Tiffany Grant, a financial wellness facilitator, joins Yahoo Finance Live to provide tips for anyone trying to set and achieve personal money goals.
– Well the statistics are startling. According to various recent surveys, about 60% of Americans are living paycheck to paycheck. Many don’t have enough funds in their account to cover an emergency bill. But despite higher wages and a washed up market, many are having a hard time saving.
Here with lessons on how to help change some of that is Tiffany Grant, Financial Wellness Facilitator and Money Talk With Tiff. Thank you so much for being here, Tiffany. What do you think are some of the hurdles that keep people from making these savings that they know they really need to?
TIFFANY GRANT: Yes. So the first thing I always love to tell people is money is psychological. I’ve come up with three things that people need to focus on when it comes to setting your financial goals and then also reaching them.
The first one– I’ll just jump right in– is to make sure that you check in with your current values, beliefs, non-financial goals, before you even get started with your financial goals. This is important because you have to make sure that your goals align with who you are as a person in order for you to stick with them.
Second, it’s important to go ahead and prioritize those goals. If you have let’s say five goals, and some of them are immediate, some of them may be five, 10 years down the road, start making a hierarchy of those goals. And also, to go along with that, make sure that if you do have a big stretch goal– because I love stretch goals– make sure that you have smaller goals to lead up to that. So if you have a goal to be debt free, let’s say, and it’s $50,000, that sounds like a lot. But if you break it down into maybe $1,000 here, $1,000 there, next thing you know you look up and you’re done.
The last thing is to make sure that you do your homework. Know what your targets are. A lot of people come to me and they might say, hey, I want to save up for a down payment on a house. That’s an awesome goal, but what kind of house? How much is that house going to cost? What type of down payment do you need?
These are three things to definitely focus on as you’re going into the new year …….