Setting Monthly Goals For Your Money (+50 Achievable Ideas)

If you’ve ever wondered how to take control of your money to gain traction toward your long-term financial goals, setting monthly goals is your secret weapon. 

Wondering where to begin? 

I’m leaving no stone unturned as I detail the 8 crucial steps to setting monthly goals for your money. 

From envisioning your long-term financial aspirations to narrowing down to bite-sized monthly actions, you’ll gain the tools and insight to turn your financial dreams into a reality.

Plus, I’ve also included 50 examples of financial goals you can conquer in 30 days.

What are monthly money goals?

Monthly money goals are straightforward targets you set each month to steer your finances in the right direction. 

They act like checkpoints on your financial journey, helping us stay focused and purposeful. 

And the beauty is, monthly goals are flexible.

As life goals, so will your monthly goals. 

Starting with manageable steps, you gradually build momentum and gain control over your finances

Why are monthly goals important for achieving long-term goals?

By breaking grand dreams into smaller fragments, you lay out a clear blueprint.

It’s about manageable strides that accumulate over time. 

Imagine this: aspiring to retire comfortably or purchase a home. But without monthly goals, these visions might appear out of grasp. Yet, with a structured plan, you advance incrementally, month by month. 

In essence, monthly goals bridge the chasm between aspirations and reality. 


    We respect your privacy. Unsubscribe at anytime.

    *Free On-Demand Masterclass*


    Less stress & more confidence…in just 25 minutes.

    8 steps to setting monthly goals for your money

    Embarking on the path to financial empowerment requires you to have a clear plan.

    In the following section, I’ll outline the 8 crucial steps to set monthly goals for your money, putting you in control of your financial destiny.

    1. Start big with a long-term vision

    Having a panoramic outlook of where you want to go with your life, profession, and finances infuses each financial move with intention.

    A financial vision board.

    And by aligning your monthly goal setting with this panoramic vision, you forge a cohesive and purpose-driven path towards sustainable financial accomplishment.

    Here’s how:

    To set your long-term goals, begin by envisioning your ideal financial future.

    Consider what you truly desire to achieve: homeownership, retirement, travel, or debt-free living. 

    Break down these aspirations into quantifiable objectives, such as a specific savings amount or a targeted debt reduction.

    Next, establish a realistic timeline for each goal. 

    Determine when you aim to accomplish these milestones and how they align with your overall financial journey. Having a clear timeframe provides a sense of urgency and helps you allocate resources effectively.


    2. Narrow down to one year

    After you’ve cast your long-term vision, it’s time to shift your focus and narrow it down to the immediate horizon – the upcoming year. 

    By condensing your vision into a tangible yearly goal, you’re transforming your ambitious dreams into manageable milestones, ensuring that each monthly goal propels you closer to your destination. 

    Here’s how:

    Begin by choosing a few key long-term goals that you want to work on in the coming year. 

    Next, define each one-year goal with clarity and precision. Make them measurable by attaching specific numbers or targets. 

    You’ll also want to consider: 

    1. How many years remain to your target goal completion date
    2. How much you already have saved

    And put said figures in the following formula: (Total Savings Goal – Current Savings) / Time to Goal.

    Finally, assess the feasibility of achieving these one-year goals within the given timeframe.

    To assess the feasibility of your one-year goal, start by reviewing your current financial situation. Calculate your total income, subtract your essential expenses, and consider how much you can comfortably allocate to savings. 


    You plan to retire in 25 years with $1.5 million saved. You have $100,000 saved so far. 

    Thus, your one-year goal would be to save $56,000, calculated as follows:

    One year savings goal = (1,500,000 – 100,000) / 25.

    Keep in mind that these calculations are simplified for illustrative purposes, and actual financial planning may involve more detailed analysis and considerations. 

    3. Narrow down to one month

    With your sights set on the year ahead, it’s time to zoom in and narrow your focus to the next pivotal milestone – the upcoming month. 

