Setting financial goals is a key component of budgeting. Financial goals help you stay motivated and focused on the bigger picture. Without financial goals, it’s difficult to know what you’re working towards.
When setting financial goals, it’s important to start by identifying what you want to achieve. This could be something like:
Once you’ve identified your goals, you should set a specific target amount and a timeline for achieving that goal. For example, if you want to save for a down payment on a house, you might set a goal of saving $20,000 in three years.
It’s important to make sure your financial goals are SMART:
Setting financial goals can be challenging, but it’s important to stay focused and motivated. Remember to celebrate your progress along the way and adjust your goals as needed.
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