1. Stop spending so much.
2. Be more honest about our money.
3. Stop being so hard on myself about money.
4. Write down every purchase.
I would call this a guilt list rather than financial goals. Many people have guilt lists like this about money, their weight, working out, and other areas of their lives. The problem is that all this guilt doesn’t help people very much.
For financial goals to actually help you handle money better, you need to begin with a clear picture of where you are financially and where you want to be. Numbers must be attached to this picture. Then you can define specific goals (again with numbers) that take you from where you are to where you want to be.
The goals are likely to be related to spending, saving, debt levels, and income. Here are some examples:
1. I will limit my spending on restaurants to $100 per month.
2. I will save $250 per month in my TFSA.
3. I will reduce my line of credit balance by $300 per month and not increase any of my other debts.
4. In addition to my regular pay at work, I will earn at least $400 per month doing odd jobs in my neighbourhood.
Without the specific times and dollar amounts attached to the goals, you’re just making yourself feel guilty with little benefit.