![]() ![]() Learn more about how to determine the difference between a short-term versus a longer-term goal below: Short-Term Goals Short-term goals position you to complete mid-term goals, which position you to accomplish long-term goals.īy saving up an emergency fund this year, you can focus on paying off debt - whether credit cards or loans - in the next five years, which in turn will free up money and increase your credit score so that you can meet a financial milestone, like purchasing a home, in the next 10 years. 4: Categorize your financial goalsĬategorize your goals according to timeline. Knowing why you want to achieve your financial goals is the most important factor in achieving success. For instance, someone who loves to travel may want to ensure they can retire with enough money to not only cover the basics, but take frequent trips. When setting your financial goals, consider the “why.” What can money management help you accomplish in the future?Įveryone wants to reduce expenses and make more money, but every long-term goal is unique. Most people set goals without considering why they want to achieve them. In this instance, set up an automatic deposit into a savings account, but then focus on funding one other goal with extra money. For example: You can contribute to a savings account, like an emergency fund or a 401(k), while focusing on another goal. By accomplishing one goal at a time, you’ll feel energized to accomplish the next one even faster. Keep in mind: Making 50% progress on our first goal is more impressive than making 5% on 10 goals. Starting with the most important goal, choose one goal to focus on and then direct your energy and resources on accomplishing it. With this in mind, once you have an idea of the goals you’d like to accomplish, rank them according to importance. If we spread ourselves too thin, we’ll make minimal progress. We may be conditioned to multitask in other areas of our lives, but goal setting needs to be hyper-focused. Don’t set yourself up for failure by listing goals that are too difficult to achieve and behaviors that are unlikely to change.ĭOWNLOAD THE BRAINSTORMING WORKSHEET Step No. Make sure these goals are realistic by taking your current financial situation into account. Keep contributing to your work’s 401(k) with match. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |