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Our Expert Tips For Setting Realistic Financial Goals In 2024

It’s always a good thing to be ambitious, but it’s also best to keep your goals realistic. With the year 2024 being our biggest test yet with rising costs and countless financial struggles for many, everyone is doing what they can to better their situation and stay motivated. Become a pro at setting realistic financial goals with this insightful article featuring tips from your trusted financial advisors at Maggi Tax!

What it Means to Keep Things Realistic

Being realistic doesn’t have to mean undercutting your true goals and intentions. After all, shouldn’t you always aim to do better? It’s not a matter of what you can and can’t do, but rather how you go about it. Meeting your goals should be a rewarding experience that encourages an ongoing journey. When we can’t reach the high milestones that we set for ourselves, it can feel demoralizing and discourage us from making another attempt.

Setting realistic goals helps us feel more in control of our budgeting, giving us a sense of power over our own finances.

Popular Financial Goals in 2024

Money is the root of everything, and everyone has their own idea of how to put it to good use. Not sure where to start? Here are some of the most popular financial goals for 2024:
● Eliminating or decreasing credit card debt and other loans
● Saving for a house or car
● Opening a retirement savings account
● Planning a big trip or vacation
● Building an emergency fund
● Getting into the stock market
● Starting an investment portfolio

Helpful Tips for the Journey Ahead

You’ve come this far, now it’s time to touch up your financial knowledge with expert tips on how to set realistic goals and how to conquer them:

1. Set Specific Milestones

Instead of simply saying, “I’m going to pay off my card” or, “I will make a profit in stocks”, think about the steps that are required to meet that end goal.

Say you have a credit card balance of $2,000. Vowing to pay it off in full without any structure set in place will make it difficult to stay motivated in accomplishing that goal. A specific approach would be to allocate $400 a month (on top of your minimum payments) to have it paid off in 5 months. Of course, you can alter the details to best fit your budget.

2. Decide on Asset Distribution

Many individuals go with an all-in attitude to meet their financial goals. That may work for some people, but it’s not for everyone. If you have multiple goals, you can choose to distribute the wealth between them all so that each of your intentions are receiving a bit of love.

3. Practice Mindful Spending

It can be difficult to break out of old habits, like picking up food for dinner on the way home or grabbing an unnecessary trinket while you’re at the store. These frivolous purchases may seem harmless at the moment, but each thing you buy can quickly add up. For example, grabbing a small $3 every day equates to $90 a month which you could be putting towards your goals.

4. Factor in the Unexpected

No one wants to bet on failure, but part of setting realistic goals is to account for any mishaps that are out of your control. Being mentally prepared for this will make it easier for you to get back on your feet.

Bonus Tip!

Another way to stay on track in meeting your financial goals is to take up the stealth wealth trend which helps you better value your assets.

Bring Your 2024 Financial Goals to Fruition. Consult Maggi Tax Today!

Do you need help setting up your financial goals? Contact Maggi Tax today at (727) 799-1701 to schedule a consultation with our financial advisors! We’ll sit down with you to create a personalized plan that’s both realistic and rewarding.


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