Welcome, visitor! [ Register | Login

Post an Ad

How to Set Financial Goals

Financial recovery May 26, 2021

Set Financial Goals

Before you create a spending plan, you should have financial goals in mind. Here are some steps to help you set financial goals:

  1. 1.     Identify and write down your financial goals to keep you accountable and focused on your goals.

 

Make sure your financial goals are SMART:

  • Specific
  • Measurable
  • Attainable or Achievable
  • Relevant
  • Time-bound or time-based

 

Example: Shanise wants to buy a house (Note: you can replace house with townhouse or condo if more applicable.) within five years. She would like to save $15,000 for the down payment and closing costs. If she can save $3,000 each year, or $250 each month, she can reach her goal.

 

Her goal is specific, measurable, and time bound. We assume it is relevant to a need or desire she has. However, if she has experienced a financial setback, her overall goal and her yearly and monthly goals may not be attainable within the timeframes she has set. We will come back to this example in a minute.

 

  1. 2.     Organize your financial goals by timeframes (e.g., you may have an immediate goal to develop a spending plan and future goals to pay off credit card debt or save for a home, a car, a vacation, your children’s college education, or retirement).

 

  1. 3.     Evaluate your progress. To make your SMART goals SMARTER, you must Evaluate and Reevaluate your goals regularly. At a minimum, consider evaluating your goals semi-annually. If you are not making satisfactory progress toward reaching a particular goal, reevaluate your approach and make changes as necessary.

 

Example: Shanise currently has more expenses than income and cannot save $250 a month. How might she adjust her goals?

Answer: She may choose to extend her savings timeframe to six or seven years, or change her monthly and year goals (e.g., reduce her monthly/yearly savings amount the first year or two and increase the amounts after her financial situation has improved). She might also talk with a HUD-approved financial counselor to see if she qualifies for any homebuyer assistance programs to reduce the amount she needs to save.

 

 

No Tags

331 total views, 1 today

  

  • Debt Collectors -Recovery Services- MA

    by on April 24, 2021 - 0 Comments

    Entity Address Telephone Bonded Collection Corporation 49 Winter Street, Weymouth, MA, 02188 (312) 279-8300 GC Services Limited Partnership  GC Services 5230 Washington Street, West Roxbury, MA, 02132 (405) 621-6414 Western Mass Credit Corp. 70 Post Office Park, Suite 7011, Wilbraham, MA, 01095 (413) 596-9977 United Collection Bureau, Inc. 15 Union Street, Lawrence, MA, 01843 (419) […]

  • FAIR DEBT COLLECTION PRACTICES ACT

    by on June 24, 2021 - 0 Comments

    FAIR DEBT COLLECTION PRACTICES ACT   The federal law, the Fair Debt Collection Practices Act (“FDCPA”), protects consumers from abusive or harassing, false or misleading, and/or unfair practices of third party debt collectors or attorneys attempting to collect debts incurred for personal, family, or household purposes. Business or agricultural debts are not covered by the […]

  • Debt Collection FAQs: A Guide for Consumers

    by on May 3, 2021 - 0 Comments

    Debt Collection FAQs: A Guide for Consumers If you’re behind in paying your bills, or a creditor’s records mistakenly make it appear that you are, a debt collector may be contacting you. The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the Fair Debt Collection Practices Act (FDCPA), which prohibits debt collectors from […]

  • Credit Counseling & Auto and Home Loans

    by on June 1, 2021 - 0 Comments

      Credit Counseling   If you aren’t disciplined enough to create a workable budget and stick to it, can’t work out a repayment plan with your creditors, or can’t keep track of mounting bills, consider contacting a credit counseling service. Your creditors may be willing to accept reduced payments if you enter a debt repayment […]

  • Credit Counseling & Debtor Education : Wisconsin (WI) USA

    by on March 29, 2021 - 0 Comments

    Financial Management Instructional Courses /Debtor Education Agencies Name,  Website , Courses Offered & Languages Supported Debtor Education Agencies   address Forbes & Newhard Credit Solutions, Inc.         Website – forbescs.us:      Financial Management Instructional Courses (Debtor Education) Delivery Method – Telephone :   Language (other than English) in which the service method is provided, either through a translator, written […]