5-Minute Finance: Create Financial Goals

If you’re currently stressed about money, you are certainly not alone. However, you don’t have to stay stuck in a state of financial stress. By setting smart money goals and sticking to them, you can better prepare yourself for the future, lower your debts, boost your savings, establish a college fund for your kids, and have way fewer sleepless nights. All it takes is five minutes to get started.

What are financial goals?

In short, financial goals are monetary targets that you establish for yourself and your family. Most of the time, they are based upon specific needs both in the present and the future. Typical financial goals include establishing a savings account, building a college fund for the kids, paying down debt, saving for a down payment on a home, or investing.

Financial goals are also commitments that should become habits. Whether it’s having money automatically taken from your salary to put into your retirement fund, or paying off your credit card in full every month, they become routine ways to manage your money and take control of your current and future finances.

Why you should have financial goals

By setting financial goals, you are being responsible with your money and setting yourself up for a more secure future. Without financial goals, you are leaving yourself wide open for all kinds of money problems.

Having no monthly budget can quickly lead to overspending on reckless purchases. When you have no idea where your money is going, it’s hard to make smarter choices about it. Without a savings account, one emergency can drastically upset your current…

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