SET GOALS
Achieving successful financial security starts with organized financial goals.
What would you like to do tomorrow? Believe it or not, you may have just identified a short-term goal. There are goals to be achieved within the next year or so, such as saving for a vacation or paying off small debts. Intermediate goals have a time frame of two to five years. Long-term goals involve financial plans that are more than five years off, such as retirement savings, money for children's university education, or the purchase of a vacation home.
For your financial goals, make sure they are SMART
What would you like to do tomorrow? Believe it or not, you may have just identified a short-term goal. There are goals to be achieved within the next year or so, such as saving for a vacation or paying off small debts. Intermediate goals have a time frame of two to five years. Long-term goals involve financial plans that are more than five years off, such as retirement savings, money for children's university education, or the purchase of a vacation home.
For your financial goals, make sure they are SMART
Specific
Smart goals are specific enough to suggest action. Example: Save enough money to get a refrigerator, not just save money.
Smart goals are specific enough to suggest action. Example: Save enough money to get a refrigerator, not just save money.
Measurable
You need to know when you have achieved your goal, or how close you are.
Example: A refrigerator costs $600, and you have $300 already saved.
Goals which aren't measurable, like "I'd like to have more money" are much harder to achieve - and you don't even know when you get there!
You need to know when you have achieved your goal, or how close you are.
Example: A refrigerator costs $600, and you have $300 already saved.
Goals which aren't measurable, like "I'd like to have more money" are much harder to achieve - and you don't even know when you get there!
Attainable
The steps toward reaching your goal need to be reasonable and possible.
Example: I know I can save enough money each month to arrive at my goal within one year.
The steps toward reaching your goal need to be reasonable and possible.
Example: I know I can save enough money each month to arrive at my goal within one year.