Find out how to create financial goals you can stick with and achieve. Money Girl Laura Adams offers essential tips plus her 7 personal finance resolutions in 2019.
There are three different types of goals to consider when you're doing financial planning: short-term, medium-term, and long-term.
Two of the most important short-term goals that I recommend you achieve are establishing an emergency fund and substantially reducing or eliminating any dangerous debts you may have.
Medium-term goals are those you want to accomplish in the range of one to five years in the future. For many, a year isn’t enough time to save up an adequate emergency fund, and so that objective might be a medium-term goal.
Other examples of medium-term goals that you may have in mind are making a down payment on a home, starting your own business, buying a new car, or saving for your children's education.
Long-term goals are, of course, those you want to achieve beyond five years into the future. The granddaddy of all long-term goals is saving for retirement.
To get started, download the free Financial Planning Workbook (PDF) and set aside at least 30 minutes during a quiet part of your day to complete it. If you have a spouse or partner who shares your financial life or goals, you may want to complete your financial plan together. It will prompt you to ask yourself crucial questions and take the time to answer them as thoughtfully as possible.
Laura’s Financial Goals for 2019
When I ponder the questions in the Financial Planning Workbook each year, I find that my definition of success is freedom. The goals I want to achieve will allow me to:
- Have the flexibility to work on projects that I find meaningful (like the Money Girl podcast)
- Work remotely most of the time
- Travel more often with family and friends
- Partner with companies that share my mission and passion for financial education
- Live an urban lifestyle that allows me to walk more and drive less
For some, success might be living in a huge house and driving a fancy car. Others might want to own a business or pare down expenses to a minimum, so they never feel stressed about having to maintain a high income. Make sure your financial goals align with the future you envision for yourself and your family.
Here are some of my financial resolutions: