Do you want to set some financial goals but are struggling to come up with ideas? Here’s a great list of examples of financial goals to help you out!
Start on the road to financial freedom today – you can change your family’s life!
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There is no right or perfect time, so whether it’s the beginning of a new year or the middle of a summer month start making a plan and gaining traction on your money goals.
Let’s start with remembering that goals have to specific and measurable. Having “saving money” or “paying off debt” as a goal might sound good, but they don’t make the cut.
Instead, have your goal be something like this:
Have $1,000 saved for our house fund in 6 months or
Pay $200 extra on our mortgage each month this year or
Pay off our student loans by December 1st.
Give yourself a starting a date (now), an ending date, and state exactly what you want to do.
Examples of Financial Goals
- Pay x amount off of your mortgage
- Pay off your mortgage
- Save x amount to purchase a house
- Save x amount for a certain house project (windows, air conditioner, kitchen, furniture etc.)
- Save $2,000 for our emergency fund
- Save x amount for 3-6 months of living expenses
- Pay off your car
- Save x amount to pay cash for a new car
- Pay off student loans (or certain amount extra toward them)
- Pay off _______ credit card (or certain amount on it)
- Pay off any other debts you have (fill in amount and what debt)
- Save x amount toward summer vacation this year (or dream trip in 3 years)
- Save x amount to give to a cause you believe in
- Save x amount toward child’s college fund (or your college fund)
- Save x amount toward child’s wedding fund (or your wedding fund)
- Make a budget with your spouse by x date
- Monthly (or weekly) budget meetings for the next year
- Input expenses into budget daily/weekly for the next year
- Use cash envelopes for 6 months and see if you save money
- Put x amount towards retirement in the next 12 months
- Put x amount in other investments in the next 12 months
- Read x books about financial planning/investing etc
- Do Financial Peace University by 6 months from now
- Reduce grocery spending by x amount each month
- Take extra jobs to increase your income by x amount each month
- Don’t use credit cards
- Purchase Term Life Insurance for you and your spouse
- Spend less than you make
- Stop x addiction and put the money towards _______
- No spend month in ___________
- No non essential purchases until _____________
You can do this!
Everyone’s financial goals will be different. If you are low income and have a lot of debt, don’t despair. Baby steps will get you to where you want if you persevere and work hard! Don’t compare yourself to anyone else. You are doing great.
If you are already debt free, you still need to tell your money where to go! Don’t blow money, instead purposely put it towards different goals and saving plans.
I hope this list of examples of financial goals helps you as you sit down and make a plan for you and your family.