short term financial goals essay

20 Examples of Short-Term Financial Goals You Can Set This Year – Episode 122

It’s the new year, which means we have a fresh start. Our slate is wiped clean, and the world is our oyster. With renewed energy and enthusiasm, it’s time to go after our money goals. Although I’m not a big fan of New Year’s resolutions or vision boards, I take goal setting seriously, both in my personal and professional life. Whether you’re looking for inspiration or unsure which direction to take this year, this podcast episode offers lots of examples of short-term financial goals you can tackle this year.

Listen to the podcast episode here.

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Throughout this podcast episode, we’ll cover:

• What are financial goals?
• Why are financial goals important?
• Why is goal setting important?
• Types of financial goals
• Examples of short-term financial goals

If you want to learn more about my philosophy, I break down how to set yourself up for financial success by goal setting. I share how it’s important to connect emotionally to your money goals and how your goals should stretch you but not break your spirit. 

What is a Financial Goal? 

Table of Contents

Financial goals evolve

Why is goal setting important, types of financial goals , 1. save for a house, 2. home renovation, 3. save for an investment property, 4. save for a vacation, 5. save for a car downpayment, 6. boost emergency savings, 7. max out retirement accounts, 8. buy a course or attend a conference, 9. saving for parental leave, 10. pay off debt, 11. save for gifts, 12. create a will, 13. increase savings rate, 14. give to charity, 15. improve credit score, 16. make extra mortgage payments, 17. negotiate a raise, 18. read one money book a month, 19. start investing, 20. start a side hustle.

A financial goal is a milestone or objective you’d like to accomplish with your finances. That can include paying off debt , investing in the stock market , saving for vacations , or saving money for emergencies .

I’ve found the most success when my financial goals are tied to my wants, needs, and deepest desires.

While a financial goal states what you’d like to accomplish, you still have to take action to achieve those goals.

When setting financial goals, remember to consider lifestyle and responsibility changes.

In 2022, I had a baby. I quit my job to work for myself the year prior, so life looks very different than it did five years ago or even a year ago.

Also, while many people set new money goals in the new year, consider revisiting them periodically and assess if they still make sense.

You can change your mind. Your goals will evolve.

Nothing in life is set in stone, and your personal finance goals shouldn’t be either.

Goal setting allows us to visualize and create our future.

It helps us assess where we are now and determine where we want to be.

Starting with what you want to achieve or what you want out of life is a great way to find clarity.

Having goals also helps us be decisive. We get to decide what we want to focus our energy on, how we want to show up in the world, and who we want to be.

Goal setting is important because it keeps us on track and helps us define and achieve success.

Are you ready to take control of your financial future and achieve your money goals with confidence and clarity?   This 40-minute workshop shares actionable tips and strategies to help you visualize, plan, and execute your financial goals like never before.

Click here to get started .

There are three types of financial goals: short-term financial goals, mid-term financial goals, and long-term financial goals.

Accomplish short-term financial goals within 12 months.

Short-term goals are often milestones or stepping stones to a much larger goal. But they can also stand alone.

Short-term financial goals typically focus on budgeting, saving, and paying off debt.

Mid-term financial goals are set for a 1-3 year timeframe, while long-term money goals have a 3+ year time horizon.

Long-term financial goals focus on retirement planning, wealth building, and financial freedom.

For non-time-bound money goals, One Big Happy Life has a great video on how to set better financial goals with (4) other types of financial goals.

20 Short-Term Financial Goals (and Money Goals Examples)

Here are 20 examples of financial goals you can set right now. Many of these yearly goals I have accomplished myself.

A home provides shelter but can also be a wealth-building tool.

If you have your sights set on purchasing a home , saving for a house may be a great short-term, long-term, or even mid-term money goal, depending on your circumstances and the timeline for purchase.

Listen to Episode 103 for common types of mortgages and what homeowners should know about them.

Are you overdue for a home makeover?

Do you want to remodel your bathroom, boost curve appeal with a new walkway or purchase new furniture?

Set savings goals for upcoming home renovations and furniture.

Listen to episode 104 for the (3) bank accounts aspiring homeowners should have to better manage their finances, including a mortgage fund, a home renovation fund, and a separate bank account for home emergencies.

Want to earn semi or passive income monthly? As a landlord, this is possible with rental properties.

Not every money goal you set has to be super serious. Spice things up by having a healthy mix of fun goals like saving for a vacation, memorable experiences, or hobbies.

If you want to go on a romantic honeymoon, backpack around the world for a year, or whisk your mom away on a mother-daughter getaway, saving for vacations is a good money goal to set.

Make travel part of your lifestyle by reading Affording Travel Saving Strategies For Financially Savvy Travelers . In this book, I break down step-by-step how to make travel a financial priority.

Want to take an adult gap year, a year off from work to rest and travel? Stephanie Perry walks us through how she funded and planned an adult gap year in Episode 49.

In the United States, the average new car costs $48,000, while luxury cars cost $67,000.

The general recommendation is to save for a downpayment between 10% to 20% of the vehicle price.

Paying off your car loan may be another short-term financial goal or mid-term goal.

Preparing for the unexpected is necessary, especially in today’s economic environment.

Prepare for unexpected or unplanned emergencies like a job loss, disability, natural disasters, broken appliances, or a pricey car repair by building an emergency fund.

Money experts recommend saving 3-6 months of living expenses but if you’re an entrepreneur, consider saving 12+ months of household expenses.

Also, if a recession hits, you’ll be prepared – here’s how to financially prepare for a recession .

Max out or increase contributions to retirement accounts like a Traditional IRA, Roth IRA, or 401(k).

In 2023, the maximum you can contribute to a Roth IRA is $6,500 ($7,500 if age 50 and older), which equates to $542 per month.

Employee 401(k) contributions for 2023 are $22,500 — a $2,000 increase from the $20,500 cap for 2022.

At a minimum, meet your employer’s 401(k) match requirements because this is literally free money.

Check your employer’s policy to know exactly how it works; each 401(k) plan is different.

For my previous employer, as long as I contributed 6% of my annual income, I was eligible for a 6% retirement match.

In episode 77, Jay breakdowns down the order to prioritize investing and why getting a company match is the first step on the investing ladder.

Thanks to Google, YouTube, blogs, and podcasts, there are many ways to learn for free online. However, free content isn’t usually offered in a step-by-step format.

Investing in courses, coaching, or attending conferences and workshops provide guidance and direction to get quicker results with less guesswork.

To determine what to invest in, here are some questions to ask:

• What do you want to learn?
• What skills do you want to improve?
• Who is teaching these skills?
• How much do their programs cost?

For example, as a podcast marketing coach, I help my 1:1 podcast coaching clients grow their audiences and authority in their niche. I provide feedback, offer guidance and accountability, and share step-by-step strategies so they can reach their goals. Learn more about my podcast marketing coaching program .

Have plans of starting or expanding your family?

Taking time off to recover, be with your baby, or finalize the adoption process, can be financially stressful if you aren’t prepared.

As an entrepreneur, our family saved months of living expenses to take time off to be with our son for 3-4 months.

Even if you work for an employer, you may want to take unpaid leave to extend your parental leave. The same can be said for taking time off to care for a sick loved one.

For these types of life events, saving for parental leave is helpful.

Credit card debt, hospital bills, personal loans, and student loans can all get in the way of you living your best life.

Free up all your debts and remove the weight off your shoulders. Shuffle that money into other areas of your life like travel, investing for retirement, or savings. 

Reducing your debt (or liabilities) will also increase your net worth.

Listen to this podcast episode where Bianca Alba from This Latina Travels shares how she became debt free and ways moving to Puerto Rico improved her financial situation.

Between Black Friday and Cyber Monday, gathering for Thanksgiving, Christmas gifts , and New Year’s celebrations, the holidays are one of the most expensive times of the year.

Plan for it by saving for Christmas gifts, anniversaries, birthday parties, and other celebrations.

What would you like to happen to your possessions and wealth after you pass away? Who would you like to care for your children, dependents, or pets?

By creating a will, your loved ones will know how to distribute your assets and who manages the distribution process.

If you already have an updated will, consider enrolling in life insurance.

In this video, Acquania Escarne, a life insurance agent and the founder of The Purpose of Money , shares how to protect families with life insurance.

While saving a particular dollar amount can be one financial goal, an alternative is increasing your savings rate, which is the percentage of savings compared to your total income.

If you are pursuing Financial Independence (FI), increasing your savings rate will speed up your timeline, helping you reach FI or Coast FI faster. 

If donating to your favorite causes and charitable organizations or tithing at church is important, add this to your list of financial goals.

Credit impacts many aspects of our lives, from the ability to get a job, rent an apartment, or get a new credit card .

A good money goal to set can be improving your credit score. 

Here are some practical ways you can improve your credit score: 

• Pay bills on time.
• Reduce credit card spending, which decreases the utilization rate.
• Fix issues on your credit report. 

Have dreams of being mortgage free one day?

Did you know biweekly mortgage payments can help you pay your mortgage faster.

Or that you can save on interest while reducing your repayment period by simply adding a little extra to each mortgage payment. Rounding up to the nearest $100 and making one additional payment a year are other options.

These simple strategies have helped me pay off close to $50,000 of my mortgage in five years.

Boost your earning potential by asking for a raise .

Make a case for why you deserve a raise or promotion, and showcase your work with tangible examples and results.

If your requests are denied, how will you proceed? Will you stay and try again later, or will you look for a higher-paying job?

If you are open to new career possibilities, update your resume and network on LinkedIn.

Improve your finances or expand your horizon by joining a reading challenge where you read one new personal finance book per month. Topics range from budgeting, investing, financial independence, marriage and money, and much more.

Some popular personal finance books include:

• Get Good With Money by Tiffany Aliche
• We Should All Be Millionaires by Rachel Rodgers
• You’re a Badass at Making Money by Jen Sincero
• Our Money Stories by Eugenié George
• Affording Travel Saving Strategies For Financially Savvy Travelers by Danielle Desir Corbett (me!!!)

Investing in the stock market is one way to build wealth. With different types of assets at your disposal, you can invest in stocks, bonds, mutual funds, index funds, ETFs (Exchange Traded Funds), or crypto.

Learn how investing can improve your financial outlook or how to trade stocks for daily income.

Check out my entire investing series for beginners:

• Are you a short-term or long-term investor?
• How to pick good companies to invest in
• Best stock research tools
• Common investment terms to know

Long are the days of pursuing one income stream. Out of necessity, side hustles are the norm.

Some start a side hustle to improve their financial situation, while others turn a hobby into a thriving business.

If you want to earn extra income, start a side hustle or pursue remote side hustles like opening a “print on demand” store, proof reading, bookkeeping or teaching English online.

Side hustles have helped me get out of debt, stay out of debt and go full-time in my business as a creator and podcast coach.

In episode 72, Daniella Flores shares how to create a lucrative side hustle , ways to manage all of your income streams, and how side hustling helped her take back control of her life, career, and future. 

