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Set Your Financial Goals
Then again, you may be one of the many people who have no idea what their financial goals even are. Before you sit down with a professional financial advisor or investment counselor, it may be wise to figure out what you want to do with your money. Here’s how to take those first steps:
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Step 1. List Your Priorities
What’s important to you? Is it getting out of debt? Saving enough for a secure retiremenent? Buying a home in a certain neighborhood, or having astay-at-home spouse?
By sitting down and writing out your “wish list,” you can begin to boil down these various priorities to their financial requirements. Then it becomes easier to outline your short- and long-term financial goals.
2. Set Short-Term Goals
Just as a strong concrete foundation holds up the tallest building, so does a strong concrete financial base support even the wildest dreams. Here are some suggestions for basic goals to aim for in the next one to five years:
- Creating a Spending Plan. In order to live within your means, but still have money to fund your financial goals, you need a smart spending plan to get where you want to go.
- Get Out of Debt. If you have debt, now is the time to eliminate it so you that can put your money towards more important goals.
- Buying a Home. If you plan to become a homeowner, now is the time to think about saving for a down payment, shoring up your credit, and doing whatever is necessary to make your first, or next, real estate purchase.
- Buying a Car. Another significant purchase, buying a car requires not only putting money down, but weighing whether you can afford to take on a monthly loan or lease payment—or buy a vehicle outright.
It may be difficult to look beyond the five-year mark, but by leaving some room for flexibility, you can start by covering your bases:
- Plan Your Career. While it's impossible to plot a lifelong career path, aim to make professional decisions that support your goals.
- Think of Your Family. When looking ahead, remember to consider not only your immediate family's needs (where you want to raise your children, the cost of tuition and saving for college), but what shape your parents are in financially, and whether they might need your help down the line.
- Make a Retirement Plan. An effective retirement strategy requires meeting short-term savings targets as well as building a long-term strategy. Read more about what you need to know here.
- Prepare for the Future. While it's not always pleasant to consider the death of a spouse, of one's parents or even yourself, being financially braced for the inevitable is always wise.
The first step in successful financial planning is taking the time to set your goals. By understanding your own priorities in life and mapping out your financial aims, you will be better prepared to meet certain challenges and achieve what you want.
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