Definition
Specific objectives you set for your money, like saving for a home, paying off debt, or planning for retirement. They guide your financial decisions.
What to consider
- Set specific, measurable targets for your savings and investments.
- Break large goals into smaller, more manageable steps.
- Review and update your goals as your circumstances change.
Real world scenarios
- Liz sets a 5-year goal to buy a home, breaking it into smaller annual savings targets to track progress.
- Ahmed’s short-term priority is building a $2,000 emergency fund, while his long-term aim is retiring by 60 with ample savings.
- Denise revisits her financial goals each quarter, celebrating milestones like paying off a credit card or raising her credit score.
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