Financial Goals
Financial goal setting is very important. Include the members of your household in this process as you plan for a healthy financial future. Working together will help you reach your goals.
Make sure your goals are SMART:
- Specific: Ask yourself specific questions - What do you really want? What does it look like? If it is a home – how many bedrooms, one or two-car garage, and how many square feet? The clearer your vision is the better chance you have of achieving your goals.
- Measurable: Break down the value of your goal and measure your progress each month.
- Attainable: Knowing how much your goal will cost, do you have enough room in your budget to achieve it or do you need to make adjustments.
- Relevant: Is your goal relevant to you and those participating in the goal setting with you? Is it worth making small sacrifices to achieve these goals.
- Timely: Will you be able to achieve your goal in the short term (0 - 12 months) or in the long term (1 - 5 years)?
Once you have decided on your goals it’s time to create a written plan outlining how you will achieve success. To do this, record each goal on your Financial Goals Action Plan Worksheet, under the appropriate heading: Short-term goal or Long-term goal.
