Got Good Financial Goals? Examples Of Financial Goals | Clever Girl Finance

so you may want to pay off debt save more money or just have some more fun money whatever it is you're trying to achieve with your money needs to be Associated to a financial goal however if you are struggling with defining your financial goals keep watching hi everyone my name is Bol shb I'm the founder and CEO of clevergirl Finance I'm also the author of The clever girl Finance book series and my most recent book choosing to prosper welcome to clever girl Finance TV so creating and prioritizing your financial goals can sometimes be challenging but not to worry in today's video I'm going to be sharing some extremely effective examples of financial goals to help you craft your own and get started with pursuing your financial goals but first what are financial goals and why are they important and this may sound like a very obvious question but it's really important that you understand what financial goals are and they are essentially an objective or a milestone that you have that you want to achieve with your money tied to a specific period of time and they come in all shapes and sizes some goals could be living a more minimalist lifestyle earning a certain amount of money through a side hustle becoming a millionaire by the age of 40 giving a certain amount of money to a worthy cause shifting from a scarcity to an abundance mindset or even paying off x amount of money um or saving x amount of money before you lay out your financial goals though it's really important that you get clear on your why why do you want to achieve this financial goal why is it important to you why do you want it so badly you need to get clear on your why because this is what's going to keep you focused and motivated towards working towards those goals especially when things get challenging or you get thrown off your path that said let's look at different types of time-based financial goals and examples of each one so that you can start to craft your own finan financial goals with Clarity so the first type of financial goals are your shortterm financial goals and these are goals that you want to accomplish within 12 to 24 months and when putting money aside for your short-term financial goals using a savings account is best and you can contribute to your uh savings account through deductions from your paycheck or by setting a schedule of when you're going to deposit money every month or every two weeks whenever you get paid into that savings account for those short-term goals some examples of short shortterm financial goals include things like building an emergency fund paying off debt saving for vacations uh Christmas gift savings or holiday gift savings planning a wedding planning to expand your family or Home Improvements or Renovations the next type of financial goals are midterm financial goals and these are goals that you want to accomplish in 2 to 5 years and since you won't be using the money towards a goal right away it's a good idea to try to earn some interest on this money money that's tied to your midterm goals a certificate of deposit is a great place to put this money for your midterm goals because you're able to lock in a fixed interest rate uh on that money that is typically higher than your Traditional High Yield savings account examples of midterm financial goals include things like saving for a homeown payment paying for a car in cash moving to a new city or getting an additional degree or certification and the third type of goal is your long-term financial goals and these are goals that you want to achieve over the long term so 5 years or more and when it comes to long-term goals they require planning and determination because they are long-term goals and so like I mentioned earlier it's really important that you are clear on the why around your long-term financial goals and since you won't need the money right away you may want to consider investing this money for example in retirement savings or in a brokerage account that way your money can grow for you through the power of compounding appreciation and earning dividends so some examples of long-term financial goals include things like investing for retirement for your future self paying off a mortgage or saving for a child's college education if you choose to pay for your child's college so those are some examples of financial goals and the three categories into which you want to break your financial goals your short-term financial goals which are goals you want to accomplish in 12 to 24 months your midterm financial goals which are goals you want to accomplish in 2 to 5 years and then your long-term financial goals which goals that you want to accomplish in 5 years or more and I've just provided examples of goals that will fall under each of these different categories and so as you plan out your financial goals start to think about them in terms of shortterm midterm and longterm and then plan your goals or write your goals under each one of these goal categories to determine where your goals fit and that way you can start to budget and make your financial plans accordingly you can also prioritize each of your goals and then set specific timelines around when you want to achieve them it's important that when you have laid out your goals that you then break your goals into smaller chunks so that you know what actions you're going to take each day each week each month each year towards achieving each of your goals you don't want to just have big goals that you haven't broken down because they can feel overwhelming if you're just looking and focusing on that Big Goal alone so take that big goal and break it down into smaller chunks an example I like to use is let's say you have a short-term goal of saving $10,000 in a year broken down in a monthly basis that is $833 uh every month and then when you break that down by weekly it's $400 and something dollars and then weekly it's $20 and something dollar and so that is a smaller form of your big goal that you can focus on you can focus on making those $200 deposits every week or those $400 deposits every two weeks or that $800 deposit every month to to eventually lead you to that goal of being able to save $10,000 so it's really important that you take whatever goals that you have your short-term your midterm your long-term goals and then you break them down into smaller chunks once you have prioritized those goals to increase your chances of achieving your goals make sure you write your goals down studies show that people are more likely to achieve their goals when they are written down when you can look at your goals and have them imprinted in your mind and then make sure your goals are specific measurable attainable realistic and time-based those are smart goals so what are some of your financial goals I'd love for you to tell me what your short-term goals are your midterm goals are your long-term goals are share in the comments and then how have you broken down those big go