Setting Deadlines on Financial Goals
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Once the picture begins to form of what your financial goals are and the order in which you want to reach them emerges. You can start to get a handle of them in a time frame.
Short Term Goals
A short-term financial goal is an objective that you intend to reach from now to between six and twelve months into the future. Short-term goals could include reading a book on financial planning, opening a savings account, establishing a line of credit and so on. You write these goals down on your list, with a date by which time you intend to have reached the objective and then tick it off your list when it is achieved. The ticking off process is very satisfying.
Medium Term Goals
A medium term goal is a destination you intend to reach within 12 to 36 months. Such goals would include targets like buying a new car. In these days of escalating oil prices, it would make a lot of sense to purchase a vehicle that uses very little gas or is powered by an alternative fuel source like hydrogen or electricity. Paying off credit cards would probably fit into the medium term time line.
Long Term Goals
These are financial aims that you expect to achieve in a time line of 36 months or more. Clearly these long-term projects are bigger than short and medium term financial destinations. A long-term goal might comprise a plan to retire early or to purchase a new property.
Goals Have Time Frames
When you set a goal, part of the planning strategy is to have a date by which time the aim has been achieved. Goals need time frames, because time makes the end product measurable. It allows you to judge whether or not you are achieving your intentions. It is important to remember that goals are not set in stone. If you find you have set an unrealistic strategy that cannot be achieved in the time allocated, that’s OK! Don’t beat yourself up and say you have failed. Merely, acknowledge you have underestimated the challenges involved and re-set the target date. You have learned something important. It is pointless to resist the learning, simply go with it and use the new information to make things even better in the future!
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