Reaching Your Financial Goals

Reaching Your Financial Goals

Core Facts

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Regardless of which stage of life you are in, you are likely to have some personal financial goals — short and long term. Setting tangible and realistic goals, following them, and tracking your progress is the key to success in reaching of your financial goals.

If you are married, it is very important that you and your spouse share the same financial goals. Otherwise, achieving your personal financial goals is going to be an uphill battle. Communication is key in any relationship. Develop your financial plans together, review your progress, and make sure both of you are contributing to the same goals.

According to a survey, the most common New Year’s resolutions made by Americans include: saving more, spending less, and paying down debt. 

An effective way to reach your goals is to prioritize each of your personal financial goals in order of importance, and then determine what needs to be done to achieve them. Retirement could be many years away, but your short-term goals could be in a year or two. 

It is important to figure out how much you’ll need to save per month to achieve your financial goals. Don’t be discouraged if the dollar amount is overwhelming. The important thing is to have a set of tangible financial goals to work toward.

But sometimes it’s difficult to achieve those goals when temptations and lapses in discipline lead us astray. We want to lose weight, but someone offers us a delicious slice of cake. We want to save for retirement, but then we somehow “forget” our budget constraints when making a purchase. 

Here are some tips to make the journey to financial success easier:

Less Spending 

Elementary mathematics tells us that “more money in, than out” will result in a surplus. Unfortunately in today’s economy, that’s easier said than done. However, there are some simple things one can do to reduce spending. 

Take a look at your monthly expenses. Do you have any recurring memberships that you aren’t using? Cancel them. Can you get a better rate on your TV plan? Your cell phone plan? Internet provider? Can you make your own coffee in the morning instead of stopping for a $5 cup of coffee on your morning commute? Is there a more efficient (ride sharing) way to do your commute every day?

According to a recent review, most Americans spend $20 per week on coffee and up to $1500 per year on their commute. 

More Saving

Most Americans have less than $1000 in savings, and about 20% don’t even have a savings account. If you’ve freed up some of your income by reducing your spending, instead of using that extra cash to go on a shopping spree, start saving! It doesn’t particularly matter what you’re saving for, whether it be retirement, or just to have an emergency fund in place for the unexpected, having a cushion of savings will always come in handy.


Seek out the advice of a financial expert. If you’re in a position to invest, then a sensible middle-ground approach is recommended. This type of strategy could be essential to achieving long-term financial success. 

It would also benefit you greatly to take advantage of any employer-sponsored investment plans (like a 401k), so that you can maximize your nest-egg. 




Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC


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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 516-921-4200 Visit our website:

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Jake Mendlinger
Account Manager
516.829.8374 X 232

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