by Shelley Koehli, CIRP, LIT
November 15, 2019
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Last week we wrote about budgeting here. Before setting your financial goals it is important to have reviewed your budget.
Financial goals: Think about them. If you have a partner, talk about these goals with them. As a family, you may have differing goals for your finances; use this as a tool to come together on prioritizing financial goals for the whole family.
Savings are so important in order to have a successful financial future. I look at savings as like the foundation of your home: if your foundation is strong, it holds and supports everything else. If your foundation is weak, things could crumble easily.
Once you have a good handle on your monthly budget, you should have an amount each month that you can dedicate to savings. Knowing how much you have to work with is the first step, then setting timelines for goals and coming up with a monthly amount. Don’t forget to prioritize your goals. Examples:
- Short Term – Achievable within 1 year
- Medium Term – Achievable within 1 to 5 years
- Long Term – Achievable within 5 to 10 years