My goals:

• Lose weight.
• Reduce debt.

At least, that is how I used to define my goals. The big problem, at least for me, is that those goals lack a finite goal and a definitive deadline. I feel that those two shortcomings are the big reasons that I could not achieve my goals. Yes, yes, I know that other reasons I failed to meet my goals include that I love to eat and spend money.

Recently, however, I have found that setting very specific goals and deadlines provide a powerful motivator and help me stick to plans.

For example, since this is a personal finance blog, let me just tell you how I have altered my “reduce debt” goal as follows:

• Eliminate the remaining $115,000 worth of debt and save at least $20,000 no later than April 2014.

I took this goal and put it into Excel. I listed each debt with its interest rate and minimum payment and then calculated out the monthly balances and payments for each debt over the next 5+ years. I also included a column for my savings account that shows monthly balance and interest earned.

By plugging all of this data into Excel, I was able to quickly and easily calculate the extra monthly debt payments required in order to payoff my debt by my stated deadline.

Also, if you are curious, I hope to take my wife and kids to the UK in May or June of 2014. Ever since my son (now 6) learned that I spent two weeks in London shortly before he was born, he is obsessed with going there himself. As my youngest child will be almost 8 by then, it seems like a great time to go.