Research also shows that it is best to set your sights on just one goal – but then take concrete action to make it happen. Find your North Star and set your course in that direction. The America Saves Campaign managed by the Consumer Federation of America found that most individuals have not one goal for their money but four or five goals, of which saving is just one. Their study found that most people start thinking about saving over a period of time – only one in five began saving as the result of a life event, such as getting married or the birth of a child.
Yet those who saved the most generally had identified saving as their primary financial goal and then took action (such as automatic transfers of funds to savings accounts) as a mechanism to ensure success in getting to the goal. So think about a single goal – such as having a secure and comfortable retirement – and use that goal as a standard by which you save and invest in your future.