My favorite side hustles from home include freelance writing, selling digital products , and paid newsletters like Grants For Creators .

Now that you have a good idea of which financial goals you’d like to pursue write these goals down on paper. Research has found that writing down goals produces better results.

Next, set target amounts for each short-term money goal and identify action steps, especially the first step to take so you can start off strong!

Listen to the podcast episode on Spotify.

Read Next: Why Budgeting is Important and Must-Try Savings Challenges That Make Saving Fun

Have more goal setting ideas? What are your short-term financial goals?

Danielle Desir Corbett paid off $63,000 of student loan debt in 4 years, bought a house at 27, and has traveled to 27 countries, including her favorites, Iceland, China, and Bermuda. Go here to learn Danielle’s incredible story, from struggling financially and in debt to finding creative ways to earn more and live on her terms. Listen to The Thought Card Podcast , where Danielle shares how you can creatively travel more and build wealth regardless of your current financial situation. Reach out to Danielle by contacting: thethoughtcard (at) gmail (dot) com.

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Very impactful post. I’m a amidst reader of your daily and weekly blog content.

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What Is a Financial Goal?

Why is it important to set financial goals early, types of financial goals, 7 financial goals for students, what is a common financial goal, what are 5 long-term goals for students, what is the best financial goal, the bottom line.

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Financial Goals for Students: How and Why to Set Them

Yarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism. She has worked in multiple cities covering breaking news, politics, education, and more. Her expertise is in personal finance and investing, and real estate.

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With some background knowledge and financial education, a student can set up the groundwork for a successful financial future or even financial independence. Often, this right financial start requires a road map. Understanding how to set financial goals, and the types of goals to reach for, can help students create that road map and keep them on track.

Let’s take a look at financial goals, how to set them, and ways to increase the chances of success down the road.

Key Takeaways

• No matter your financial background, setting financial goals early can help establish effective money habits, which are key to securing your financial well-being in adulthood.
• Financial goals can be broken into three primary types based on time frame: short-term, medium-term, and longer-term.
• Solid financial goals for students include creating a budget, opening a savings account, beginning to invest for retirement, establishing an emergency fund, applying for financial aid, beginning to build credit, and using debt as little as possible.
• While it's important to set financial goals, creating a financial path for oneself does not guarantee a successful financial future, rather it's a stepping stone in the right direction.

A financial goal is a money objective that you hope to achieve. This might be to build a million-dollar nest egg or save enough for a week-long trip next year. Your financial goals can help guide you as you build up savings, decide to invest, or become debt free. Your financial goals are milestones on the road map to living the kind of life you want.

Setting financial goals early can help establish effective money habits that can provide you with a greater chance of achieving financial well-being later in life. Plus, the earlier you start setting goals like saving and investing, the more money you’re likely to have when it’s time to retire.

While setting financial goals is a key step in laying down the groundwork for a strong financial future, it ultimately does not guarantee success, as everyone's personal financial situation is different. For example, an individual with disabilities who set financial goals as a young adult still may end up with excess medical debt in the future. Remember to adjust your goals regularly and seek help from a financial professional or mentor if needed and possible.

As you set financial goals, consider the three main types of goals, which can be broken down by time frame:

• Short-term : These are goals that you expect to accomplish within a year. Items might include taking a small vacation, moving to a new apartment, or making a major purchase, such as a new computer or furniture.
• Medium-term : In this case, you know that you probably won’t accomplish this goal for one to five years. Perhaps you plan to take a bigger trip or study abroad, or maybe you’re saving up for graduate school , a wedding , or a home down payment .
• Long-term : Goals that you know will take more than five years, such as saving for retirement or getting a bigger down payment for a home, are considered long-term.

Be realistic about what you hope to accomplish and a potential time line.

When setting financial goals , Alissa Krasner Maizes , the founder of Amplify My Wealth , and a licensed attorney and registered investment advisor , suggests that you start with your values.

“Your list of what you value most can guide you in making the best decisions for you, making you more successful at reaching your goals,” Maizes says. “Next, decide what financial goals you want to achieve that align with your values, starting with smaller achievable and measurable goals that you can track, knowing you can always revisit and tweak them.”

Here are some potential goals for students.

Create a Budget

Your budget helps you visualize your income and expenses. No mater how much money you have on hand to start with, outlining what you have, spend, and save (where applicable) is essential. You can use your budget to see how much money is coming in and list your most common costs.

“Creating a budget is an essential step toward financial stability,” Markia Brown, a Certified Financial Education Instructor and Registered Financial Associate at  The Money Plug LLC , said. “It helps you track your income and expenses, prioritize your spending, and identify areas where you can cut back. It’s a short-term goal that you can achieve within a few hours or days.”

Brown suggests listing all sources of income and then reviewing your spending. Then, she recommends determining whether your expenses are needs or wants. This can help you determine what to cut back on when things get tight. It can also help you figure out how much money to direct toward other goals, such as paying off debt or saving for retirement.

“Review and adjust your budget regularly to reflect changes in your income and expenses,” Brown says.

Open a Savings Account

Build a habit of saving now, and you’ll feel more comfortable with it later. Brown points out that many financial institutions will let you start an account with as little as $5 or $10. Set up recurring transfers so that money automatically goes into your savings account. Even $5 a week can help you start a good savings habit.

“Although opening a savings account is usually as easy as going online and entering your information, first consider whether you prefer a brick-and-mortar location near school,” Maizes said. “Consider the interest rate they will pay you for money in your account, or whether they have student accounts offering bonuses, fewer fees, no ATM fees, and lower minimums.”

Compare two to four choices and choose an account that works with your lifestyle.

Start Investing for Retirement

No matter how much money you make, investing for retirement can be a major goal for you, according to Jeff DeMaso , Chartered Financial Analyst, a former portfolio manager, and editor and founder of  The Independent Vanguard Adviser .

“ Compounding may be the eighth wonder of the world, but it takes time to see the results,” DeMaso said. “So, you want to start investing as early as possible, even if you are starting out small.”

If you have an employer that offers a plan, such as a 401(k), have a portion of your paycheck deducted each period and set aside for the future. You can also open a roth individual retirement account (Roth IRA) , Maizes points out. With this approach, you can take advantage of your current low tax rate to start building a nest egg for the future.  

DeMaso recommends looking for low-cost index funds and making sure you automatically invest, whether you’re using an employer-sponsored plan or opening your own account. Over time, as your income increases, boost the amount of money you set aside in your retirement account.

Not every person will be able to save for retirement from a young age, and not every individual has access to an employer-sponsored retirement account. In March 2022, 69% percent of private industry workers had access to employer-provided retirement plans. If able to do so though, experts recommend investing in your retirement to be one of the first key money moves to make.

Establish an Emergency Fund

Maizes points out that an emergency fund can help you prepare to live independently, once you finish school. You might have help from your parents or some other source, such as scholarships and grants, to cover most costs. Once you graduate, though, dealing with unexpected costs can be more difficult.

Starting an emergency fund today can help you build over time. Similar to a savings account, an emergency fund can be started with just a few dollars. Consider setting a goal to eventually save at least six months’ worth of expenses. Start small, with perhaps $10 a week, and then increase as your income and financial situation improves.

“Your emergency fund is your safety net in the event you ever run out of money,” Maizes said. “An emergency fund is an excellent lifetime goal whether you are a student or not.”

Apply for Financial Aid to Reduce Student Loan Debt

Student loan debt can feel like a millstone when you graduate. Maizes suggests investigating scholarships and grants to reduce what you borrow.

“Consider applying for scholarships and grants that do not mandate you to pay back any money,” Maizes said. “These opportunities are open to students to apply for within and outside your school throughout your educational journey.”

If you go to a higher education institution, consult with your financial aid office and your academic department head to find out what’s available. Fill out your Free Application for Federal Student Aid (FAFSA) each year to determine what aid you might qualify for.

You can also look for opportunities through federal work-study programs to earn money for expenses, rather than using student loan debt.

Start Building Credit

As a student and young adult, building credit as soon as you can is recommended.

“You’ll need a loan to buy a new car or house,” DeMaso said. “Your credit score will impact the interest rate you have to pay for those loans. So start building a good credit history now.”

One of the easiest ways to build credit is by getting and using a credit card . Choose one or two items to pay for with your credit card, and pay off the balance each month. Use your credit card as part of your regular spending plan, and make sure you only buy what you can afford.

DeMaso warns that the high interest rate charged by a credit card can hold you back. Use your card strategically so that you aren’t losing ground to debt .

Use Debt as Little as Possible

Finally, even if you need some debt to accomplish your education goals, try to use as little as possible.

“Finding another way to make money towards your expenses can also go a long way, from tutoring, internships, dog walking, babysitting, and retail,” Maizes said.

Once you finish school, Maizes recommends putting together a debt repayment plan that can help you tackle any debt you have as quickly as possible. The most efficient approach is to order your debts from highest interest rate to lowest and put extra money toward the first debt while maintaining minimum payments on others. As you pay off each debt, you can add that extra payment to the next item on your list.

This might be a medium- to long-term goal, depending on how much debt you have and your ability to put extra money toward reducing your debt when you get your first job after graduation. However, you can still put some money toward other goals, even as you attempt to reduce your debt.

Financial goals can be broken up into three time frames: short-term, medium-term, and long-term. One common financial goal is building an emergency fund, which can help reduce the financial impact of unexpected costs.

A few long-term goals for students include building an emergency fund, paying off student loans, saving toward a car down payment, saving toward a mortgage down payment, and investing for retirement. Each of these goals can help a student build healthy money habits and have something to work toward.

Perhaps the biggest long-term financial goal for most people is saving enough for retirement, however there is no "best" financial goal. Financial goals will depend on the individual who sets them. What goal you choose to reach for will differ based on your current lifestyle, desired lifestyle in the future, financial profile, and obligations.

It’s never too early to have a plan for your money . In fact, establishing good financial habits now and learning how to set financial goals can help set you up for a better financial future. However, while it's important to set financial goals, creating a financial path for oneself does not guarantee a successful financial future, rather it's a stepping stone in the right direction.

As you set financial goals and work toward success, Maizes suggests celebrating your milestones and recognizing how far you’ve come.

“Whether you have extra money each month or not, celebrate being mindful of your money,” Maizes said. “This is a huge accomplishment. These steps will always serve you well and help you make better decisions with your money.”

Alice Morgan / Investopedia

U.S. Bureau of Labor Statistics. " Retirement Plans for Workers in Private Industry and State and Local Government in 2022 ."

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How to Set S.M.A.R.T. Financial Goals (With Examples)

Adina Lazar is a freelance writer and blogger specializing in finance. She writes original content that helps readers make smart financial decisions.

S.M.A.R.T. financial goals can help us turn aspirations into achievements. Initially, we’re thrilled about setting our financial targets, but as soon as we hit a few bumps in the road, we get discouraged. S.M.A.R.T. financial goals help us overcome the challenges and stay committed to success.

What Are S.M.A.R.T. Financial Goals?

