From paying down high debt to saving up a down payment, big financial goals can take time and planning to achieve. The road to success may be challenging at times but it can also be mentally and financially rewarding.

The initial step is often the hardest - deciding to take action. When you've decided the time is now, here are some tips on how to tackle one big financial goal:

Define one specific goal

The primary step is to prioritize and clearly define one specific goal. The more clarity you have when you start, the better. Try to avoid setting any secondary goals that could distract you. All your energy should be directed toward your one, exclusive objective.

Once you've defined your goal, think of ways to pinpoint your focus. Vision boards, for example, can be useful in helping you visualize your goal. If you plan to save a down payment for a home, cut out pictures of the home and add them to the board. It may also be useful to write down personal messages to inspire you, the amount you need to save per month and the date you aim to achieve the goal.

Create a detailed plan

Once your goal is set, it's time to create a plan. The type and length of your plan may vary on the objective but one rule applies to them all - create a plan that works best for you and your situation. Setting reasonable and achievable expectations can help you stay on course and remain confident in the roadmap you've created.

Here are some elements to consider when establishing your plan:

• Research - Do you know someone who has achieved the same goal? If so, ask them for advice. The Internet may also be a great source of information. There’s a chance that someone has accomplished the same goal and offered up guidance that could be useful.
• Start and end date - Being clear of your start and end dates is essential for success. Knowing you have 180 days to complete a goal could help you prioritize your efforts and keep your timeline front of mind.
• Milestones - Milestones identify important stages on your road to success. These periodic markers can help you break up one large goal into smaller tasks and keep a steady pace. When creating milestones, try to space them out appropriately to permit adequate time for completion.

Make adjustments when necessary

Some plans need to be adjusted, so be flexible. If you feel change is needed, it could make sense to pivot and keep momentum going rather than struggle to make your original plan work.  

Whether it’s due to personal or financial changes, making adjustments could also be an opportunity to enhance your original plan. With careful consideration and good judgment, a well-planned pivot could possibly produce more optimal results than you expected.

Cross the finish line

No matter what obstacles you face, believe in yourself and the plan you set in motion. Tackling a big financial goal may seem daunting at first but each successful day is one step closer to the finish line. Best of luck!