    Setting precise achievable monthly goals that directly contribute to your overarching one-year target ensures that you’re making consistent progress. 

    This approach transforms your aspirations into actionable plans, empowering you to tackle your financial journey one month at a time, steadily inching closer to your ultimate destination.

    Here’s how:

    Divide your annual goal by 12 to determine the monthly milestone you need to reach. This evenly distributes your goal over the year.

    Now consider if there are months with higher or lower income or expenses. Adjust and set monthly goals accordingly to accommodate these fluctuations.


    • Annual Goal: Save $56,000 in one year to reach a retirement savings goal of $1.5 million in 25 years, starting with $100,000.
    • Monthly Goal: $56,000 / 12 = $4,667.

    4.Write your monthly goals down

    Putting pen to paper has a remarkable impact on turning intentions into actions. 

    When you physically write down your monthly financial goals, you increase the likelihood of achieving them

    Here’s why this simple practice is so effective:

    • Clarity and Commitment: Writing down your monthly goals forces you to articulate them clearly. This clarity enhances your commitment to achieving them as you see them take shape in tangible form.
    • Visual Reminder: Having your goals on paper provides a visual reminder of what you’re working towards. It keeps your objectives top of mind, making it harder to forget or overlook them.
    • Brain Engagement: Writing stimulates your brain differently than typing. It enhances memory retention and cognitive engagement, making you more likely to follow through on your monthly goals.

    Whether it’s the satisfaction of crossing off a completed goal or the motivation gained from seeing your aspirations in writing, this practice reinforces your commitment and propels you toward financial success.

    Here’s how:

    Find a dedicated notebook or journal to record your monthly financial goals. 

    Clearly write down each monthly goal along with the specific actions you plan to take. 

    Make it a routine – revisit your monthly goals regularly, adjust as needed, and mark off your achievements. 

    5. Make an action plan

    Now that you’ve set monthly goals, it’s time to roll up your sleeves and create a detailed action plan. 

    A money to do list.

    This plan transforms your aspirations from abstract notions into concrete tasks, making them more achievable. 

    You’re setting yourself up for success by detailing your action plan, ready to tackle each task with purpose and determination. 

    Here’s how:

    Start by reviewing your written monthly goals to make sure you understand exactly what you want to achieve this month.

    Now, for each monthly goal, brainstorm the necessary action steps that will lead you to success. These should be actionable and realistic tasks that contribute to your larger plan.

    Next, assign realistic deadlines to each action step. This adds a sense of urgency, helps you stay on track throughout the month, and enables you to prioritize tasks with dependencies or time constraints.

    Finally, if any action step feels overwhelming, break it into smaller sub-tasks. 


    1. Annual Goal: Save $1.5 million in 25 years
    2. Monthly Goal: $4,667
    3. Monthly Action Plan: 
    • Week 1: Review your current monthly expenses and identify areas where you can make significant reductions, such as discretionary spending, subscriptions, and entertainment.
    • Week 2: Implement cost-cutting strategies, such as cooking meals at home, using coupons, and finding free or low-cost entertainment options.
    • Week 3: Sell unused items online or organize a garage sale to generate extra income.
    • Week 4: Explore opportunities for additional income, such as freelancing, gig work, or side hustles.

    6. Identify obstacles

    By recognizing challenges in advance, you’re better equipped to navigate around them. 

    Just as a traveler checks the weather forecast to pack accordingly, this step helps you develop strategies to overcome hurdles that may arise on your financial path. 

    Whether it’s unexpected expenses, fluctuating income, or other life events, pinpointing potential obstacles allows you to proactively plan and adjust your course as needed. 

    This preparation empowers you to stay resilient and adaptable, ensuring that challenges won’t deter you from your set monthly goals. 