You’re probably already familiar with the S.M.A.R.T. formula: specific, measurable, achievable, realistic, and time-based. But did you know can use those factors to increase your chance of achieving your financial goals? Let’s look at each of those factors and how you can use it.

Examples of S.M.A.R.T. Financial Goals

Let’s look at four examples of S.M.A.R.T. financial goals that illustrate how these goals can help you achieve financial freedom.

Example #1: Paying off Your Credit Card Debt 

If you’ve accumulated credit card debt, you can pay it off using the S.M.A.R.T. formula.

Let’s break things down. Your specific goal is to pay off your credit card debt in full.  

👉 Measurable 

How much money do you owe on your credit card? This figure (for example $3,000) will make your goal measurable.

Your new goal is now paying off your $3,000 credit card debt in full.  

👉 Achievable 

To achieve this, you will need to take actionable steps that will help you track your progress. 

To successfully pay off your $3,000 debt, you will put $300 plus interest every month towards your credit card. You will also stop using it temporarily to avoid accumulating additional debt.   

👉 Realistic 

Assess the steps you plan to take to achieve your goal. If you’re willing to pick up extra shifts at work, cut your entertainment budget, and stop borrowing more, your goal is realistic. If you’re hoping to get a promotion or win the money on a betting app, then you may want to re-think your strategy. 

👉 Time-based

By applying $300/month plus interest towards your debt, you will achieve your goal in 10 months.

Your S.M.A.R.T. financial goal is: 

I will pay off my $3,000 credit card debt in 10 months by putting $300/month (plus interest) towards it. I will achieve this by cutting my entertainment budget and not using my card during this time.

Example # 2: Saving for a Down Payment on a Home

If you want to become a homeowner in the next few years, you should be saving for a down payment. Here’s how to turn that dream into a S.M.A.R.T. financial goal. 

Get as specific as possible. Your goal is to save enough to make a down payment on a home . 

👉 Measurable

Determine exactly how much you want your down payment to be. Consider what you expect to pay for a home, and aim for 20% of that. For example, your goal may be to save $20,000 for a down payment.   

$20,000 is a significant amount, so you need to set targets to make it happen. If you want to buy your home in 3 years, for example, you need to save approximately $556 monthly. 

👉 Realistic

Use a budget calculator to determine how much you can save monthly. Consider practical ways to earn extra income or cut certain expenses from your budget to achieve your ideal amount.  

If saving $20,000 in the time frame you’ve chosen is completely unrealistic for you, consider extending your timeline or shopping for a cheaper home. 

👉 Time-based 

Based on the amount you need to save and your monthly saving target, decide on a realistic time frame for your goal.

Your S.M.A.R.T. financial goal is:

I will save $20,000 in 3 years for a down payment on my future home. I will accomplish this by putting $556 into a savings account monthly. 

Example # 3: Budgeting to Create an Emergency Fund 

You can use the S.M.A.R.T. formula to build a rainy day fund.

Determine why you want to start budgeting and how it will help you. In this case, your specific goal is to create a monthly budget so you can save money for an emergency fund.

Experts say that your emergency fund should be able to support you for three to six months. To figure out how much yours should be worth, think about how much money you currently need to support yourself every month. 

For example, your new goal will now be to fully fund a $6,000 emergency fund by creating a monthly budget.

👉 Achievable

Use a budgeting calculator to figure out where you currently stand. Next, determine the right budgeting method for you and use a budgeting tool to implement it.

Suppose after doing so, you free up $250 monthly which can go towards your emergency fund. 

Your goal may be unrealistic at the moment if you are currently over budget and struggling to make monthly payments to outstanding debts. Perhaps your focus should be on budgeting to pay off debt rather than to save for an emergency fund. 

By saving $250 a month, you will be able to reach your goal in 2 years. 

I will fully fund a $6,000 emergency fund in 2 years by using the reverse budgeting method to save $250/month. 

Example # 4: Planning for Retirement

Planning for retirement should be on everyone’s list of financial goals. But how can we make it S.M.A.R.T.?

Planning for retirement is a little too vague. Contributing a minimum monthly amount to your 401(k) to save for retirement is much more specific. 

You can measure your success each month by contributing a percentage of your paycheck. Your new goal now becomes contributing 15% of your income to your 401(k) . 

Setting up automatic deductions from your salary towards your 401(k) is an actionable step that will achieve your goal. 

To determine if this goal is realistic given your current financial situation, ask yourself if you can live on a paycheck that is 15% smaller. If not, then you can either lower your contribution amount or lower your monthly expenses. 

When it comes to planning for retirement, there is no time like the present. This is a long-term goal, but you can set intermediate goals as well. How much do you expect to have in your 401(k) after a year? After 5 years?

Starting this week, I will contribute 15% of my monthly income to my 401(k) plan and receive matching contributions. This will help me prepare for retirement. 

S.M.A.R.T. Goals Worksheet Template

Do you have any S.M.A.R.T. financial goals you want to accomplish this year? To help you get started we’ve prepared this simple printable S.M.A.R.T. goals template that you can use to define your goals.

Download PDF

By Adina Lazar

Contributing writer.

Adina Lazar is a freelance writer and blogger specializing in finance. She writes original content that helps readers make smart financial decisions. Follow her on Twitter (@AdinaILazar) or visit her at www.adinalazar.com.

This actually helped! in my financial goal ! I was doing this subject in maths, and I needed help, so yeah

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7 Short-Term Financial Goals and How to Achieve Them

Setting money goals is an important part of planning your financial future. Short-term financial goals, in particular, can help you jump-start your financial planning. What is a short-term financial goal? Short-term money goals are generally smaller goals that you plan to reach within a year.

Let’s take a closer look at how to set a short term financial goal through these seven examples.

Start with rebalancing your budget

Your first step in setting a realistic goal is to review and rebalance your budget. Since short-term goals are generally completed within a year, you’ll need to make sure you have room in your budget to allocate funds to your goals. Rebalancing your budget is the process of reviewing your finances to make space for money goals .

To rebalance your budget, consider how much you need to set aside each month to reach your goals. Then, go over your existing income and expenses. Do you have room in your budget to save for your goals? If not, you’ll need to adjust your budget by reducing expenses or increasing your income, so you have excess money each month to set aside.

7 short-term financial goals: What to do next

What are short-term financial goals you can start planning for today? Choosing good short-term goals for your situation is essential. These seven examples of short-term financial goals are a great place to get started.

1. Create an emergency fund

Expected time: 6-12 months

How to start an emergency fund: An emergency fund is a savings account with enough money to cover 3-6 months of living expenses. The point of an emergency fund is to provide a buffer of cash that you can use for unexpected emergency expenses, such as a job loss or major car repairs.

Depending on how much you need to cover your bare-bones living expenses, it could take anywhere from six months to a year to save up a solid emergency fund. It can feel overwhelming to save thousands of dollars, so aim to start small and break your goal into sections. For example, start by saving enough in your emergency fund to cover one month’s living expenses, then work your way up to six months over time.

2. Pay off high-interest debt

How to pay off debt: If you’re dealing with high-interest debt, such as credit card debt, paying it off is a great short-term financial goal. High-interest debt can eat into your budget and slow down other financial goals you might have, such as paying for a dream vacation or buying a house.

A debt snowball approach can help make paying off debt easier. To use the debt snowball method, start by paying off your smallest debt first. Then pay off your next smallest debt. Work your way up to your larger debts and use the momentum of paying off smaller balances to keep you motivated toward your goal.

3. Save for a big purchase

Expected time: 3-9 months

How to save for a big purchase: Whether you want to purchase the latest smartphone or need new living room furniture, saving for a larger purchase is an easy short-term financial goal. Planning for your purchase involves adding up the total cost of your purchase and dividing it by how long you want to save up for it. For example, if you want to purchase something that costs $1,000 in 5 months, you’ll need to save $200 per month to reach your goal.

4. Plan a wedding or vacation

How to save for an expensive experience: Much like saving for a large-ticket item, saving for a high-dollar experience like a wedding, honeymoon or dream vacation can be broken down into monthly sections. To save for your experience, add up how much you think it will cost. You can then divide the total by the length of time you want to save for your goal. It’s generally a good idea to work a buffer into your estimate to account for unexpected costs as well.

5. Put money into health savings

How to save for health care costs: A health savings account (HSA) is a great way to save up funds for health care expenses, such as an emergency room visit. You might even think of an HSA as an emergency fund specifically for health care emergencies. Some employers even contribute funds to employee HSAs, so be sure to ask your employer if this is an option for you.

6. Build a car down payment

Expected time: 3-12 months

How to save for a car down payment: Are you in the market for a new car? You can help lower the cost of a car loan by putting more money down when making your purchase. A car down payment is a good short-term financial goal for anyone looking to buy a new (or new-to-you) vehicle. To save for a down payment, decide on your total budget for the car and consider getting pre-approved for a car loan so you know how much money you need as a down payment.

7. Start an investment fund

Expected time: 3-6 months

How to start investing: Investment accounts help you build long-term wealth through stocks, mutual funds and other investment options. But while it can take a long time to see big returns on your investments, getting started can be a good short-term goal.

Many investment companies let you open an investment account and start investing with very little funds, so you can get started right away. Additionally, most companies let you open an account online or through a mobile app within minutes.

Where to save for short-term financial goals

Although short-term financial goals typically take less than a year to complete, you’ll still need to find a place to save for your goals, such as these common accounts:

• Savings account: Savings accounts, especially high-yield savings accounts , are the most common way to save for short-term goals. Most savings accounts earn interest, so your savings earn money while sitting in the account.
• Cash: Saving for goals in cash is generally only recommended for smaller short-term goals. The risk of cash is that you could lose it with no way of getting it back. In addition, cash won’t earn interest like other accounts.
• Certificate of Deposit (CD): A CD is a contract with a bank or other financial institution in which you agree to set aside funds and not touch them for a specified period. In return, the bank guarantees the interest returns on your money.
• Brokerage account: Brokerage accounts are investment accounts that let you invest in stocks, bonds, mutual funds and other types of investments. Investment accounts are often better suited for long-term savings but can be used for short-term goals as well.
• Health savings account (HSA): An HSA is a specific type of savings account that lets you save money for health-related expenses. The biggest benefit of an HSA for health care goals is that money can be invested. Any earnings you make from your investments can typically be withdrawn tax-free if you use the money for health care expenses.

Consider working with a fiduciary

A fiduciary is a type of financial professional who promises to keep your best interests in mind when providing financial advice. This helps eliminate conflicts of interest, such as your financial adviser recommending an investment that earns them the biggest commission.

While most fiduciaries are financial advisers, not all financial advisers are fiduciaries. Financial advisers are not obligated to work in your best interests. Choosing a fiduciary adviser is generally a good way to ensure your financial professional is providing the best advice to help you set and reach your short-term financial goals.

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How To Set Short Term Financial Goals With SMART Examples

Everyone’s risk tolerance with money is different, and people save money in various ways. Whatever method you choose, it’s helpful to set short-term financial goals. In this article, we’ll look at goal-setting as a way to position yourself for financial success and security. We’ll also touch on medium- and long-term goals.

