WHAT ARE YOUR FINANCIAL GOALS?

You probably have some experience with setting personal goals. Maybe you were determined to get your driver’s license or raise your grade in math. With enough effort, there’s a good chance you were able to achieve that goal.

Here’s the thing: it’s important to have financial goals too. If you don’t know what you’re striving for, money can slip through your fingers with little to show for it. Financial planners usually tell us to think in terms of short-term, medium-term and long-term goals. For this exercise, think carefully about your ideal future and write down:

• 3 short-term financial goals (requiring more than one pay/allowance cycle but less than a month to save for). Write down how much money you will need to meet your goal. What first steps can you take toward achieving those goals?

• 3 medium-term goals (one to three months’ savings). Again, how much money will you need? What first steps can you take toward achieving those goals?

• 3 long-term goals (more than three months’ savings). How much money will you need? What first steps can you take toward achieving those goals?