Financial goal-setting is all about making a plan for your money so you can work towards the life you want to live in the future. Take some time at the start of the new year by focusing on your long-term wants and needs by setting specific financial goals.
Setting financial goals is a simple step that anyone can take to achieve greater financial flexibility and freedom. To get started, ask yourself the following questions:
What are your short, mid and long-term financial goals?
Everyone's individual financial goals are unique. What are yours? Take some time to consider the short, mid and long-term financial goals and dreams you want to reach, such as:
If you're having trouble coming up with short, mid and long-term financial goals, think about what's most important to you. What do you want to achieve in the next year? What about five or ten years from now? Dream big! Then, write down your goals by using this Financial Goals Planner and keep them within sight by placing them next to your mirror or desk. This will serve as a helpful reminder and give you extra motivation to reach your goals.
How much do you need to save to reach your goals?
The next step is to determine how much money you'll need for each of your goals and when you want to reach them. List your financial goals one by one, then assign a dollar amount and a target deadline to each goal. Then, break your top goals into smaller, easier-to-manage chunks that you can save for each month. To do this, divide the amount needed for each of your long-term goals by the number of months until the deadline. This is how much you'll need to save each month to have the funds ready when you need them!
Set yourself up for success in 2022!
No matter what important financial goals you have this year, Wright-Patt Credit Union (WPCU) is here to help you create a plan for success. Stop by one of our convenient Member Centers to talk with a Financial Coach about your financial goals or visit our online Education Center for more helpful Financial Flexibility and Freedom tips, tools and resources.