smart money strategies
Making Goals Work for You
An intermediate financial goal, such as buying a used car, can be accomplished in one-to-three years. A long-term goal often takes years to complete, because it requires a larger investment. Which of these is a long-term goal?
- Saving to take a trip during Spring Break
- Saving for retirement
- Saving to rent an apartment
“B” is correct, because this goal will take years to achieve. Once you set a goal, decide how much it will cost and how soon you hope to accomplish it. Then figure out how much money you need to put aside each month to make it happen. Finally, save toward the objective. If problems arise along the way, don’t give up. Review and adjust your timeline instead.