Consumer Blog

Question: “I’ve got big financial goals but no idea how to keep track of them! What are the best tools to help me stay organized and actually make progress?”

Answer: Saving for a big financial goal — or even a small one? Love to hear it! Thankfully, the right tools can make it manageable — and even fun. Whether you’re saving for a dream vacation, paying off debt, or building a nest egg, there are countless tools to help you stay on track.

For starters, there are budgeting apps to help. These apps can link to your bank accounts and credit cards, help you categorize expenses, and show you exactly where your money is going. Some also allow you to set specific savings or debt-reduction goals. One good choice? YNAB, “You Need a Budget,” (which is not free, but users say it’s worth it). If you’re looking for free, try GoodBudget. A complete list can be found here.

For those who prefer a more hands-on approach than an app, spreadsheets are the ultimate DIY financial tool. Whether you use Excel, Google Sheets, or something else, you can design a personalized system for tracking your income, expenses, and progress toward your goals. Spreadsheets are amazing for goal tracking because you can include columns for goal names, target amounts, and deadlines.

Whether you’re working towards one financial goal or ten, one of the best things you can do is to have separate savings accounts for each goal. That’s because having a visual (and literal!) separation of funds keeps you from accidentally spending money earmarked for other purposes. (The behavioral finance term for this magic trick is “mental accounting.”)

Your credit union can help you establish all the accounts you need to stay on track. (Bonus points if you set up automatic transfers to these accounts. The fewer clicks it takes to deposit money into your savings accounts, the more likely you are to grow your wealth!)

If you’re dealing with debt as you work towards your goal, you may want to look into debt-tracking tools, like the free undebt.it, which can help you visualize your repayment journey and see exactly how long it will take to eliminate your debt. Becoming debt-free is something that should be celebrated, just like any other financial goal — and the quicker you’re rid of debt, the quicker you’ll be able to make progress on all your other (way more fun!) goals.

Lastly, don’t forget about the importance of a positive money mindset. A bright outlook can help you focus on and eventually accomplish your goals — and there’s science that supports that. The reticular activating system (RAS) part of the brain acts as a messenger between the conscious and subconscious parts of your mind. If you establish clear goals and a genuine intention to follow through, the RAS will subconsciously position your thoughts and emotions so you’re better primed for success. An example: You want to find a different job.

Stating that goal, writing it down, and internalizing it will cause it to stay in the front of your mind. You might browse job search sites more often than you normally would, suddenly remember the name of an acquaintance working in a field you’re interested in, or overhear a conversation about a networking opportunity you hadn’t yet considered. In other words, if you can dream it, you can accomplish it!

from our partnership with Filene/HerMoney