They say if you aim at nothing, you’ll hit it every time. It’s vitally important to set goals, especially when it comes to money. Today on MoneyWise, Chad Clark joins Rob West to discuss why goals are so important and how to set them effectively. Chad Clark leads innovation here at MoneyWise. Chad describes a new feature in the MoneyWise App to help you create financial goals and mile markers. DANGERS OF GOAL SETTING There is a danger in setting goals, particularly short-term goals, when we make that far too large. Such goals can seem so distant and so difficult to reach that they become intimidating and can lead to discouragement. Here are some tips on setting effective goals: START WITH THE WHY You must understand WHY you’re setting a particular goal. What’s truly driving you to achieve it? If you’re not clear on the true purpose and motivation, it will be nearly impossible to see it through to the end. Your WHY will help to sustain you through the process. If you’re married, make sure you come together and agree on that purpose. Pray about it! Invite the Lord into this process. And when you’ve determined your WHY, write it down! FOCUS ON THE PROCESS A goal is only achievable one small step at a time. Creating new habits and systems is what will see you through to the finish line. The value in changing your habits is not only in achieving your goals, but in the transformation that happens inside of you as you install new positive habits in your life. MILESTONES Take your goal and break it down into smaller increments. For instance, instead of trying to pay off many thousands of dollars in debt, perhaps focus on paying off $500. It’s critical to focus on your progress along the way, and setting those mile markers on the way to your ultimate goal will help you to do that. CELEBRATE And finally, celebrate your victories along the way! No matter how small your wins may seem, celebrating those successes will encourage you to continue stacking up wins. And besides, isn’t life more joyful when you’re focused on those successes? ! Celebrating victories has been proven to motivate further success. So give thanks and glory to God for every small win! Have fun! GOAL SETTING IN THE MONEYWISE APP New tools in the MoneyWise app will help you set and achieve your financial goals. Learn more at app.moneywise.org. LISTENER QUESTIONS On today’s program, Rob also answers listener questions: ●How do you determine when it’s best to stay in your existing home or downsize? ●Should a widow pay off a home with life insurance proceeds?