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Home : Your Finances : Saving & Investing : Goal Setting

Goal Setting

Establishing financial goals is an important part of managing your finances.

Examples of goals are: saving for a vacation, buying a new car, saving for college, paying off debt, or planning for your retirement.

Come up with short-term goals (achievable in 2 years or less) and long-term goals.

Write down your goals and make them specific, including what you want to accomplish, how much money is associated with each, and a realistic timeline for reaching those goals.

Develop an action plan for your goals. Your action plan may include things like talking to a financial planner, researching vehicle prices and ratings on Consumer Reports, brown-bagging your lunch, or paying $300 each month towards your credit card debt.

Take some action, no matter how small; it will make your goals seem more attainable.

Writing down your goals and your progress will give you a sense of accomplishment and keep you on track towards reaching your goal.

Review your goals regularly and modify them as needed.

See how long it will take you to reach your financial goal:
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