    Here’s how:

    List out potential obstacles that could impact your progress. These could include:

    • Irregular income
    • Unexpected expenses like car repairs, medial bills, or home maintenance
    • Changes to your financial situation due to things like job loss or starting a family
    • Holidays, wedding season, birthdays

    Now, evaluate each potential obstacle based on its potential impact and likelihood of occurring. 

    Finally, for each obstacle, brainstorm practical solutions and actionable steps to mitigate the impact of each obstacle or react if the obstacle occurs. 

    For example, if fluctuating income is a concern, you might explore opportunities for additional part-time work during lean months.

    7. Make your goals visible

    By making your monthly goals visible, you ensure they remain a consistent focus in your daily life. 

    It’s a simple yet powerful tactic that reinforces your commitment and helps you make decisions that bring you closer to your desired destination.

    By keeping your goals in sight, you maintain a clear direction and stay committed to financial growth and success.

    Here’s how:

    Begin by selecting visible reminders that resonate with you. 

    Choose tools that align with your routine, whether it’s sticky notes, digital apps, or whiteboards. 

    Place these reminders strategically in locations where you’re likely to encounter them frequently – a sticky note on your mirror or a goal-related image as your phone wallpaper.

    To keep your visual cues effective, update them regularly. 

    And use specific language when crafting your reminders – instead of vague phrases, be precise about your monthly goals to enhance clarity and motivation.

    8. Track progress weekly

    These regular check-ins allow you to gauge how far you’ve come and make any necessary adjustments to stay on course. 

    It’s a chance to review your accomplishments, identify areas for improvement, and celebrate milestones. 

    By dedicating time each week to reflect on your journey, you’re actively steering your financial path, making informed decisions, and staying focused on the road ahead. 

    Here’s how:

    Select a specific day each week to conduct your progress check. 

    Consistency is critical to forming a routine and tracking your financial journey effectively.

    Collect all the relevant information you need for your assessment on that day. This could include tracking your expenses, reviewing your savings contributions, and noting progress on your goals.

    Now, take a look at your monthly goals and long-term vision. 

    Compare your accomplishments to what you set out to achieve. Note any areas where you’ve made significant progress and identify those needing more attention.

    Finally, outline your priorities and action items for the upcoming week. This could involve allocating more resources to a particular goal, adjusting your budget, or exploring new income opportunities.

    50 examples of financial goals you can conquer in 30 days

    In the next section, we’ll explore 50 achievable and impactful monthly goal ideas you can conquer in 30 days, propelling you closer to your ultimate financial success.

    Savings and Debt Management

    From kickstarting an emergency fund to chipping away at credit card debt, these attainable targets will fortify your savings and empower you to conquer debt, setting you on a path toward financial stability and control.

    • Save $500 in an emergency fund.
    • Contribute an extra $200 to your retirement account.
    • Pay off $300 of credit card debt.
    • Increase your monthly student loan payment by $100.
    • Save $150 for a planned vacation.
    • Fully fund your sinking fund for upcoming car repairs ($100).
    • Create a “no-spend” challenge for two weekends this month.
    • Put $50 into a specific savings goal, like a new gadget or a designer item.
    • Allocate $150 to build a holiday gift fund.
    • Set aside $50 for a future home improvement project.
    • Establish a dedicated fund for your child’s education ($100).

    Budgeting and Expenses

    From reducing dining-out splurges to embracing energy-saving practices, these practical objectives will empower you to make conscious spending choices, optimize your budget, and pave the way for lasting financial well-being.

    • Reduce dining out expenses by 20% this month.
    • Limit entertainment expenses to $50 for the month.
    • Cut cable or streaming services and save $40.
    • Trim grocery expenses by $50 using coupons and meal planning.
    • Decrease utility bills by using energy-saving practices ($20).
    • Limit impulse purchases to a maximum of $25 this month.
    • Negotiate and lower one monthly bill (internet, phone, etc.) by $10.
    • Implement a “cash only” spending strategy for discretionary expenses.
    • Reduce your monthly subscription services by $30.
    • Create a list of free or low-cost activities for entertainment this month.

