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3. Reaching financial goals


Life’s Financial Journeys

Heading Off to College
Getting Out on Your Own
Blending Two Lives
Having a Child
Emptying the Nest
Entering Retirement
Divorce
Death of a Life Partner
Military Life


Reaching financial goals. “How can my finances help me achieve my dreams?”

If you do not know where you are going, how will you know when you get there? Financial goals help you make decisions about how you spend your money – so that you have the money you need when you need it.

Goals can be short-term, intermediate-term and long-term. When you add up all of your goals you will likely see that you cannot meet them all. If so, which goals will you decide to attack first and which goals might need to be changed?

The following subtasks may assist you in reaching your financial goals. You will find detailed resources for these subtasks under the links in the right column of this page.

Subtask 1: Establish a rainy day fund

Subtask 2: Identify short-term goals that you want to spend money on in the next 3-6 months

Subtask 3: Identify intermediate-term goals that you want to spend money on in the next 6 months to five years

Subtask 4: Identify long-term goals that you want to spend money on in the next 5-20, or more, years

Subtask 5: Use the magic of compounding to achieve long-term goals


Getting Out on Your Own Tasks

1. Finding housing
2. Building credit access and usage
3. Reaching financial goals
4. Setting up a spending plan
5. Getting properly insured

Reaching financial goals Subtasks

1. Establish a rainy day fund
2. Identify short-term goals that you want to spend money on in the next 3-6 months
3. Identify intermediate-term goals that you want to spend money on in the next 6 months to five years
4. Identify long-term goals that you want to spend money on in the next 5-20, or more, years
5. Use the magic of compounding to achieve long-term goals

Permanent link to this article: http://napfafoundation.org/financial-help/getting-out-on-your-own-2/reaching-financial-goals/