What are short-term financial goals?

Short-term financial goals are objectives that are achievable within a relatively brief time frame. This could be several months or a couple years.

What are SMART goals?

SMART stands for specific, measurable, actionable, relevant, and time-bound. These criteria will help you understand exactly what you’re working towards and what success looks like.

If you set a vague goal, like “save more money,” you may save $10 one month and $20 the next, but is that enough and what are you saving towards?

Instead, a SMART goal would look like this: Save $100 per month in my savings account to save up for a used car in two years.

Below, you’ll find broad goals, followed by SMART goal examples.

5 Short-term financial goals to set for yourself

Have a goal-setting mindset and set a few goals for yourself . It’s not a bad idea to split them into categories that contain short-, medium-, and long-term goals. Since short-term goals are the most immediate, they’re a good place to start.

This doesn’t mean you should forget about longer-range goals like retirement savings when you’re budgeting. However, setting and achieving short-term goals can help set the stage for success when you tackle longer-term objectives. Here are some ideas that can get you started:

1. Create an emergency fund

Create an emergency fund worth 3-6 months of expenses. It’s always a good idea to have emergency savings socked away in case you need it for car repair, medical bills, or a means of handling some other unforeseen expense. Setting a goal like this serves two purposes: It can prepare you for the proverbial “rainy day,” and it can help you build good savings habits.

If saving for 3 months of expenses seems like a lofty goal, break it down to a number that’s within reach and adjust your goal as your income or circumstances change.

SMART goal : Save $75/month in an account just for emergency expenses. Add at least $2,700 to the account over the next 3 years.

2. Set a monthly budget

Set a monthly budget for yourself. Start by identifying your money goals, then pick the budgeting approach that works best for you. You might choose zero-based budgeting, where you earmark every dollar in your income for a specific budget category: food, utilities, rent, entertainment, your emergency fund, etc. Once all this is done, you’ll be left with zero—a balanced budget.

You can also opt for a goal-based budget in which you “pay yourself first” for a specific goal, and adjust the remainder of your budget based on further aims. Another option is the 50-30-20 budget, which sets aside 50% of after-tax income on necessities, 30% on things you want, and 20% on savings and debt payments.

You can budget using pen and paper, the envelope method, a whiteboard, spreadsheet, or any one of a number of apps, some of which are free .

SMART goal : Try the 50-30-20 budget method for 12 months. I will create a spreadsheet of all my fixed and variable expenses. Categorize those expenses into necessities, wants, needs and debts, and then allocate my monthly income based on the 50-30-20 method. I’ll review my expenses and payments once per month to see if I’m on track and identify areas to cut back.

3. Learn about financial literacy

Take some time to create a financial planning worksheet for yourself or learn about personal finance . Financial literacy entails a knowledge of debt, credit, savings, insurance, and retirement, for example.

If you stress about money often, are spending more than you take in, don’t have enough savings to cover a financial emergency, or have high credit card balances. These are signs you may need to improve your financial literacy.

You can also meet a financial advisor or financial planner every year if you need to.

SMART goal : Read I Will Teach You To Be Rich in the next month. Change at least one thing about my financial habits based on the author’s advice.

4. Pay off one debt at a time

It can help to focus on paying off one debt at a time. But which debt should you pay off first?

There are two common debt repayment strategies. The Snowball Method suggests you pay the smallest debt first so that you can see the progress you’re making. The Avalanche Method suggests you pay off the debts with the highest interest rates first. This approach can save you money because you will be paying off compounding interest that accumulates, adding to your debt even as you pay it.

SMART goal : Put $200 towards paying down my credit card debt every month. Pay off all the Visa debt in 8 months.

5. Reduce your spending

The first step is to understand your expenses . Look at your bank account statements and see where your money is going. If you’re spending more than what you’ve budgeted in one or more categories, revisit your priorities and adjust your spending.

It’s not just about spending, but how your spending aligns with your income. If you’ve seen a reduction in your income due to a furlough, layoff, or change in salary, you will need to revisit what you’re spending. Inflation can be a factor, too. If gas, utility costs, rent, or food prices are rising, you won’t be able to purchase as much with your money as you did the previous year.

SMART goal : Spend a maximum of $30 per week going out to eat. This will save me at least $100 per month, which I’ll use towards my student loan repayments.

Financial goal examples

If you need more inspiration, here are short-term, mid-term, and long-term financial goal examples. Remember, you might have a broad goal like “eliminate $100,000 in student loan debt,” but you’ll need to break that down into more specific subgoals to successfully achieve it. Where will that money come from? Are there areas you can spend less in to contribute more to your student loan payments?

What are mid-term financial goals?

In addition to short-term goals, you’ll want to work on a list of medium-term financial goals: milestones that you’ll hit within the next few years. Goals like these are usually 2 to 5 years out. They typically require more savings than is needed in pursuing short-term debts, which means you’ll likely need more patience and planning.

Mid-term financial goal examples:

• Buy a new car . Saving up for a down payment may be a short-term goal, but unless you pay cash, you’ll be making payments for 5 to 7 years after that. You’ll need to factor this into your goal budgeting.
• Save for a down payment on a home . This will cost you more than a car. The larger the down payment, the less your monthly payments (and your interest) will be. So, it can be helpful to aim higher than the minimum when setting your sights on a figure for your down payment.
• Pay off one debt . If you have a significant debt of a few thousand dollars, then paying it off can be a good mid-term goal.

What are long-term financial goals?

Long-term financial goals are a type of objective that you might seek to achieve over a longer period of several years or even decades. These goals typically require more money and consistent financial discipline/investment to reach.

Long-term financial goal examples:

• Pay off student loans, medical bills, or large credit card debt.
• Build a retirement fund through a traditional IRA, Roth IRA, 401(k) with an employer match, money market account, or annuities.
• Pay off a mortgage . The most common terms are 15 and 30 years, although other lengths are also sometimes offered.
• Save for your children’s college education . With tuition and associated costs continuing to rise, and student loans taking years to pay off, the more money you can sock away for your children ahead of time, the better off they will be.
• Get a life insurance policy if you have dependents . Life insurance can give your survivors some financial stability when you’re gone. It can also serve as an investment option.

Short-term goals lead to long-term success

Setting goals helps whether you’re putting money aside for your emergency fund or investing in a long-term goal like purchasing real estate or a retirement plan. The clearer your goals are, the more effectively you can budget and work on staying out of debt as you’re building credit —an important financial goal in its own right.

Budgeting and saving are important parts of the process, and setting short-term goals is a great first step to get you on your way.

About the author

Jeff Smith is the VP of Marketing at Self Financial. See his profile on LinkedIn .

About the reviewer

Ana Gonzalez-Ribeiro, MBA, AFC® is an Accredited Financial Counselor® and a Bilingual Personal Finance Writer and Educator dedicated to helping populations that need financial literacy and counseling. Her informative articles have been published in various news outlets and websites including Huffington Post, Fidelity, Fox Business News, MSN and Yahoo Finance. She also founded the personal financial and motivational site www.AcetheJourney.com and translated into Spanish the book, Financial Advice for Blue Collar America by Kathryn B. Hauer, CFP. Ana teaches Spanish or English personal finance courses on behalf of the W!SE (Working In Support of Education) program has taught workshops for nonprofits in NYC.

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How to set your short term financial goals

Setting financial goals doesn’t sound like the most exciting thing… it’s full-on adulting, for sure! But it can definitely lead to less stress, and also help you afford to do more fun things. Starting with short-term goals is a great place to start. This will help you build a solid foundation for  things you want to do in the longer term, like buying a home, saving for retirement, or paying off debt, as well as having enough spare money to do day-to-day things you enjoy. Here are some tips for setting your short-term financial goals.

The importance of short-term financial goals

1. focus and motivation.

Short-term goals provide clarity and motivation. They help you stay focused on specific objectives that you can achieve relatively quickly, and that can boost your confidence and motivation to tackle bigger financial goals.

2. Financial discipline

Working toward short-term goals can help you to become more disciplined in your day-to-day financial habits. It encourages regular saving, budgeting, and responsible spending.

3. Financial security

Achieving short-term goals can boost your financial security. Whether it’s building an emergency fund or paying off high-interest debt, these goals provide a safety net and reduce financial stress.

4. Stepping stones

Short-term goals serve as stepping stones toward bigger financial milestones. When you accomplish them, you create a strong financial foundation that can support your long-term aspirations.

How to set short-term financial goals

1. identify your priorities.

Start by thinking about your financial priorities. What are the most pressing financial needs or wants that you have in the next one to three years? This could be saving for a vacation, paying off credit card debt, or building an emergency fund.

2. Make your goals SMART

SMART stands for Specific, Measurable, Achievable, Relevant, and Time-Bound. For example, a goal like “Save $3,000 for a summer vacation in 12 months” is SMART, as it’s specific, quantifiable, realistic, and has a clear deadline—which makes it easier to achieve.

3. Break down large goals

If you have a big short-term goal, break it down into smaller, more manageable milestones. For instance, if you want to save $6,000 for a down payment on a car in the next two years, set a goal of saving $3,000 each year.

4. Consider your current financial situation

Be realistic about what you can achieve based on your current income and expenses. Setting overly ambitious goals is discouraging if you can’t reach them.

Examples of short-term financial goals

1. emergency fund.

Establish an emergency fund to cover unexpected expenses like medical bills or car repairs. Aim to save three to six months’ worth of living expenses.

2. Pay off high-interest debt

Prioritize paying off high-interest debts, like credit card balances. Set a specific goal to eliminate a certain amount of debt within a defined timeframe.

3. Build a vacation fund

It’s important to plan fun and rewarding experiences throughout your financial journey. One great way to do this is to save money for a dream vacation or a special trip . Set a savings target and plan for the trip’s estimated cost.

4. Start an investment portfolio

Start investing in stocks , bonds, or other types of investments. Set a goal to invest a particular amount of money within a year.

5. Home renovation

If you’re planning a home improvement project, set a budget and savings goal for it.

Tips for achieving short-term financial goals

1. create a budget.

Establishing a budget helps you allocate your income toward your goals effectively. It also lets you identify areas where you can cut back on spending to boost your savings.

2. Automate your savings

Set up automatic transfers from your checking account to your savings account. That way you consistently save a portion of your income without the temptation to spend it.

3. Monitor your progress

Regularly check your progress toward your short-term financial goals. This keeps you accountable and motivated to stay on track. It’s also helpful to keep track of which categories your money is going toward each month, to make sure you’re only spending what you need to. The Brigit app’s Finance Helper is a great tool for this.

4. Adjust as needed

Life can be unpredictable, and sometimes things change. If your circumstances change, it’s okay to adjust your goals accordingly. Whether you need to increase or decrease your savings target, flexibility is key.

5. Seek professional advice

If your goals involve more complex financial matters, like investing or tax planning, consider working with a financial advisor. They can provide expert guidance customized to what you want to achieve.

