Goal Setting Why set financial goals?
Setting goals, whether they are short or long term, will help you stay on track with your finances.
Use the SMART formula—set financial goals that are
Start small. Make sure the first few goals you work toward are not too difficult. You don’t want to get discouraged and give up on your savings plan. And remember, you can work toward more than one goal at once. Try working toward a simple, short-term goal (like a fancy dinner out) while you also work on a long-term goal, such as saving for retirement.
Set and review a budget regularly (every 6 to 12 months) to help stay on track to meet your goals.