Define your financial goalsFinance 

Define your financial goals

Be precise and realistic

Set clear and measurable goals. Instead of saying you want to have enough money to live comfortably in retirement, think about the amount you need. Your specific goal may be to save $ 500,000 before you reach age 65.

Six examples of specific goals

  1. Repay credit card debt over the next six months.
  2. Pay off your mortgage more quickly by paying an additional $ 5,000 each year.
  3. How much do you have to save to achieve each of your goals?
  4. What are the advantages or disadvantages of putting a goal at the top of your priorities?
  5. Save $ 40,000 for your child’s education before he or she turns 18 years old.
  6. Save $ 5,000 for a vacation next year.

To set your goals, use this checklist .

Five questions to ask yourself

Your goals should also be realistic and depend on your current financial situation. Calculate how much you can save each month to reach your goals. Depending on the amount, you may need to choose the goals that are most important to you.

  1. When do you want to reach each of your goals?
  2. How much will you have to save to achieve each of your goals?
  3. How much do you have to save to achieve each of your goals?
  4. What are the advantages or disadvantages of putting a goal at the top of your priorities?
  5. What choices will you make to improve your quality of life today? And in the future?

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