Financial goals are important because they help you achieve the things you want.
Goals such as vacations, paying off a debt or buying a car all require planning, patience and the willingness to work hard at saving your hard-earned dollars.
There are three types of goals you should sit down and consider: Short-term goals: These are goals you should be able to accomplish within one month to a year.
Items such as: taking a vacation, buying a new car, or paying off a debt are all items that fit within this category.
Mid-term goals: These are goals you should plan to accomplish within one to five years.
Goals such as paying of credit cards, making a major purchase, or remodeling your home can all fit within this category, based on your financial picture.
Long-term goals: These are goals that will take you five years or more to achieve, such as buying a home, saving for retirement or saving for college.
Your goals must be realistic and you must specify a completion date.
For example, if you lease a vehicle and find that your lease payment is causing financial strain, a possible mid-term goal might be as simple as deciding 'to buy a less expensive car in 3 years at the end of my lease.
' Also try reviewing your goals every now and then, and make adjustments.
It is OK to be flexible with your goals.
Simply taking the time to think about your goals and putting them on paper is the first step to making them a reality.