Financial Goal Setting - Mapping Your Financial Future
Having money is great, but knowing what you want to do with it is even better! Financial goal setting provides direction and motivation for your financial journey. For young women, setting clear goals empowers you to prioritize spending, saving, and investing to achieve your aspirations.
Key Concepts
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Short-Term Goals: Achievable within one year (e.g., saving for a new phone, concert tickets).
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Medium-Term Goals: Achievable within one to five years (e.g., saving for a car, college expenses, a significant trip).
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Long-Term Goals: Achievable in five or more years (e.g., retirement, homeownership, starting a business).
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SMART Goals: Specific, Measurable, Achievable, Relevant, Time-bound (revisit this from Budgeting).
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Prioritization: Deciding which goals are most important.
How to:
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Dream Big: What do you want to achieve financially?
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Make Them SMART: Turn your dreams into concrete, actionable goals.
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Calculate the Cost: How much money will you need for each goal?
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Set a Timeline: When do you want to achieve each goal?
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Break it Down: Divide large goals into smaller, manageable steps.
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Track Progress: Regularly review your goals and celebrate milestones.