    Income and Side Hustles

    This section unveils 10 actionable monthly goal ideas that will empower you to boost your earnings and explore new horizons. 

    • Earn an extra $300 from a part-time side hustle.
    • Sell unused items and generate $150 in extra income.
    • Start a freelance gig and make $200 by month-end.
    • Invest time in learning a new skill to increase earning potential.
    • Complete online surveys or tasks to earn $50 in extra cash.
    • Secure a part-time remote job for additional income.
    • Dedicate time to improve your freelance portfolio or website.

    Investing and Wealth Building

    Elevate your financial future with these 10 strategic monthly goals that lay the foundation for long-term prosperity.

    • Invest $100 in the stock market or a low-cost index fund.
    • Open a high-yield savings account and deposit $50.
    • Contribute $50 to a brokerage account for long-term investing.
    • Research and identify a potential investment opportunity.
    • Begin a “change jar” for loose coins and save $20.
    • Increase your retirement contribution percentage by 1%.
    • Investigate and start a micro-investing platform with $25.

    Financial Education and Planning

    Ignite your financial knowledge and chart a path to well-informed decisions and personal growth with these 10 enlightening monthly goal ideas. 

    • Read one personal finance book or complete an online course (start here!: https://cultivatingcash.com/passive-income-with-dividends/
    • Create a written financial plan for the following year.
    • Schedule a meeting with a financial advisor for consultation.
    • Attend a free financial workshop or webinar.
    • Research and understand a new investment strategy.
    • Revise and update your will or estate plan.
    • Learn about tax-saving strategies for your financial situation.

    Charitable and Giving Goals

    Pay it forward and positively impact your community and your sense of fulfillment with these 10 meaningful monthly goal ideas. 

    • Allocate a portion of your budget to charitable donations ($50).
    • Support a crowdfunding campaign with a small donation.
    • Set up a recurring donation to a nonprofit of your choice.

    What should you consider when setting monthly money goals?

    When crafting your monthly financial roadmap, several key factors come into play to ensure your goals are not only realistic but also aligned with your aspirations.

    • Consider your income, expenses, debts, and savings. Understanding your financial baseline will help you set achievable goals that take your existing commitments into account.
    • What are your short-term and long-term objectives? Your goals should reflect your values, personal development intentions, and what matters most to you.
    • Are you setting goals that are too ambitious, which might lead to burnout? Or are they too conservative, hindering your growth? Strike a balance that challenges you while remaining attainable.
    • Potential obstacles and setbacks. Life is unpredictable, so anticipate challenges that might affect your progress. Planning for contingencies will help you stay on course even when faced with unexpected hurdles.

    By considering these factors, you’ll set monthly money goals that are realistic and customized to you and your journey.

    How many goals should you set a month?

    Focus on quality over quantity. 

    Fewer goals allow for deeper commitment and focused action. Setting too many goals risks spreading yourself thin, potentially diluting your efforts for personal development, and hindering progress. 

    Remember, it’s about steady progress, not overwhelming yourself with an excessive number of goals. By honing in on a select few, you can effectively channel your energy and resources, making each month a stepping stone toward your larger aspirations.

    So aim for around 2-3 goals per month, including personal growth, financial, and career goals, to ensure they’re achievable and receive your full attention. 

    Start setting monthly goals to empower your long-term financial success

    Armed with all the tips, tools, and 50 achievable ideas provided in this article, you’re primed to gain control over your finances and inching closer to your long-term dreams.

    So, let this guide be your companion, source of inspiration, and roadmap to setting and achieving your monthly goals.

    Your dreams are within reach – let’s make them a reality, one month at a time.

    Send me an email at nicole@cultivatingcash.com to find out more about how to define and achieve your financial goals.

    Join the Newsletter

    Subscribe to get my latest content by email.

      We won’t send you spam. Unsubscribe at any time.

      Share your thoughts!

      %d bloggers like this: