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Stay motivated by setting shortterm financial goals from "summary" of Broke Millennial by Erin Lowry
When you're staring down a mountain of debt or feeling overwhelmed by the prospect of saving for a big financial goal, it can be easy to lose motivation. That's why setting short-term financial goals is crucial. These smaller milestones can help you stay focused and motivated as you work towards larger objectives. Short-term goals allow you to celebrate small wins along the way, breaking up a daunting task into more manageable pieces. For example, if your long-term goal is to save $10,000 for a down payment on a house, setting a short-term goal of saving $1,000 in three months can make the larger goal feel more achievable. In addition to providing motivation, short-term goals also help you track your progress. By setting specific targets with deadlines, you can measure how well you're sticking to your plan and make adjustments as needed. This level of accountability can keep you on track and prevent you from veering off course. Furthermore, short-term goals can help you build positive financial habits. Whether it's cutting back on dining out, increasing your retirement contributions, or paying off a credit card, achieving these smaller goals reinforces good behaviors that will benefit you in the long run. Remember, setting short-term financial goals doesn't mean sacrificing your larger aspirations. Instead, it's a strategy to keep you engaged and motivated as you work towards your bigger financial objectives. By breaking down your goals into manageable pieces, celebrating small victories, and staying disciplined, you can set yourself up for long-term success.
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