Savings goals should always be in motion; they should never become static. If your goals are not advancing as you advance, you're unlikely to be pushing yourself enough and not achieving what you could. What's most scary is that you might not even realize that your goals have become stagnant. Learn how to tell if you've hit a plateau so that you can breakthrough.
No Longer a Sacrifice
Saving money should not leave you in a position where you have to decide between meeting a basic need and investing or putting money in the bank. However, a good savings plan should at least make you slightly uncomfortable with the amount you put in.
For instance, maybe it's limiting the number of times you visit a coffee shop or cutting down on some of your entertainment subscriptions. Whatever the sacrifice, you should be giving up or limiting your spending to save. When your current savings goal no longer requires you to make a financial sacrifice, it's time to save more.
If you're recycling goals, it probably means you're going backward. For example, if a person completes a 10k, their next goal isn't likely going to be to compete in a 5k. It will likely be a 15k or higher.
If your current savings goals are not as lofty as the goals you had before, you need to revamp what you're doing. The only time this behavior is acceptable is if you've suffered a financial hardship that set you back, and now you're trying to get back on track. Otherwise, aim to be more aggressive in your new savings goals.
More Income, Same Goals
Savings goals should be linked closely with income. While other factors, such as expenses, play a part, for the most part, the more money you earn, the more money you should probably be able to save. If your income has increased substantially since you set your initial savings goals, you should aim to increase your savings so that it is more in-line with your financial situation.
A good way to avoid this type of scenario is to save or invest based on a percentage of your income, such as 20%, rather than a specific dollar amount.
Setting and achieving financial goals take sacrifice, but the most effective goals also require planning, advice, proper management, and even a little creativity. A wealth management firm can provide you with all four. Contact a firm to learn more about taking your financial plans to the next level.