Amazing reasons why you need to set financial goals

As a Single Mum it is so important to set and achieve goals. We need to be reminded that we are capable of great things! And what better way to remind ourselves than to smash all of the financial milestones we set? This post will show you exactly why you need to set financial goals to feel empowered, smash your non-financial goals and nurture your children’s money mindset!

Financial goals are not only about budgeting and saving money in a bank account. There is so much more to it than that. financial goals are about your mindset, how you make money, how you distribute that money and you you feel about that money!

I personally find that having goals to work towards really motivates me to keep pushing, make better decisions. But only if those goals are aligned with my values and what I want from life. so make sure your financial goal setting is in alignment to what YOU actually want. Not what society wants for you!

Why You Need To Set Financial Goals In Alignment To What You Want From Life

Before I really took back control of my life, I would set goals that aligned with other people rather than myself. For example, I wanted to be the fittest, healthiest version of myself. But the goal I set was to lose weight, become a size 10 and weigh the same as a toddler! That wasn’t achievable, nor was it my actual aim, but it was what society told me I needed to be at the time and I went with it. And guess what? I didn’t achieve it.

So take a look at what you really want from life. I find that journaling for a while will really help with this. This planner is amazing for really looking at your life and what you want to achieve! I set out the areas of my life that I want to make improvements in and then work my financial goals around those areas of my life.

You don’t have to achieve them all at once or even work towards them all at once. You would be better off aiming to achieve goals that will enable you to go on to achieve more goals.

So you want to learn to drive? Driving is expensive. A large proportion of your money is paying off high interest debt right now. So here I would suggest tackling the debt first, concentrate on getting that paid faster, whilst practicing for your theory, or maybe you have a little spare cash for one driving lesson a week. But make sure that debt is paid off as quickly as possible to free up that money for your new car!

Do you see where I am going here? I will do another post in the coming weeks around figuring out your goals- That is one of my goals!

But let’s get into why you need to set financial goals as a single mum!

You Will Feel Empowered When You Set Financial Goals And Achieve Them

Female and Financial Empowerment is something that I feel very strongly about. It is one of the reasons that I started Single Mum Unhinged in the first place! I spent so many years of my life feeling so Disempowered. Having absolutely no control whatsoever over my life and my finances. Just trudging along and taking whatever life threw at me. I had accepted my reality.

When I finally started taking back control of my money so many things in my life changed. It was slow for me as I didn’t have many people to support me on this journey. There were not so many podcasts or life coaches out there telling me what to do. And growing up how I did, the people around me just didn’t really get it. So I travelled the journey alone and in silence.

I consider this sense of empowerment to be the first and most important reason why you need to set financial goals. The feeling of empowerment and being in control that I got from hitting my financial goals gave me a reason to keep pushing through. I fell in love with life again as I could see that there was something better for me ahead. Yes sticking to budgets can be tough at times. But financial independence it in the end and I never once regretted it.

Check out my post on Budgeting and get your FREE Unstoppable Budget Guide. Find out how you can set aligned financial goals and take back control of your finances!

You Will Hit Your Other Life Goals Faster

Lets face it, the saying “There is more to life than money!” Is a very true statement, but at the same time money helps us to achieve those things too! And makes for a much more comfortable ride!

Once I gained momentum in taking control of my money I felt so empowered and in control that I couldn’t help but make better choices and take control of other areas of my life! This is why you need to set financial goals!

When you set a goal and achieve it, you will have such a sense of pride that you will then continue to set more and more goals and smash them! This will start a chain reaction and before you know it, you will be in a completely different situation!

What other goals do you have?

Do you want to eat healthier? Well, having a meal plan and staying in budget will certainly help with that… as will having more money, as we all know the healthier food options aren’t always the cheapest!

Do you want to get fit? Budget in money for gym membership or pay off your debts so you have that extra cash to budget.

Do you want to travel? Taking care of your finances will allow you to save and make that happen!

Do you want to learn to drive? Cars are not cheap to run so you will need to free up some cash for lessons, insurance, the car itself.

All of these dreams and more can be achieved and that is why you need to set money goals! this is why in my previous post Taking control of your finances as a single mum I talk about setting your big goals and dreams first and then working your budget to reflect those.

Once you start achieving these goals you really will become Unstoppable!

Why You Need To Set Financial Goals To Teach Your Children About Finances

I do not believe in keeping money matters away from the kids at all! Some may disagree and say kids should be kids, they don’t need to know about these issues. But isn’t bringing up kids really about teaching them how to be adults?

I grew up not knowing a thing about money. Not how to save it, budget it, think about it or invest it. Nothing! in return I had a very, very poor money mindset and it is a lot harder to change your money mindset than it is to start a good one from scratch.

Having budgets and goals in place with a positive attitude around them is one of the best things to do for your kids. It not only keeps your budget in check, but it gives them the tools needed to make better financial decisions in the future. Tell them that yes our food budget is £xx.xx, lets see how we can create the best meals out of this! Get them involved, let them know why… tell them the end goal so they know its not about being poor.

My kids love being given a food shop budget and seeing how many meals and snacks they can get out of it. We have This great meal planner which means everyone knows what is for dinner and they all have a say. It works fabulously!

They have their own bank accounts also and they save up their money for things they want to buy! They also come up with ideas on how they can make more money.

By talking more openly with my children and showing them why you need to set financial goals, they have already started out with a better money mindset than I had at 30 years old!

So That Is Why You Need To Set Financial Goals

It isn’t all about the money or your finances. It is about how you want to live your whole life. It’s about feeling empowered and in control of your destiny and most importantly, how your children will benefit!

I hope that you will consider looking into setting some financial goals this year and really align them with what you want out of life. Remember, it is your life, your goals and you can become Unstoppable!

Please leave us a comment below and let us know what goals do you have this year and how are you going to achieve them?