Tips for determining financial goals when you don’t know where to start

Finance


As you begin your journey toward your financial goals, it’s a good idea to start with small, manageable goals. When things get too big, such as deciding to suddenly start saving thousands of dollars each month to buy a home, they quickly become overwhelming and rarely become a viable aspiration. Get started and absorb the joy of small victories.

According to NerdWallet, one of the most effective ways to set, maintain and execute financial goals in a smart way is to do just that and be smart according to the SMART acronym. The financial goals you set for yourself should be specific, measurable, achievable, realistic, and time bound. For example, if your goal is to save enough money to buy a new car, you can set a specific goal to set aside $100 each month until you have enough money for the down payment.

Each month, you can measure how much you are saving toward your financial goals, while allowing you to re-evaluate your benchmarks if your financial situation changes. You may find that $100 a month is too much and saving $75 a month fits your budget better. Make sure your goals are realistic and that you strive to have enough money so you can afford the down payment for a new car in time to meet other needs in your life, such as commuting or traveling. must be confirmed. family member.



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