Creating vision boards is a topic that is widely discussed at the beginning of a year. Personally, I have not created a vision board with pictures before. The main reason is that I am more of a structured person and the "arts and craft" nature of vision boards is less organized than I like things to be. However, a few months ago when I started thinking about some financial goals that I want to achieve over the next years, I felt a vision board would be a great way to visualize them.
In this blog post, I will share the benefits of visualizing your goals and some of the questions I asked myself while I created my financial vision board. This post continues the Her Finances series where I write about being financially independent, financial planning, adopting healthy financial habits and taking charge of your finances.
What are the benefits of creating a financial vision board?
Create your own Financial vision board
Let me start by saying that it is important to choose the type of visualization that works best for you. Personally, I find text the best way to visualize my goals.
Here are five questions to ask yourself while you create your vision board:
#1: What are some big financial goals you want to achieve?
The main task here is creating an overview of the different areas of your finances that you want to work towards. Some of the things that come to mind are: create an emergency fund, grow savings, be debt free, create additional sources of income, invest in property, save for your children or grow long term investments.
#2: What is the timeline you want to work towards?
Typically a vision board is created for a year. However, being that some of your big financial goals take more than a year to achieve, it is essential to outline a realistic timeline. The objective is to commit to a date by which you want to achieve your goals. Each goal can have a different due date. I encourage you not to overthink the timeline, write what you think and adjust as you know more.
#3: What are some of the things you want to start doing or do differently?
Now that you know what you are working on determine which new financial habits you want to adapt to achieve your goals. For some inspiration, check out my previous blog post Good Money habits for 2019. I like the saying "Don't keep doing the same thing and expecting different results."
#4: What kind of support do you need?
Especially if you are working on big goals, it is essential to look for external support. This serves the purpose of providing the financial knowledge that you don't have as well as gaining support through the process. Your support can be in the form of a financial experts, trusted friends, trainings, books or podcasts.
#5: How are you going to track your progress?
Think about the small steps you will take and how you will measure the progress you are making towards achieving your goals. It is important to celebrate your accomplishments, and the only way you'll know what you have achieved is if you continuously track your progress.
Call to Action
What financial goals do you want to work on? Define your goals
When do you want to achieve them? Determine your timeline