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Not everyone shares the same financial goals. Your specific goals will depend on a number of factors—your values, age, financial situation, and interests.
Sample goals
- controlling your money so you have a little left over every month
- paying off debt
- having an emergency cushion in case of layoff, car or medical emergency
- buying a home
- buying a car
- saving for retirement
- saving for education/college (yours or your children's)
- purchasing "big-ticket" items, like appliances
- planning a vacation
- starting a business
Write down and agree on goals
Every adult involved in your budget should be clear about financial goals. Each person should create a list of goals. Separate lists are then combined to determine common family goals and private financial goals. Not all goals have the same timeline.
- Short-term goals can be done in a week, or a few months, but no longer than a year. Buying new clothes and saving for a family vacation are short-term goals.
- Intermediate-term goals can be accomplished in one to five years, such as buying a new car or paying off debts.
- Long-term goals are five years or more, like buying a house or saving enough money to put your children through college.
You will have all three types of goals, but keep them realistic. Goals that are set too high will frustrate you and tempt you to abandon them. Goals that are vague won't motivate you. Rigid goals won't work when your situation changes. Leave some space to adjust your goals. Of the ones you have listed, which are the most important to you as an individual? Which are the most important to your family?
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