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Financial goal setting
Let’s talk about financial goal setting.
New years is the time that most people will set some kind of goal for themselves. Even if you aren’t into new year resolutions, it’s always good to keep up your personal goals for improvement at any time of year.
No matter your current financial situation, setting financial goals can be beneficial. First we need to make sure you are setting yourself up for success by putting some essentials at the top of your list first.
#1 Start an emergency fund in a high interest savings account
#2 Pay down your debts
#3 Plan for retirement
#4 Make a list of other short and long term financial goals.
You might not know what amount of money is required for each of these items, and that’s ok for now. I will go into detail on each of these in subsequent posts. But for now, just know that they are things you should prioritize.
For item #4- I invite you to make a list. Financial goal setting doesn’t have to be difficult. Write down your short medium and long term goal and determine how much they will cost to achieve. Everyone’s idea of what might be classified as short vs long term may vary slightly. I would go with under 3-5 years is a short term goal, and any longer than that would be a mid or long term goal.
Whatever your goals are, it’s a good idea to write them down and put a price tag next to them. Having these goals written down will help when you move on to setting up a spending/savings plan.
Find more posts like this in the Budgeting section of our blog!