6. Celebrate milestones

When you achieve a short-term financial goal, celebrate your success. Acknowledging your accomplishments can reinforce good financial habits and motivate you to tackle the next goal.

The bottom line: your short term financial goals

Setting and achieving short-term financial goals is an important step on your path to financial success. These goals provide focus, motivation, and contribute to financial security; they’re building blocks for reaching your long-term aspirations. By identifying your priorities, making your goals SMART, and developing good financial habits, you can reach your short-term financial goals and create a strong foundation for your future success.

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Essay: How Will This Scholarship Help You Achieve Your Goals? (With Example) – 2023

Jennifer Finetti May 23, 2023

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Many scholarship applicants often have to write a “How will this scholarship help you achieve your goals” essay. This gives the scholarship committee an understanding of how the scholarship will help students pursue their goals.

Needless to say, the essay is very important for the scholarship application. This is where students can show off their personality. Students should make sure to write a unique composition which answers the essay question.

Think About Your Goals

It can be challenging to think about what your goals are after college. This is especially true if you haven’t decided on a major and have no idea what you want to study.

If you find yourself struggling to determine what your career goals are, try brainstorming before you start writing. Think of what your short-term and long-term goals are and write them down. What skills do you need to achieve these goals?

The fastest path to earning scholarships

Simplify and focus your application process with the one-stop platform for vetted scholarships.

Writing Tips – Getting Started

When starting to write your essay , make sure you open with a catchy introduction. This can be a question, an anecdote or a personal story. You want to grab your reader’s interest right away. Start with something unique, rather than using a generic sentence that any other student can use.

Explain the Inspiration Behind Your Goals

You’ll then want to explain the inspiration behind your goals. What led you to want to pursue these goals? What experiences have you had in life which have influenced you and your dreams?

Discuss Your Goals

After discussing your past experiences, talk about your education and career goals . Do you have a major? How will it help you achieve your goals?

Do you have long-term goals you can talk about? The scholarship provider doesn’t expect you to have long-term goals set in stone so don’t worry if you don’t. Instead, you can write about how you wish to impact others.

Make a Creative Conclusion

In your conclusion paragraph, you should summarize the major points in your essay.  Then finish with a closing thought. You should try to make it creative and unique. You want to leave a lasting impression on the reader.

After you finish writing your essay, make sure you proofread it several times. The last thing you’d want to do is turn in an essay with grammar mistakes.

Scholarship Goals Essay Example

It was November, 2016, a few days before Thanksgiving. My class took a field trip to a soup kitchen to serve lunch. I poured piping hot soup into bowls while people started to fill the room. It was a great way to warm up on the frigid November day. Their eyes seemed empty and sad. “Happy Thanksgiving” we said to one another, as our eyes locked.

A few days later, as I sat surrounded by family, turkey, gravy and pumpkin pie, I couldn’t help but feel like something wasn’t right. Why was I so fortunate to have access to all this food? I thought of the people from the soup kitchen and wondered where they were. I knew right then and there that my purpose in life was to help people.

I returned to the soup kitchen as a volunteer a week later, and a week after that.

I envisioned the realm of possibilities for these people. “I would connect him with a rehab program, her with daycare for her baby so she could find work,” I thought to myself while volunteering. I have dreams of one day being able to help people make changes in their lives.

For this reason, I will be starting my undergraduate degree in social work at Boston University in the fall. I am certain that my studies will instill within me the skills and knowledge I need to pursue a career as a social worker. I hope to be able to help those who are less privileged find hope in their lives.

This scholarship will help me achieve my educational and career goals. I have been working hard to save up for college, but with the exorbitant costs of tuition, my part-time jobs haven’t been enough. I am planning to work during my undergraduate degree, but I do wish to focus a lot of my time on my studies. This scholarship will help by lowering the costs of college and the amount of hours I’ll need to work throughout my studies. This way, I’ll be able to continue with my academic achievements. It will also give me time to find an internship. I am hoping to find an internship at a homeless shelter in the Boston area.

It has been two and a half years since I first walked into that soup kitchen. That day without a doubt has changed the course of my life. My experiences there, talking with people and hearing their stories, have instilled within me a passion to help people make positive changes in their lives. This scholarship will allow me to pursue the education I need to achieve my goals.

• Scholarship Essay

Jennifer Finetti

As a parent who recently helped her own kids embark on their college journeys, Jennifer approaches the transition from high school to college from a unique perspective. She truly enjoys engaging with students – helping them to build the confidence, knowledge, and insight needed to pursue their educational and career goals, while also empowering them with the strategies and skills needed to access scholarships and financial aid that can help limit college costs. She understands the importance of ensuring access to the edtech tools and resources that can make this process easier and more equitable - this drive to support underserved populations is what drew her to ScholarshipOwl. Jennifer has coached students from around the world, as well as in-person with local students in her own community. Her areas of focus include career exploration, major selection, college search and selection, college application assistance, financial aid and scholarship consultation, essay review and feedback, and more. She works with students who are at the top of their class, as well as those who are struggling. She firmly believes that all students, regardless of their circumstances, can succeed if they stay focused and work hard in school. Jennifer earned her MA in Counseling Psychology from National University, and her BA in Psychology from University of California, Santa Cruz.

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Financial Goals: Definition and Examples

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Money drives many decisions that we make day to day. Setting goals can help us take control and feel more confident about those decisions.

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What are financial goals?

Financial goals are the personal, big-picture objectives you set for how you’ll save and spend money. They can be things you hope to achieve in the short term or further down the road. Either way, it’s often easier to reach your goals if you identify them in advance. (If you need to take a couple steps back, see the definition of finance .)

Examples of financial goals

Think about what’s important to you as you begin to set goals. It’s normal to have several goals, and for them to change over time.

Examples of financial goals include:

Paying off debt.

Saving for retirement.

Building an emergency fund.

Buying a home.

Saving for a vacation.

Starting a business.

Feeling financially secure.

Your goals will be influenced by whether you're managing money as a single person or working with a partner toward milestones.

>> MORE: Some financial goals for college graduates to consider as they start their first job.

Why financial goals matter

Having financial goals can help shape your future by influencing the actions you take today. For example, say your goal is to pay off a colossal credit card bill . You might cut back on takeout dinners and use the money you save to make extra payments instead. Without establishing that goal, you’re more likely to continue spending as usual while your debt piles up.

Like all expenses, financial goals should be included in your budget . That way, you can take concrete steps toward reaching them while leaving room for other costs. Plan out how much time it will take to reach each goal and how much money you’ll need to contribute within that period.

Identifying goals and creating a realistic plan for them allows you to track progress and can motivate you to keep going. Even if you fall short, you might develop some healthy money habits along the way.

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How to Set and Achieve Financial Goals

Home » Financial Literacy » Budgeting & Saving » How to Set and Achieve Financial Goals

If you want to buy a new car or climb Mt. Everest or retire to a yacht, there’s one sure way to not get there.

Wing it. Don’t have a plan or set goals. Count on luck or a guardian financial angel to get you through.

OK, we’re joking. Good luck with trying to wing it.

“If you don’t know where you are going, you will probably end up somewhere else,” famed economist Lawrence J. Peter said.

Reaching your financial goals takes planning. You can do that on your own or get help from a certified counselor. Whichever you choose, you need a SMART (Specific, Measurable, Achievable, Relevant and Timely) strategy.

It can be done. Here’s how.

What Are Financial Goals?

Remember the saying, “I’m just waiting for my ship to come in,”? Financial goals are like little ships. They are savings, investment or spending targets you hope to achieve in a set amount of time.

The stage of life you’re in usually determines what type of goal you wish to achieve. For instance, high school students aren’t too worried about having enough retirement income. They have short-term goals, like making enough money to buy a pair of Air Jordan sneakers or a used car.

A person with a growing family would have more long-term goals, like buying a house or saving money for their kids’ college education.

Types of Financial Goals

Setting a specific goal largely depends on when you need to reap its benefits. Those time frames are pretty simple.

• Short-term goals. These can be reached within a year and are for relatively smaller things, like buying a computer or TV or paying for a vacation or setting up an emergency fund.
• Mid-term goals. These can be done short-term but often take up to five years. Examples would be paying off credit cards or loans and saving for down payment on a house.
• Long-term goals. These take much longer than five years to reach. They are things like paying off a mortgage or student loans and funding a retirement plan.

Examples of Financial Goals

Consider sticking to these 10 goals to help relieve yourself from financial difficulties.

1. Make a budget

You can set the greatest goals possible, but it’s pointless if it’s not grounded in reality. Listing your expenses and income gives you a clear grasp of what you have to work with. A credit counselor can show you  how to create a budget  and come up with a reasonable plan to achieve your goals.

2. Pay off credit card debt

Credit cards are to financial health what icebergs were to the Titanic. The interest rates can cost hundreds or thousands of dollars a year. A  debt consolidation plan  often provides a way out of the  credit card debt muck. A counselor can explain how such a plan works and help you decide if it’s right for you.

» Learn More: How Much is Too Much Credit Card Debt?

3. Start an emergency fund

Financial disasters like losing your job or a medical crisis always lurk. You need enough money in an  emergency fund  to cover three months of your regular living expenses, like housing, food and transportation.

4. Save for retirement

You want to live out your golden years in comfort, not poverty. That means you need to  figure out how much you’ll need  and set aside cash every month to grow an investment portfolio. It’s not as exciting as buying a new car now, but it’s better than eating a can of cold beans when you’re 85.

5. Save for college

Going to college costs an average of $35,551 a year in 2020. That’s pricey, but it’s often worth it if you get a meaningful degree. College graduates typically earn 66% more than people with only high-school diplomas. A counselor can help you  understand how to afford college .

» Learn More: How to Save Money for College Tuition » Learn More: Budgeting Tips for Young Adults

6. Save for a down payment on a home

The real estate market fluctuates, but owning a home is almost always a good long-term investment. Down payment requirements vary, but 20% of the total cost is a good goal and will spare you having to pay mortgage insurance.

» Learn More: Pay Off Debt or Save for a House?

7. Improve your credit score

Whether it’s buying a house, a car or anything that requires a loan, the better your  credit  score, the less you’ll have to pay in interest. A  good credit score  can save you thousands of dollars on a major purchase.

8. Pay off student loans

The average federal student loan debt was $37,358 in 2022. The Biden Administration attempted to forgive much of that, but it’s unclear whether student debt relief  will be approved by the courts. In the meantime, refinancing or  student loan consolidation  are money-saving options on certain loans.

9. Start a business

Starting a business is a tough, but ultimately fulfilling endeavor. Who doesn’t want to be the boss? You will need to create a business plan, find seed money, and stick to a monthly budget. Starting a business is meant to make money, not hemorrhage your own.

» Learn More: Steps to a Successful Business

10. Do something good for yourself

Let’s face it, most goals aren’t fun to talk about. It’s good to have one that feels like a reward, like buying a boat or 80-inch TV or a cruise. Striving for something fun also reinforces the diligence and self-discipline required to reach all those other goals.

• How To Set Financial Goals

Whether you do it yourself or rely on professional help, here are six steps to setting financial goals.

