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Money Targets Over Money Goals

Melissa Ternes January 2021 new

Money Kuel Category Expert: Melissa Ternes

Ahh, it’s that time of year again … the fresh start of the New Year! For so many of us, it is a time of excitement, newness, possibility, a chance to revel in the promise of a new year.

With a lightness of spirit, we look into all that we hope for the year ahead, a fresh new slate for us. We reflect on the past year and set goals and resolutions for the year ahead. We do this so we can do more, be more, and have more. And yet, this action of setting goals and resolutions can be the very thing that keeps us from achieving all that we desire!

The Word “Goals” Is Loaded:

“In my client work, we set targets”

Goals, the word alone is loaded. All of the baggage and dread of the failed attempts over the years is attached to the word goals. Thereby attached to the new thing we desire. Burdened by years of being told we must have them (goals). And told all of the ways we must do them: SMART goals, written goals, 1 year, 5 year and 10-year goals, and on and on. Yet for the most part, they only serve to be the measuring stick we beat ourselves up with. And just to be clear, I’m not a fan of New Year’s Resolutions either, they simply don’t work long-term. So many have already quit or given up hope on their resolutions and we’re only a few weeks in to the new year.

What does this mean for 2021 and your money? In my client work, we set targets, never goals or resolutions. Think about it this way, a SMART goal or resolution is a “you make it or you don’t” proposition. Success or failure. When you use targets, you aim for the bullseye and anywhere in the rings is success! Perhaps this is the year you want to work less and make more, or the year to pay down debt.

Targets Are The Way To Go:

“Then celebrate every single, small win along the way!”

When you set a target this way, you are simple and clear, have a very easy way to measure, and can celebrate often. If your goal is to pay down debt, you have the opportunity to celebrate every single dollar you put toward paying off debt. It is the celebration that keeps your desire high and your motivation moving you forward toward your target. Inching closer and closer to the bullseye with each dollar!

For 2021, what targets do you want for your money (and your life for that matter)? Keep them short and sweet. Increase revenue from teaching. Work less, make more. Reduce debt. Save more. Pick one or two as your focus, then put them where you will see them. An index card in your wallet, a sticky note on the mirror, your phone background, anywhere you will be reminded of your target.

Then celebrate every single, small win along the way! Did you increase your teaching rate by $10? Perfect, celebrate it! Did you save money by canceling a subscription you’re not using? Celebrate! Did you find a new way to track your money? Congratulate yourself on the target win. At the end of the week, month, and year you will look back and see all of the small target wins add up to massive accomplishments. Here’s to your 2021 money targets!

About the Author:

Melissa Ternes is a financial empowerment coach, author, serial entrepreneur, wife, dog mom and lover of travel. Melissa is based in Raleigh, North Carolina and when she’s not out speaking or teaching, she’s seeking an adventure on the “pretty blue water” of Belize. You can connect with Melissa on LinkedIn and check-out her website at Master Your Money Now.