Short Term Vs Long Term Financial Goals

Setting personal goals for yourself is an important part of being a student. Establishing goals helps you organize and visual your future. In this blog post I am going to be putting short and long term financial goals into perspective.  

A short term financial goal teaches you to save within a specific period of time. To set a short term financial goal all you need to do is set a date and calculate the amount of money you need to save. A short term goal can be something as simple as a bike, computer or even a ticket for a Leaf game. This may be hard to say at the moment, but they WILL make playoffs one of these years! Setting a short term goal solidifies your financial future and disciplines you. You learn when and when not to spend your money.

Who says your goal has to be materialistic?

Here is an example of a short term goal I have set for myself

Time: One year

Amount: $10/week

For one year I am going to be depositing $470 dollars bi weekly off my paycheque into a savings account at my Libro Financial.

A long term financial goal is usually something extensive such a house, car or a retirement plan. However, it doesn't have to be. You can set a simple goal such as depositing $10 a week for 30 years into a savings account accumulating to $14,400 over the 30 year span. Setting a long term financial goal assures your future and will help you avoid debt if you start saving early enough.

Keith

True Quote: Life is a ticket to the greatest show on earth.