• Figure out what matters to you. Consider everything, from the practical and pressing to the whimsical and distant on the table.
• Sort out what can be quickly achieved, what will take a bit of time and what will be a long-term project.
• Apply a SMART strategy. That stands for Specific, Measurable, Achievable, Relevant and Timely.
• Create a realistic budget. Get a strong handle on what’s coming in and what’s going out, then work it to address your goals. Use your budget to plug leaks in your financial ship.
• Hopefully, your tough, realistic, water-tight budget will show at least a handful of leftover dollars. Whatever that amount is, have it automatically directed into a separate account designed to address the first couple of things on your list of priorities.
• Monitor your progress. Make sure what you’re hitting your benchmarks. If you’re not, pause and evaluate what’s going wrong.

How To Achieve Your Financial Goals

Make a plan that prioritizes your goals. When you examine them, you’ll discover some are broad and far-reaching and others are narrower. That lets you separate them into one of three categories.

• Short-term financial goals take under one year to achieve. Examples may include taking a vacation, buying a new refrigerator or paying off a specific debt.
• Mid-term financial goals can’t be achieved right away but shouldn’t take too many years to accomplish. Examples may include purchasing a car, finishing a degree or certification, or paying off your credit card debts.
• Long-term financial goals (over five years) may take several years to accomplish and, as a result, require longer commitments and often more money. Examples might include buying or paying off a home, saving for a child’s college education or a comfortable retirement.

This process involves deciding what goals you intend to reach, estimating how much money and resources will be needed, and planning how long you expect it will take to achieve the goals.

Develop a Goal Chart

Developing a financial goals chart is a good way to begin this process. Here are the five steps you should follow to set up your goal chart:

• Write down one personal financial goal. It should be specific, measurable, action-oriented, realistic and have a timeline
• Decide if your goal is short-term, mid-term, or long-term, and create a timeline for that goal. This may change at any time based on your situation.
• Determine how much money you need to reach your goal and separate that amount by the month and/or year.
• Think of all the ways you can reach that goal. Include saving,  cutting expenses ,  earning extra money , or finding additional resources.
• Decide which is the best combination of ways to reach your goal and write them down.

All of that might sound daunting, so it’s best to set incremental goals. Prioritize, then achieve. After accomplishing some of the easier goals, you gain confidence in your decision making. That should motivate you to achieve the more difficult targets that require more time and discipline.

Why You Should Set Financial Goals

Without goals, your journey to financial security is likely to meander.

“For anybody who walks through the door, if they don’t have some financial goals, if they have failed to plan, it’s like the saying goes, they are probably planning to fail,’’ said Allen Wohlwend, a financial planner in St. Petersburg, Fla. “The ones who look ahead and have some concept about what they’re looking to do with their money, the ones who put a plan into motion and establish some good habits, those people are golden.”

Accordingly, there are golden rules. The rules aren’t iron-clad, though, because the process involves some guesswork.

Who knows what’s ahead in 30 years? Heck, who knows what’s ahead next week?

The economy has been on a rollercoaster. The smartest, best-prepared people make the best guesses possible.

“What if circumstances change?” Wohlwend said. “It’s not just the number that matters in setting your financial goals. It’s the process itself. It’s establishing good habits. If you adhere to consistent saving patterns, you’ve set yourself up for success.’’

» Learn More: How Much Should You Save From Each Paycheck?

Goal Setting Tips and Resources

There are  goal-tracking apps  to keep you up to date. If you’re not a techie fan, old-fashioned methods can help. Stick a picture on your refrigerator door of yourself at the beach or some other nice spot and imagine that’s your life in retirement if you achieve your goal.

If you get discouraged or need more hands-on help, there’s another option.

Get Help Setting Financial Goals

That high school kid who wants a new pair of sneakers doesn’t need a financial counselor. Figuring out how to pay for a house or retire early is obviously more complicated.

You can do it yourself, though millions of people have gotten help at nonprofits like  InCharge Debt Solutions  and other counseling services.

They can act as your guardian financial angels, advising you on  debt relief programs  and other budgeting and saving strategies.

Whether you seek help or go it alone, remember one thing. If you want your ship to come in, it needs to know where it’s going.

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Personal Financial Goals on the Next Five Years

One of the essential conditions for being and staying ‘on course’ is financial stability. It might be challenging to envision one’s future, but it is possible to stay motivated by setting realistic short-term and long-term goals. A personal financial plan can help students take control of current spending habits, make informed financial decisions, and achieve the goals after graduation. In the following essay, I will explain why financial planning is vital for college students and discuss my goals and personal strategies for the next five years.

As a student, I understand that planning ahead and making wise choices are essential for financial security and the achievement of success in life. Student loans, and living expenses, such as housing, food, or transportation, place a considerable burden on young adults attending college. Financial knowledge may help effectively organize and manage available monetary resources and gradually accumulate wealth (Grable and Palmer 1-5). Financial literacy required for careful planning can involve budgeting skills, understanding of the time value of money, and awareness of saving and investment options. Therefore, my personal plan is based on a set of financial goals and potential strategies to achieve them.

My primary short-term goal is to have complete control of my finances, so I plan to create a budget planner to manage my current income and expenses. Keeping a planner might assist in the understanding of the main sources of income, examine spending habits and indicate financial goals for the next month or year. A healthy budget should be close to the recommended percentages of net income spent on (housing, transportation, food, entertainment), so the planner can suggest ways to create a positive balance (Downing 7). Moreover, the feeling of control by planning in advance may alleviate the stress associated with uncertainty and motivate a person to take advantage of financial opportunities (Grable and Palmer 1-4). For instance, analyzing repeated or unnecessary purchases may prevent wasteful spending in the future, while extra savings may be used for micro-investments. Alternatively, financial goals may become a part of a personal journal that can be employed to learn about one’s strengths and weaknesses in the financial area.

The next goal is to decrease the flow of money out and increase its accumulation. The efforts or sacrifices to save money during college can bring results in the future (Downing 5). Transportation expenses represent a significant part of overall spending, so I plan to drive less and walk more to save money on gasoline, car maintenance, and repairs. Additionally, credit cards and loans involve high-interest rates, so the short-term financial goal is to discipline myself to rely on cash, minimize the use of debt-accumulating bank products, and carefully monitor debit cards. Finding the sources of income, such as part-time jobs or investment dividends, may help accumulate funds for the future. However, it is crucial to maintain a healthy balance between academic and work responsibilities. Earning good grades and enough money from part-time work or passive income sources might help achieve the financial goal related to the money flow.

Another financial goal in my 5-year plan is to be financially secure and independent since living from paycheck to paycheck might be risky at times of uncertainty and global crisis. The adverse effects of the COVID-19 pandemic on the local and global economy, job market, and personal income, reveal the urgent need for personal savings. Establishing a basic emergency fund or a savings account with a small amount of money may assist in reaching the goal of financial stability and security. Financial advisors suggest that the amount of backup money in an emergency fund should be calculated depending on basic monthly expenses (Mill 42). The fund will allow me to fulfill financial obligations in cases of unpredictable or expected expenses due to job loss, health emergencies, or disasters. Thus, I hope to begin building an emergency fund to support me in the case of a crisis and alleviate finance-related stress.

Opening an investment account is the last goal in my financial plan. It is also helpful to know about the time value of money. The financial concept means that the sum of money a person/business has now is worth more than the identical sum will be in the future due to the loss of value called inflation (Mill 41). Based on that idea, investing even small amounts of money will bring more benefits in the future than spending it shortly after earning. The financial planning strategy also includes the assessment of financial risk tolerance (Mill 235). Investments may have uncertain outcomes, so the ability to take risks while investing is needed to take timely action when the investments are declining in value.

In conclusion, financial planning can help college students use basic financial knowledge and budgeting skills to achieve financial security. My 5-year financial goals for financial prosperity include keeping a budget planner, decreasing spending, creating an emergency fund or a savings account, and investing. The strategies to reach these goals might prevent wasteful spending, minimize the use of credit products, and help build and maintain wealth.

Works Cited

Downing, Skip. On Course: Strategies for Creating Success in College and in Life . 8th ed., Cengage Learning, 2017.

Grable, John, and Lance Palmer. Introduction to Personal Finance: Beginning Your Financial Journey . Wiley, 2018.

Mill, Alfred. Personal Finance 101: From Saving and Investing to Taxes and Loans, an Essential Primer on Personal Finance . Adams Media, 2020.

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#1 Source For Moms Who Want To Learn About Money

12 Financial Goals Examples for Students

• 12 December 2021
• Samantha Hawrylack
• Financial Planning , Money Management

When your child enters college, they are close to adulthood and flying the coop. Naturally, this can feel frightening for both you and your child. However, setting reasonable financial goals examples for students can help your child be more than ready for what comes next.

If you aren’t sure how to help your child, keep reading for some great financial goal examples for students and how to help them achieve the goals.

What are financial goals, and how do they apply to college students?

Financial goals are money goals your student sets to achieve both in the short and long term. Your student is never too young to set financial goals. In fact, the earlier they set them, the more prepared they feel transitioning into adulthood.

Setting SMART financial goals can be challenging at first, especially for your child who is likely overwhelmed by college life. It can make managing finances more achievable and even empowering.

Help your college student set SMART goals with these tips:

• S – Be specific about the goals your student sets. For example, don’t say, ‘I will save money this year.’ Instead, say, ‘I will save $1,000 this year.’ Again, be as specific as possible in the goal setting.
• M – Make the goals measurable. Like in our example above, saying your student wants to save $1,000 gives them something to measure how close (or far) they are from the goal.
• A – Goals must be achievable , or it’s easy to get discouraged, especially for busy college students. So make the goals something reachable. Encourage your student to set small, almost basic, goals at first so they can see what it feels like to reach a goal.
• R – Goals must also be realistic . Help your student realize what is and isn’t within their reach. If the goal seems unreasonable, encourage them to bring it down a notch.
• T – Give the goals a timeline. Help your student say more than ‘I’ll save $1,000.’ Instead, say, ‘I’ll save $1,000 in X months.’ This helps to maintain motivation and ensures the goal is measurable and achievable. 

Reasons why college students should have financial goals

Everyone needs financial goals. It’s how we set ourselves up for financial success and reach future desires, such as buying a house , a car, or going to graduate school. Your student will also learn the value of money and how to make great choices.

1. Understand money and how it works

Setting financial goals in college helps your child form solid and positive habits . Once they graduate and transition into real life, financial goals will already be a part of your child’s life. It won’t feel like another obstacle or life lesson. It will be easy for them to prepare for whatever comes next.

2. Make smarter choices

Having financial goals helps your college student make smarter spending decisions . Stopping at Starbucks every day is an instant gratification behavior, but it does nothing positive for your student’s future finances. The same is true of impulse buys or even buying textbooks new versus used. Your student will learn to think about the consequences of their money decisions before acting.

