Money Management: Setting Financial Goals

By The Credit Counseling Foundation at GoDebtFree.com

Short-term goals are goals that you set and achieve within one month to one year. These short term goals can include a family vacation, birthday and holiday gifts, purchasing a TV or even paying off a credit card or other bills.

Mid-term goals are goals that you try to accomplish within one to five years. This can be in the form of purchasing a new automobile, paying off all your credit cards or even remodeling your home.

Long-term goals are goals that will take five years and longer to achieve. Examples of long term goals includes a college education fund, buying a house and retirement savings.

Tips to Achieving Your Goals:

1. Write down all your short-term, mid-term and long-term goals.

2. Write down the dates that you set for attaining your goals.

3. Be realistic with your goals.

4. Be flexible as sometimes it is necessary to adjust your goals and strategies.

5. Periodically review your goals and check your progress.

6. Stick to the spending plan that you budgeted for.

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Copyright © 2003 The Credit Counseling Foundation.

This article reprinted with permission. For more information or for financial help visit The Credit Counseling Foundation at GoDebtFree.com.