5 Reasons Goal Setting Can Help You Make Better Financial and Life Decisions

In this short video, Shane Tenny, CFP®, managing partner at Spaugh Dameron Tenny, shares five compelling reasons why intentional goal setting can help lead to more confident decisions – financially, personally, and professionally. Whether you're planning for retirement, managing a busy career, or reevaluating your priorities, this quick insight will help you align your time, money, and energy with what matters most.

Transcript:

[00:00:09.700] Hi, everyone. Shane Tenny here, managing partner at Spaugh Dameron Tenny, to talk about one of the topics that's near and dear to my heart, and that is setting goals. Now, if you're watching this video, I'm guessing it's because you either are also excited about setting goals or you found this to be a challenging part of your life, but you know that it probably has some benefit you need to explore. If it feels a little daunting to you, let me just say that the process of setting goals is nothing more than the process of taking time to be intentional about what is important to you. And so, whether the last 12 months have been a boom or a bust in your life, there's no better time than now to sit down and think about what is important to you in the midst of the speed at which life moves.

[00:00:59.920] With this said, I think there are five profound reasons that it's really helpful to be intentional about setting goals and defining your priorities.

[00:01:10.290] And the first of these is that making a list of your goals gives you clarity around how to prioritize your time. There are so many things calling for our attention these days. If you're not crystal clear on what's important to you and where you want to end up, it's really easy to get caught up in saying yes to every opportunity that comes your way, whether it's work, or volunteering, or family commitments. One of the greatest benefits you can give yourself and your family is learning how to say no to things that distract from your priorities and the time that you have.

[00:01:45.470] Now, the second benefit you get out of making a list of your goals is clarity about where to spend your money. Again, there are so many things calling for our attention and endless opportunities to spend money on social media or new gadgets, or technology, or travel. It's difficult to know and stay committed to using your money for the things that are most important to you if you don't have a list of what that is. When you lay out your priorities, whether it's travel or saving for the future or paying off debt or enjoying life today, being clear about those things helps you make sure that your money and your time are going where your priorities are.

[00:02:26.450] The third benefit to making a list of your priorities is not only it gives you clarity around your time and your money, but also your relationships. When you have a good idea of what's important to you and how you want to be present in those relationships, again, you're better enabled to say no to opportunities, engagements, dinners, other commitments that are going to steal from the relationships that you are saying are most important to you. Honestly, maybe there's no more important reason to list your goals than this one.

[00:03:00.710] But the fourth thing that I see is that friends and clients who make a list of their priorities have greater confidence as they move through the year, saying yes to the time and the financial and the relational opportunities that move toward them and toward the goals they have and know to the things that distract from their priorities. You'll feel more confident knowing you're on track for the things you value and your life isn't being watered down by the opportunities that are just depriving you of what's most important to you.

[00:03:34.080] And finally, the fifth thing is an increased sense of freedom. Sometimes people object to writing down goals or resolutions or priorities and making a plan because they feel like it's going to constrict their spontaneity or their impulsiveness. My experience is almost the exact opposite. As you become clear about what's important to you and who's important to you, how to spend your time and your money in your relationships, it leads to a sense of freedom because then whatever's left over can be given or donated or volunteered or used however it needs to be.

For example, if you've made the decision to commit money this year to saving and travel and lifestyle expenses. Once you've done those things, then you can feel a sense of freedom. What's left over can be used for going out to eat or clothes or supporting a friend's mission's trip. The key here is to just try to be intentional. I definitely know it will give you a greater sense of freedom, of confidence, of priority around your relationships, your time, and your money.

[00:04:44.640] By the way, might I say that if one of your goals this year is to develop a financial plan and a better strategy, consider hiring a professional. They just might have the time, the expertise, and the experience to help you make this one of your best years yet. Good luck. I'll see you back here next time.