3. Brings your student closer to becoming financially secure

It’s easy to feel like a ‘broke college student’ when you live in a dorm or apartment with little furniture and dining on Ramen noodles. But, your child will learn to live a frugal life and save more. The more natural it is for your child to make economic decisions, the quicker they will meet their financial goals. 

4. Have more money after graduation

Whether your student wants to move on their own, move back home, or buy a house after college, chances are they will have more money available because of the financial goals set during college. 

What are some financial goals that students should have?

No two students will have the same financial goals . However, here are some examples for students you can use or build off of to help your college student create achievable financial goals.

Short term financial goals examples for students

Short-term goals are important because they provide students with what they need and help them realize immediate gains.

Here are some top short term financial goals for students:

• Build an emergency fund – An emergency fund is money set aside for true emergencies (car accidents, unexpected medical bills, or other serious emergencies).
• Budget for wants and needs – Setting a budget for wants and needs keeps things in perspective and helps college students avoid unnecessary spending.
• Live within your means – Learning to live within your means is a life skill all college students need . Instead of keeping up with everyone around them, they should focus on themselves and what they can afford.
• Start a side hustle or part-time job – A side hustle (drive for Uber, freelance writing , etc.) or a part-time job increases your student’s income and helps them achieve other financial goals.
• Learn about healthy money mindsets – Students should set goals to reassess their money mindset , review their ‘money stories’ from childhood, and see what they think and feel about money and how it affects their financial goals.
• Pay for college tuition – Student loans are available, but they aren’t a good use of any college student’s money. Learning to save and pay for college without loans can offer a great start to adulthood.

Mid-term financial goals examples for students 

It’s good to have goals that aren’t immediately achievable but can be fulfilled within a few years.

Here are a few examples:

• Pay off debt – Entering adulthood debt-free can be a great way to start. Rather than graduating college with $30,000+ in student loans, car loans, and credit card debt , your student can start life debt-free, creating an easier transition to adulthood.
• Save for a down payment – If your student wants to move out right away, saving for a down payment is a great goal. Instead of renting, your child can buy their own house with 10% – 20% down on a home.
• Own a car without a loan – Cars are depreciating assets. If your student can own a car without financing, they won’t be throwing money ‘out the window.’ Saving money for a down payment or investing for other future goals is a much better investment. 

Long term financial goals examples for students

Long-term financial goals can take 5+ years to achieve. Therefore, they can feel more overwhelming or ‘impossible.’ However, if you teach your student to break long-term goals down into smaller pieces, they become much easier to achieve.

Here are some examples of long-term financial goals for students.

• Save for retirement – No one is ever too young to save for retirement. The younger your student saves for retirement, the more time the money has to grow.
• Build credit – It takes time to build credit. If your student starts in college, by the time they graduate, there will be a solid history when your child wants to apply for a mortgage or other financing options. Teach your child to start with a secured credit card or department store credit card. They should use it responsibly to build credit slowly.
• Watch compound interest take effect – Compound interest occurs when your student deposits money that earns interest and then leaves the money, so the interest earns interest. Encourage them to leave the funds for the long-term and see how much they grow.

Tools that students can leverage to achieve their financial goal

We all know talk can be cheap, even with college students. Actions often speak louder than words, so share these tools and lead by example. That way, your student can see how easy it is to reach their financial goals.

Budgeting tools

No one can reach financial goals without budgeting. If your student has a smartphone or computer, they have access to great budgeting tools such as Mint , You Need a Budget . Many apps are free and offer all the features a college student requires to stay on track.

If your student lives a cash lifestyle or is the type of person that has no idea where their money goes, consider Qube Money . This app is a digital version of the envelope budget or the budget that you create an envelope for each spending category. Once your student spends all the money in one envelope, there’s no more spending in that category until next month.

Investment and budgeting tools in one

If your student is ready to invest or even save money in a money market account, consider Personal Capital . It’s free to download and use, and it combines all your accounts and budget in one place. No more scrambling for spreadsheets or post-it notes – your student can have everything in one place and no excuse not to reach their financial goals.

Investment platforms

When your student understands their essential personal finances, including an emergency fund, a workable budget , and money saved for immediate goals, encourage them to use popular investment platform s such as Vanguard , Fidelity , or M1 Finance .

Every student has different investment preferences and apps they are comfortable using. Encourage your student to play around with each of them, do some research, and choose the one they are most comfortable using.

Ways that parents can help students with financial goals

As a parent, the thing you probably want most is to help your student get off on the right foot and achieve their financial goals. As they transition to adulthood, it becomes more difficult, but here are some ways you can help.

Be a good role model

Actions speak louder than words. Show your student how you manage your finances, set and achieve financial goals, and make smart financial decisions. Just watching you do your thing may help your student do the same.

Explore all options

Rather than telling your child to do this or don’t do that, guide them. Help your child understand the pros and cons of each financial decision and how it may affect them today and in the future.

Make your child an authorized user

If your student wants to build credit, make them an authorized user on your credit card . If you pay your bill on time and use your credit responsibly, your child will get ‘credit’ for the good use of your credit card too.

Be an accountability partner

Just like losing weight is hard to do alone, so is setting and achieving financial goals. Be your child’s accountability partner or sounding board. Don’t lecture when they make a decision you wouldn’t have made or make mistakes. Instead, be supportive and help your child figure out how to pick up the pieces. 

Final Thougts on Financial Goals for Students

Use the financial goals examples for students provided here to help your student get off on the right foot. You may not be able to hold their hand in every little thing your child does, but you can help them launch into adulthood armed with financial knowledge to make great choices.

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101 Short-term Goals for Students

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Short-term goals can be defined as objectives that one aims to accomplish within a relatively brief timeframe, typically ranging from several days to a few months (Nordengren, 2019).

Everyone, and especially students, need these goals, for two reasons:

• They can offer an immediate motivational surge, and 
• They are a stepping stone to longer-term, larger successes (which should be your long-term educational goals ).

Furthermore, these goals aid in time management, organization, and prioritization of tasks (Moeller, Theiler, & Wu, 2012).

When a larger goal seems daunting and overwhelming, splitting it into manageable short-term goals can provide a clearer path forward (A simple example for students: breaking down a semester-long project into weekly tasks).

So, you may even find that you are less likely to procrastinate or feel overwhelmed, ultimately leading to increased productivity and higher chances of success.

Let’s take a look at some short-term goals that you might consider for your current course of study.

Short-Term Goals for Students

Short-term goals for college and university.

1. Learn New Study Skills: Something just about any student can do is to set a goal to learn new methods of studying, and to adopt new and more efficient study routines. This goal can help you to achieve continuous self-evaluation and self-improvement (Nordengren, 2021). An updated study approach can lead to better understanding and retention of information, and can really revolutionize your approach to school or university.

2. Improve Class Attendance: Many university students see their attendance fade over time. So, this goal can help you to revamp your efforts to attend class and, therefore, take in more information and tops from your teacher (who often, during class, drops gems that’ll help you in exams). Regular class attendance can improve comprehension, as teaching insights often build upon textual information you find on lecture slides and handouts. Consistent attendance also reduces the stress of studying alone (Asafova & Vashetina, 2022).

3. Learn to Read and Comprehend Research Papers: For college students, understanding academic papers can enhance their insight into a subject beyond regular textbooks (Wilson & Dobson, 2008). By doing so, a student is setting a path towards advanced learning and critical evaluation of research, a handy skill in many professions. And good news – I have a guide here on how to get started reading academic paper .

4. Actively Participate in Group Work: This goal involves taking an active role in group assignments and projects, and is a good one if you’ve in the past taken a back seat during group projects and not been a team player . Active participation ensures that learning from peers enhances personal understanding. It also enables students to develop valuable teamwork skills (Nordengren, 2019).

5. Begin a Revision Schedule before Exams: If you’ve got exams coming up (even in 2 months time!), it’s time to start a revision schedule – this is your short-term goal to get through the current set of exams. Early revision promotes better retention of information (Friedman & Mandel, 2009). A student will have ample time for profound understanding and, consequently, improved performance.

6. Set a Target Grade for an Upcoming Test: Select a specific test that’s coming up, and set a goal of a grade that’s one notch above the last grade you got. This can be a stepping stone toward a long-term goal of yours, such as increasing your GPA to a certain point by the end of next year.

7. Attend Open Office Hours: This goal involves making regular efforts to interact with teachers outside class hours. In my opinion, this is the number 1 way you can ensure you get better grades. Take your drafts to open office hours and ask questions – it’s the best way to know what your teacher wants of the finished product!

8. Actually Use Feedback as Feedforward: Students tend to get feedback off their teacher, read it, get a bit grumpy, then forget about the feedback. One short-term goal you could set is to find ways to use that feedback to improve for next time. I recommend sitting down and writing-down 3 key takeaways, then as you study for your next exam, implement these takeaways to try to improve your grades.

9. Develop Effective Note-taking Skills: You could aim to improve the efficiency and usefulness of your note-taking. Excellent note-making is beneficial for reinforcing learned material. It aids recall and understanding, especially during revision. I personally use the Zettelkasten method , which uses cognitive science to perfect your study technique.

10. Develop a Habit of Reflection: This goal is reflected in the habit of daily or weekly reflection on what has been learned. Reflective practices often yield a deeper understanding of the learning material (Krumrei-Mancuso et al., 2013). They also assist students in recognizing areas they may need to revise or learn further.

11. Finish Assignments in Advance: The best way to decrease stress is to target completing assignments well before their due date. This helps to avoid last-minute rushes, decreases stress (Nordengren, 2021), and means you never have to skip a social outing again! This also contributes positively to time management skills.

12. Regular Physical Exercise: While this might not appear directly related to studying, it certainly affects your studying, mood, and grades. I recommend setting a short-term goal for regular physical activity, such as going for a 15 minute run each day for the next 5 days. This might even turn into a long-term habit. Physical fitness can boost brain function and concentration. It can directly impact academic performance positively (Hidayat et al., 2022).

13. Efficient Time Management: The goal involves setting up a planned schedule, accounting for studies, rest, and other activities (Friedman & Mandel, 2009). Effective time management can reduce stress and improve productivity. Balancing different aspects of life often contributes to better academic performance.

14. Improvement of Writing Skills: Students may aim to improve their writing abilities for more effective communication (Marzano, 2010). Strong written communication can improve the quality of assignments and exam answers. It also plays a significant role in future career opportunities.

Select More Goals for Improving your Communication Skills from This List

15. Enhance Public Speaking/ Presentation Skills: This goal focuses on improving students’ abilities to effectively communicate their ideas verbally (Wilson & Dobson, 2008). Enhanced public speaking skills can boost a student’s confidence and is a key skill needed in many professional settings. Practice and feedback can help in making notable improvements.

Read Also: The Qualities of a Good College Student

Short-Term Goals for High School Students

1. Improve Your Grade in the next Exam (set a target grade): You could aim to enhance your grades in a particular subject that poses challenges. This goal could encourage you to find new strategies for studying and comprehension, improving your overall academic performance (Friedman & Mandel, 2009). As a result, you may feel more academically confident and open more opportunities for your further education.

