Helping in managing your financial goal
How to Manage Your Money by Setting Financial Goals
The best way to avoid financial problems is to establish financial goals and a household budget to help achieve them. Your financial goals should be specific, realistic, time based, and flexible. As you put together your financial plan, place each goal into one of three categories:
Short-term goals: These are goals that you believe you can accomplish within the next six months to one year, such as putting a certain amount of money in your savings, paying off a loan, outfitting your kids for the start of school, or having enough money to join a health club.
Medium-term goals: These are goals that you feel you can achieve within the next five years, such as having enough money for a down payment on a home, paying off a car loan, or putting a certain amount of money in your retirement account.
Long-term goals: These are goals that you project will take you longer than five years to achieve. They may include sending your kids to college, having enough money to retire, taking your dream vacation, and so on.read more >>