I don’t know about you, but the past two years have been a bit of a shit show. You might feel like your life’s been on pause for a few years, or even worse, you’ve gone backwards.

For many of us, those financial goals we set at the start of 2020, have gone slightly off the rails, for a vast array of reasons. You might even be wondering if it’s worth setting financial goals anymore, given the state of things.  

I’d like to propose the idea of setting financial intentions instead of financial goals.

The difference is slight, but the idea of an intention is that its a deliberate aim or plan, rather than goals, where the focus (or at least societies focus) is more on the end result. 

Things don’t always go to plan (as we all well know), so setting financial intentions gives you more flexibility, rather than fixed goal posts, that are disappointing to miss.

Setting SMART Financial Intentions

Of course, the logistics of actually working towards your financial intentions are fairly predictable. Making sure they’re SMART (specific, measurable, achievable, relevant and time bound) is important.

But I also want to point out a few other things that are critical to your financial success, otherwise known as my AAA framework.

Awareness: Knowledge is power, especially when it comes to your finances. The more aware you are of the different strategies and options out there to you, the more control you have over your financial success.

Automation: Automating your investments, savings goals and mortgage repayments is a great way to ensure you hit your monthly targets, without having to be manually involved at every step along the way.

Accountability: Who’s going to keep you on track during the journey and gently nudge you back towards your intentions if you go off track during the year? We all need someone to share our financial journey with, through both the struggles and success. 

Example of a Financial Intention

So, what might this financial intention look like in 2022? I’ve included an example below.

My intention is to pay off my $5,000 credit card debt by the end of 2022. I will do this by automating a payment of $450 each month after I get paid. I will also call the National Debt Helpline by the end of this month, to see if they can negotiate a better repayment plan on my behalf. 

I will also cut up my credit card, and automate a payment of $50 per month into my new emergency fund so this doesn’t happen again. If I go off track from this plan I’ll give my accountability buddy a call for support and to help me get back on track. I will also start to learn more about getting out of debt and saving money, by joining the Aussie Debt Free Community on Instagram.

Do you see how I’ve incorporated the intention, with exactly how I’m going to do it, a clear timeframe, plus a support plan to make sure I actually reach it?

The more you can visualise the end result and anything that could throw it off balance, the more likely you’ll be able to achieve the intentions you set for your finances this year.

Setting Your Own Financial Intentions

Here are some thought-starter questions to get you thinking about your own financial intentions for 2022.

  • Imagine it’s the end of 2022, what do you hope you’ve achieved with your finances during the year?
  • What are some of those topics like super that you’ve always wanted to learn more about but haven’t put the time aside?
  • What did you achieve during 2021? Did that require any sacrifices?
  • What are you prepared to spend/do less of to achieve your intentions?
  • What are your short term, intermediate and long term financial plans?

I hope you’ve had a wonderful start to the year, and I look forward to hearing how you go setting and working towards your financial intentions in 2022.