Basic Step #8
Set Financial Goals
Be Smart About Your Goals
Perhaps you'd like to take a vacation next summer. Or, maybe you hope to go back to school in the next five years. Whatever your goals might be, you have a better chance of achieving them if you write them down. As you list your goals, divide them into three categories: short-term, medium-term and long-term.
- Short-term goals might include buying a new computer or paying off credit card debt.
- Medium-term goals could be purchasing a car or going back to school.
- Long-term goals might include buying a home or retiring with enough money to live comfortably.
Try to set SMART goals. These are goals that are Specific, Measurable, Achievable, Realistic and Time-Bound. Make sure you prioritize your goals. Which ones are the most important to you? Work toward achieving these goals first.
Use the SMART Goals worksheet to get started.