Why Financial Goals Are Important
Well, to start with…
Short-term goals should take no more than about one year to achieve. For example, you may want to pay off the $2,000 balance on your credit card, or cut your household spending by $100 a month.
Medium-term goals should be achievable within one to five years. A typical example would be planning to save $20,000 over five years to make a down payment on a house.
Long-term goals will take more than five years to reach. These include saving for your retirement or for a child’s education.