. One year later, she was not only on track for retirement but had also crossed off a dream vacation from her bucket list.
If you’re curious about how a financial advisor can help, learn more here: financial advisors can help.
FAQ
What’s a good short-term financial goal?
Start by saving three months’ worth of expenses in an emergency fund.How do I begin investing?
Start small, using beginner-friendly tools like Robinhood or Acorns.What if I don’t have much to save?
Automate $10 per week—it will add up faster than you think!How often should I review my plan?
At least once a year, or after any major life change.Are financial advisors worth it?
Absolutely, especially if you’re tackling complex goals or need expert guidance.
The road to financial freedom begins with one step. Set clear goals, create a budget, and stick to your plan. And remember, you’re not alone. If you need guidance, Complete Controller is here to help. Visit us at Complete Controller and take control of your financial future today.
Sources
Academic and Financial Research Sources:
- National Foundation for Credit Counseling. (2020). Financial Literacy Survey.
- Bankrate. (2019). Emergency Fund Survey.
- Charles Schwab. (2020). Investment Returns Report.
- American Savings Education Council. (1990). Financial Planning Survey.
- Federal Reserve. (1980). Emergency Fund Survey.
- National Endowment for Financial Education. (2018). Budgeting Study.
Online Financial Resources:
- Complete Controller (various articles).
- NerdWallet.
- Investopedia.
- SmartAsset.
- InCharge Debt Solutions.
- Washington State Department of Financial Institutions.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
