Welcome, visitor! [ Login

Post an Ad

How to Set Financial Goals

Financial recovery May 4, 2024

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

1325 total views, 2 today

  

  • WHAT TYPE OF DEBT COLLECTION PRACTICES ARE PROHIBITED?

    by on June 6, 2024 - 0 Comments

    WHAT TYPE OF DEBT COLLECTION PRACTICES ARE PROHIBITED?   Harassment Debt collectors may not harass, oppress, or abuse any person.  They may not:   *  use threats of violence or harm to the person, his/her property, or reputation;   * publish a list of consumers who refuse to pay their debts (except to  a credit […]

  • FAIR DEBT COLLECTION PRACTICES ACT

    by on June 2, 2024 - 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 Collectors -Recovery Services - FL & AL

    by on June 26, 2024 - 0 Comments

    Entity Address Telephone CenterOne Debt Management Services LLC 6150 Omni Park Drive, Mobile, AL, 36609 (251) 639-7500 Medical Data Systems, Inc.  Medical Revenue Service 645 Walnut Street, Suite 5, Gadsden, AL, 35901 (256) 546-7099 Firstsource Financial Solutions, LLC 7715 NW 48th Street, Miami, FL, 33166 (305) 513-5500 Bayview Loan Servicing, LLC 4425 Ponce De Leon […]

  • Personal Financial Management Course (Debtor Education) Providers :Alabama Southern

    by on July 2, 2024 - 0 Comments

    List of  Personal Financial Management Course (Debtor Education) Providers #02 Certificate Class 713 Preston Place Grapevine, Texas 76051 Toll Free:  (888) 533-3423 Phone:     (817) 533-3423 Fax:          (817) 533-3423 Web: www.jjandpartners.com Allen Credit and Debt Counseling Agency 195 Brook Street E Wessington, SD 57381 Toll free:   (888) 415-8173 Phone:     (605) 458-2500 Fax:         (605) 458-2506 Web: www.acdcas.com Alliance Credit Counseling, Inc. […]

  • Debt Collectors -Recovery Services

    by on June 13, 2024 - 0 Comments

    Entity Address Telephone A.C.B. American, Inc. 4351 Winston Avenue, Covington, KY, 41015 (859) 261-8745 Advanced Collection Services LTD Mastercheck 55 Whiting Street 2A, Plainville, CT, 06062 860-793-2255 Advanced Collection Services LTD Mastercheck 55 Whiting Street 2A, Plainville, CT, 06062 860-793-2255 Affiliated Group, Inc., The  Affiliated Credit Services 3055 41st Street NW, Suite 100, Rochester, MN, […]