By Elliot Pepper, CFP®, CPA | Northbrook Financial
How many times have you set a financial goal—save more money, pay off debt, stick to a budget—only to fall off track a few weeks later? If you’re like most people, you’ve been there. Setting goals is easy. Following through? That’s where things get tricky.
But here’s the good news: It’s not your fault. And even better? You can absolutely change it.
In this article, we’re breaking down why traditional financial goal setting often fails—and what to do instead to make your goals actually stick.
🚫 Why Most Financial Goals Fail
We tend to think of goals as willpower problems: “If I just try harder, I’ll finally save that emergency fund.” But research shows goal failure is usually due to poor structure, unclear purpose, and unrealistic expectations.
Here are the top culprits:
Vague Goals
“I want to save money” is noble—but it’s not actionable. Without specificity, you don’t know what success looks like.
All or Nothing Thinking
We aim for perfection. One slip-up, and we abandon the goal completely.
No Timeline
Without a deadline, there’s no urgency. Without urgency, there’s no action.
No Emotional Connection
You’re more likely to stick with goals that matter to you. Saving because you ‘should’ is weaker than saving for your child’s future.
No System or Feedback Loop
If you don’t track progress, you can’t course-correct. Without milestones, motivation fades.
✅ How to Set Financial Goals That Work
Successful goal setting is part art, part science. Let’s walk through the key ingredients for goals that don’t just sound good—they actually work.
1. Start with Why
Why do you want to save, invest, or eliminate debt? Tie your goal to something meaningful—freedom, security, generosity, family, or impact. Emotional buy-in makes discipline easier.
2. Make It SMART
SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound. Instead of “save more,” try “Save $10,000 for a down payment by next June.”
3. Break It Down
Big goals need small steps. A $10,000 savings goal becomes $833/month, or ~$28/day. Suddenly, it’s tangible and trackable.
4. Automate Progress
Take willpower out of the equation. Set up automatic transfers to savings or investments. Make it harder to fail than to succeed.
5. Track and Celebrate
Use a spreadsheet, app, or good old notebook. Visualize your progress. And celebrate milestones—it fuels momentum.
🎯 Examples of Goals That Stick
- “Pay off $5,000 in credit card debt by March 2026. I’ll put $250/month toward the balance automatically.”
- “Build a 3-month emergency fund of $12,000 in the next 12 months by saving $1,000/month through payroll deduction.”
- “Max out my Roth IRA this year ($7,000) by contributing $584/month.”
🧠 Pro Tip: Use Identity-Based Goal Setting
Instead of saying “I want to save more,” start with: “I am a person who prioritizes financial security.”
This subtle shift from outcome-based to identity-based goals helps create lasting behavioral change. You’re not just doing something different—you’re becoming someone different.
🔧 Your Common Cents Action Plan
– Write down one SMART financial goal tied to a personal “why.”
– Break it into monthly and weekly milestones.
– Set up an automated system to fund or track it.
– Review progress every 2 weeks.
– Celebrate a small win this month!
You don’t need a perfect plan. You need a plan you’ll stick to. And a little Common Cents never hurts.
Need help building a plan that works?
At Northbrook Financial, we help you connect your financial goals to your personal values—and then build a strategy to make them real.
The information contained herein is intended to be used for educational purposes only and is not exhaustive. Diversification and/or any strategy that may be discussed does not guarantee against investment losses but are intended to help manage risk and return. If applicable, historical discussions and/or opinions are not predictive of future events. The content is presented in good faith and has been drawn from sources believed to be reliable. The content is not intended to be legal, tax or financial advice. Please consult a legal, tax or financial professional for information specific to your individual situation.
This content not reviewed by FINRA
Northbrook Financial is an Investment Adviser registered with the State of Maryland. All views, expressions, and opinions included in this communication are subject to change. This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. Please contact us at 410-941-9709 if there is any change in your financial situation, needs, goals or objectives, or if you wish to initiate or modify any restrictions on the management of the account. Our current disclosure brochure, Form ADV Part 2, is available upon request, and on our website https://www.northbrookfinancial.com