Setting Financial Goals
GOLLIHUGH FINANCIAL SERVICES
4 DUNNINGTON COURT
SPRINGBORO OHIO 45066
937-748-4504
Most of us are so busy just getting through each day that it's hard to take the time to look ahead and make plans for the future. As a result, we focus on paying monthly bills, rather than planning for a dream vacation or a comfortable retirement. It's important to step back periodically and set goals for how we want to manage our money.
What You Should Know
A goal is a statement of what you want the future to look like. Goals identify achievements that will bring us pleasure. They give us something to look forward to, work toward, and save for.
Your goals might include buying a house or a car, setting up a college fund for a child or grandchild, or taking exotic vacations every year. And don't forget the goal that everyone shares: saving for retirement.
Once you've set your goals, you can devise strategies that will help you meet them. You can also easily measure your progress toward reaching your goals. This gives you more control over your finances.
Without goals, your financial planning loses meaning. It's hard to make financial decisions if you don't know what you're saving for.
With goals, you'll accomplish more, add to your financial security, and improve your quality of life.
Charting Your Goals
Pull out the Financial Notebook you started when you organized your paperwork. Print out the chart described below and add it to your notebook's Financial Plans section.
The columns on the financial goals chart are labeled as follows:
Date. For your own records, enter the date that you decided on this goal.
Goal. Try to start with at least four goals. Consider all areas of your life when setting your goals. These areas might include retirement security, housing, hobbies, volunteering, travel, education, employment, major purchases, cultural or social events, physical fitness, recreation, and gifts.
Dollar amount
List the amount of money you think you'll need to reach each goal. This estimate will help direct your financial planning.
Target date. If the goal is retirement savings, do you know when you will retire? If you want to give your grandchild $5,000 for a college fund, when will he or she need it?
Date attained
Every time you complete a goal, write down the date. Then celebrate!
Don't forget long-term goals
It's sometimes easier to plan for short-term goals ¬ like buying a car ¬ than for long-term goals like saving for retirement. But long-term goals are essential to your financial security. Long-term goals are best reached if you set intermediate, short-term goals that will help you go the distance. For example, you might set a short-term goal to contribute $150 each month to an Individual Retirement Account or to send a $100 check each month to pay off your credit-card debt. If you meet these short-term goals each month, you're bound to meet your long-term goals down the road.
4 DUNNINGTON COURT
SPRINGBORO OHIO 45066
937-748-4504
Most of us are so busy just getting through each day that it's hard to take the time to look ahead and make plans for the future. As a result, we focus on paying monthly bills, rather than planning for a dream vacation or a comfortable retirement. It's important to step back periodically and set goals for how we want to manage our money.
What You Should Know
A goal is a statement of what you want the future to look like. Goals identify achievements that will bring us pleasure. They give us something to look forward to, work toward, and save for.
Your goals might include buying a house or a car, setting up a college fund for a child or grandchild, or taking exotic vacations every year. And don't forget the goal that everyone shares: saving for retirement.
Once you've set your goals, you can devise strategies that will help you meet them. You can also easily measure your progress toward reaching your goals. This gives you more control over your finances.
Without goals, your financial planning loses meaning. It's hard to make financial decisions if you don't know what you're saving for.
With goals, you'll accomplish more, add to your financial security, and improve your quality of life.
Charting Your Goals
Pull out the Financial Notebook you started when you organized your paperwork. Print out the chart described below and add it to your notebook's Financial Plans section.
The columns on the financial goals chart are labeled as follows:
Date. For your own records, enter the date that you decided on this goal.
Goal. Try to start with at least four goals. Consider all areas of your life when setting your goals. These areas might include retirement security, housing, hobbies, volunteering, travel, education, employment, major purchases, cultural or social events, physical fitness, recreation, and gifts.
Dollar amount
List the amount of money you think you'll need to reach each goal. This estimate will help direct your financial planning.
Target date. If the goal is retirement savings, do you know when you will retire? If you want to give your grandchild $5,000 for a college fund, when will he or she need it?
Date attained
Every time you complete a goal, write down the date. Then celebrate!
Don't forget long-term goals
It's sometimes easier to plan for short-term goals ¬ like buying a car ¬ than for long-term goals like saving for retirement. But long-term goals are essential to your financial security. Long-term goals are best reached if you set intermediate, short-term goals that will help you go the distance. For example, you might set a short-term goal to contribute $150 each month to an Individual Retirement Account or to send a $100 check each month to pay off your credit-card debt. If you meet these short-term goals each month, you're bound to meet your long-term goals down the road.
posted by crg1 at 3:46 AM
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