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Pioneer Blog

4 Tips to Set and Smash Your Financial Goals

Posted on January 23, 2018

Do you ever feel like your money flows out as quickly as it rolls in? Turn the tide! Setting financial goals, making a plan, sticking to it, and tracking progress is the key.

Set 'Em Up: Establish Realistic Goals.

If you have a partner, come to an agreement about what your financial goals will be. These goals will likely require various amounts of time to accomplish. Short-term goals can generally be achieved within two years, like saving for minor home improvements or setting up an emergency savings cushion. Other goals may take anywhere between two and five years to achieve. These are known as mid-term goals and can include things like saving for a down payment for a house or paying off a student loan. Finally, long-term goals generally take five or more years to achieve such as saving for retirement or your child's college tuition.

Create Your Game Plan.

Now that you have established your goals, start making a plan to achieve them. Determine how much money should be set aside for each goal, arrange the goals in order of importance, and make your best estimate as to how long you'll need to save for them based on the amount you can feasibly set aside each month. Start with needs like food and shelter, with emergency funds and debt repayment next. Finally, prioritize how you would like to tackle wants and any additional savings.

Stick to the Plan, Stan.

Ready? Set? GO! Put that plan into action. You may need to fine tune this plan along the way; that's OK! If you have a tough time meeting your goals, consider any areas you can trim expenses or increase income in order to free up some funds. Remember what your goals are and stay focused on your end game.

Track Your Stats.

If you measure them, they will get better! Regularly - either quarterly or monthly - revisit your original goals and check your progress. Down the line, it is going to feel so amazing to look back over these numbers when you smash your goals!

Our team is always happy to answer any personal finance questions you may have. Call us anytime, and we'll help move your money forward!

Written by Corinne Rodino, Business Development Officer at Pioneer Federal Credit Union. To read more on the services provided by our Business Development team, click here!

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