Goal setting is essential to achieving any financial milestone. For many people, however, just setting the goal isn’t enough. Burnout, temptation, unplanned roadblocks, etc. all play a part in diverting us from our financial goals. Below we’ll go over some simple steps you can implement to be sure you stay the course and hit your financial targets.

Create Intrinsic Motivation to Save

Intrinsic motivation is when our behavior is motivated by internal rewards and personal satisfaction rather than external pressure or rewards. In other words, the fun or challenge entailed in a specific task is enough to keep us motivated, even when unexpected setbacks occur. For instance, let’s say your primary goal is to retire within 10 years and travel the world. Visualize what that reality will look like, and keep it in the back of your mind as you navigate the ups and downs of your financial journey toward that goal. This strategy for motivation generates sustainable results.

Set Small, Achievable Goals

Lofty goals can be daunting, so start small. Even an extra $20 per week stashed into a savings account can set off a motivation snowball. Before you know it, you’ll be brainstorming ways to stash a little more into that account.

Compartmentalize

Take a “set it and forget it approach” by setting up automatic direct deposits into each account. Yes, you should have separate accounts for separate goals (i.e., “Italy Vacation”, “First Home”, “College Fund”, etc.). Saving toward a specific goal is less arduous with automatic direct deposits as you don’t have much of a chance to miss the money in your checking account before it’s deposited into its allotted account.

Build Goals into Your Budget

Maintaining a budget is essential when you’re striving for financial goals. When you’re aware of the amount of cash coming in and going out each month, you know how much money you can realistically allocate for those goals. Your budget should be practical and adaptable so it can be altered as needed.

Consistently Chip Away at Big Goals

Big goals usually require time, patience, and flexibility. Throw in unexpected setbacks and it’s easy to lose motivation to save after a while. A goal to save $20,000 in five years for a down payment on a house may seem like an intimidating target, but when you consistently chip away at it, it’s easier to stay motivated. You could reach that goal by saving $333.33 per month, which doesn’t seem nearly as intimidating as a lump sum of $20,000. Suddenly, that goal is feasible.

Save the Raise

Save your raises, bonuses, and any unexpected funds. If you choose not to save all of it, at least aim to save half. Temptation to splurge on something might be strong, especially if you’ve been dutifully saving toward your goals for a while. Fight this impulse, make smart spending decisions, and stay the course to reach your goals. Your future self will thank you.

Reward Yourself

While you should refrain from impulsive spending, there’s no rule that says you can’t celebrate your progress. Perhaps with every $5,000 saved, you mark the occasion with a small acknowledgment of the work and diligence it’s taken to get to that point. Whatever this looks like for you, just be sure it’s in the budget.