Setting Financial Goals
Setting financial goals is your first step to managing your financial future. Setting financial goals is not easy. You may save money for months for a vacation only to have an unexpected medical bill knock your fund back to zero. But success can be achieved with the right mindset. Without that vacation fund, you may have been forced into debt (or worse) by an unexpected medical bill. With it, you met your obligation in full and on time.
Our focus is to help you be financially prepared to deal with surprises rather than have surprises deal with you.
What are goals?
A goal is something you're willing to work for. The best way to reach your goal is by making a plan AND following it. A goal has to be SMART.
Specific - State your intention. All your goals should begin with "I will".
Measurable - In order to evaluate how you are doing, you need some measure of your success.
Attainable - Goals can't be so challenging that they are impossible to meet. You need to feel a sense of accomplishment (regularly) after meeting attainable goals.
Rewarding - This feeling is important, as it confirms that your goal is worth achieving. Set priorities to your goals, so you focus on what is most important to you.
Timely - Choose a reasonable time frame for the achievement of your goals. Goals are frequently classified in terms of how long they will take to accomplish.
When you examine your own goals, you'll discover that some are broad and far-reaching, while others are narrow in scope. While you should dare to dream, you need to be realistic about what you can attain.
When writing financial goals it's best to focus on three types of goals: short-term (0 to 1 month), medium-term (1 to 6 months), and long-term (more than 6 months). All goals must be realistic and actionable.