2. Engage Actively in Class: Consider setting a goal to boost your participation during class time. Making this effort could lead to a deeper understanding of lessons and improved confidence in sharing your insights (Asafova & Vashetina, 2022). Moreover, teachers appreciate active participation, reflecting positively on your overall performance and relationship.

3. Develop Superior Note-taking Skills: You could strive to enhance your note-taking methods. By pursuing this goal, not only could you boost your ability to capture vital information efficiently but also render your revision sessions more productive (Nordengren, 2021). Remember, effective studying starts with well-organized, informative notes.

4. Adopt a New Extracurricular Activity: You might consider joining one or more extracurricular activities or clubs. Participating could help develop diverse skills, make new friends, and push you beyond your academic comfort zone (Marzano, 2010). It also provides you a broader perspective and richer high school experience.

5. Volunteer Your Time: Engage in community service or pursue volunteer opportunities around your area. Volunteering nurtures a sense of accountability and empathy and can enrich your high school experiences (Shi, 2018). Such experiences are also a valuable addition to your college applications.

6. Enhance Time Management: Consider setting a goal to manage your time more effectively. Better time management could balance your academic, personal, and extracurricular commitments (Friedman & Mandel, 2009). A well-organized schedule can help reduce stress and carve out time for your relaxation and hobbies.

7. Create a Study Group: You might initiate a study group with your classmates. Collaborative learning and exchange of ideas can enrich your understanding and make studying more enjoyable (Nordengren, 2021). Sharing and learning from each other could yield productive study sessions and better outcomes for everyone involved.

8. Read a Non-curriculum Book Each Month: Perhaps, you could aim to read a non-curriculum book every month. Reading widely can broaden your knowledge, enhance your vocabulary, and further develop your reading skills (Marzano, 2010). This practice could also cultivate intellectual curiosity, an invaluable trait for lifelong learning .

9. Improve Writing Skills : You may want to aim at enhancing your writing abilities. Effective writing skills can significantly elevate the quality of your assignments and help you in expressing your ideas clearly (Gurley et al., 2015). Besides, honing your writing skills now will help in college and your future career.

10. Reduce Procrastination: Consider setting a goal to delay tasks less. Procrastination can often lead to last-minute stress and hurried, subpar work (Nordengren, 2019). By consciously working to reduce procrastination, you can manage your tasks more effectively and produce higher-quality work. I recommend the pomodoro technique.

Complete List of Short-Term Goals

• Learn New Study Skills
• Improve Class Attendance
• Learn to Read and Comprehend Research Papers
• Actively Participate in Group Work
• Begin a Revision Schedule before Exams
• Set a Target Grade for an Upcoming Test
• Attend Open Office Hours
• Actually Use Feedback as Feedforward
• Develop Effective Note-taking Skills
• Develop a Habit of Reflection
• Finish Assignments in Advance
• Regular Physical Exercise
• Efficient Time Management
• Improvement of Writing Skills
• Enhance Public Speaking/ Presentation Skills
• Master a New Language
• Develop and Maintain a Study Schedule
• Improve Academic Grades
• Start a Lecture Review Routine
• Participate in Community Service
• Aim for Perfect Attendance
• Develop Leadership Skills
• Achieve a Reading Score Threshold
• Apply for Scholarships
• Acquire a New Skill
• Regularly Visit the School’s Writing Center
• Develop Creative Thinking Skills
• Learn Basic Computer Programs
• Master the Art of Essay Writing
• Develop Networking Skills
• Volunteer for School Events
• Manage Stress Effectively
• Develop a Morning Routine
• Improve Physical Health
• Enroll in an Extra Curricular Activity
• Be Active in Class
• Improve Time Management
• Enhance Problem-Solving Skills
• Incorporate Healthy Eating Habits
• Learn Conflict Resolution Skills
• Improve Typing Speed
• Develop a Consistent Sleep Schedule
• Complete Course Reading Lists
• Improve Memory Retention Skills
• Develop Critical Reading Skills
• Learn How to Meditate to Relieve Stress
• Regularly Visit the Careers Office
• Gain Understanding in a Complex Theory
• Improve Interpersonal Skills
• Maintain a Positive Attitude
• Get an Internship (and set yourself some internship goals )
• Learn to Play a Musical Instrument
• Improve multitasking abilities
• Join a Study Group
• Develop Self-Discipline
• Learn to Code
• Develop Emotional Intelligence
• Save a Specific Amount of Money
• Develop Public Speaking Skills
• Pass Certification Exams
• Prepare for Graduate School Admissions
• Improve Study-Life Balance
• Become a Class Representative
• Pass a Difficult Course
• Start a Business
• Achieve a Performance Goal in Sports
• Organize a Study Group
• Learn Effective Revision Strategies
• Perform Better in Group Projects
• Attend All Tutoring Sessions
• Maintain a Planner
• Eliminate a Bad Habit
• Learn Advanced Writing Techniques
• Improve Listening Skills
• Develop a Study Plan
• Accomplish a Fitness Goal
• Get a Part-Time Job
• Develop an Effective Note-Taking System
• Stay Within a Weekly Budget
• Improve GPA
• Cultivate Research Skills
• Enhance Resume
• Read a Difficult Book
• Practice Regular Self-Care
• Appreciate and Recognize Personal Growth
• Learn and Apply a Problem Solving Algorithm
• Improve Test-Taking Strategies
• Reduce Procrastination
• Help a Classmate with Studies
• Improve Presentation Skills
• Set Up Regular Meetings with an Advisor
• Learn to Ask for Help
• Learn and Practice Mindfulness
• Develop a Career Path
• Attend Skill-Enhancing Workshops
• Improve Visibility on Social Media
• Improve Self-esteem
• Learn How to Relax More
• Develop Negotiating Skills
• Learn How to Use a New Software Program
• Create and Maintain a Professional Network

Improve your Short-Term Goals with the SMART Framework

I intentionally left the above list of short-term goals vague, because you need to build on them and make them specific to your circumstances by using the SMART framework .

The SMART framework turns vague goals into clear, coherent, time-bound, actionable goals. Here is what it stands for:

• Specific: A specific goal clearly describes what you want to achieve, detailing exactly where you want to end up. 
• Measurable: A measurable goal means you have a way to gauge your progress and know definitively when the goal has been reached.
• Achievable: An achievable goal is realistic and attainable, meaning it’s within your capabilities and resources.
• Relevant: A relevant goal aligns with your broader objectives and ambitions, connecting directly to what you want to accomplish in the long term.
• Time-bound: A time-bound goal has a defined timeline, which sets a concrete end-point to aim for and prevents the task from continuing indefinitely.

Examples of SMART Short-Term Goals

Here are a few of the above listed goals, turned into SMART goals , to give you an exemplar to follow:

• Learn New Study Skills: Commit to learning one new study skill every week for the next two months, starting from next Monday, using resources from the school library and educational websites.
• Set a Target Grade for an Upcoming Test: Aim for a minimum score of 85% on your science test that is eight weeks away, by reviewing class notes, completing all revision exercises, and studying for at least one hour daily.
• Attend Open Office Hours: Schedule to attend your math teacher’s open office hours for 30 minutes every week for the rest of the semester, to discuss any learning difficulties and clarify questions.
• Develop a Habit of Reflection: Start a learning journal where you’ll write a reflective entry about what you’ve learned and its implications, three times a week for this entire school year .
• Finish Assignments in Advance: Aim to complete all assignments two days before their due date, for the remaining of the term, to allow time for proofreading and revisions.

Furthermore, research suggests that setting and achieving short-term goals can have a positive impact on students’ motivation and learning outcomes (Krumrei-Mancuso, Newton, Kim, & Wilcox, 2013). Meeting incremental goals can generate a rewarding sense of fulfillment and progress, fostering intrinsic motivation and perseverance. Past studies have also indicated that incorporating goal-setting practices into teaching can improve students’ metacognitive skills (Marzano, 2010). This empowers students to become more effective learners by enabling them to set realistic expectations, monitor their performance, and adjust their strategies as necessary. To illustrate, a student aiming to improve their essay writing skills would benefit from setting short-term goals like attending writing workshops (real-world example), practicing specific techniques, or completing a certain number of essays each month. 

Asafova, E., & Vashetina, O. (2022). Goal-setting as a condition for professional self-development of Master’s students in Teacher Training Programme . ARPHA Proceedings, 5, 97-107.

Friedman, B. A., & Mandel, R. G. (2009). The prediction of college student academic performance and retention: Application of expectancy and goal setting theories . Journal of college student retention: Research, theory & practice, 11(2), 227-246.

Gurley, D. K., Peters, G. B., Collins, L., & Fifolt, M. (2015). Mission, vision, values, and goals: An exploration of key organizational statements and daily practice in schools . Journal of Educational Change, 16, 217-242.

Hidayat, R., Moosavi, Z., & Hadisaputra, P. (2022). Achievement Goals, Well-Being and Lifelong Learning: A Mediational Analysis . International Journal of Instruction, 15(1), 89-112.

Krumrei-Mancuso, E. J., Newton, F. B., Kim, E., & Wilcox, D. (2013). Psychosocial factors predicting first-year college student success . Journal of College Student Development, 54(3), 247-266.

Marzano, R. J. (2010). Designing & teaching learning goals & objectives . Solution Tree Press.

Moeller, A. J., Theiler, J. M., & Wu, C. (2012). Goal setting and student achievement: A longitudinal study . The Modern Language Journal, 96(2), 153-169.

Nordengren, C. (2019). Goal-setting practices that support a learning culture . Phi Delta Kappan, 101(1), 18-23.

Nordengren, C. (2021). Step Into Student Goal Setting: A Path to Growth, Motivation, and Agency . Corwin Press.

Shi, Z. Q. (2018). Why Is It Important for Students and Teachers to Share Goals? (Doctoral dissertation, Columbia University).

Wilson, S. B., & Dobson, M. S. (2008). Goal setting: How to create an action plan and achieve your goals . AMACOM Div American Mgmt Assn.

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2 thoughts on “101 Short-term Goals for Students”

Hi Dear, I read your article. It’s very helpful for me. Specially I like your SMART concept. Thank you and best wishes to your upcoming article. Hope it would be impressive and improving for me. Thanks again !

Hey there, I really enjoyed article especially the short term goals for a university student.

Thanks in advance

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July 2, 2018

Know Your Career Goals for Your Masters in Finance Application

Whether you’re applying to an early career Masters in Finance program (MFin or MSF) or one for experienced finance professionals, you’ll be writing a goals essay. It may be 100 words or 750, or anything in between – but I haven’t yet seen a Masters in Finance application that doesn’t ask for goals.

Make your goals appropriate for the program

Most MFin programs target very specific professional experience levels, e.g. 0-2 years, 2-3 years, 3+ years. And, obviously, career goals (at least the short-term ones) will be different for each of these groups. This experience level is key because the adcoms want to admit people who will get hired , and their recruiters target the same age/experience level they do – it’s symbiotic.

Two points on understanding what MFin programs are looking for:

• Most MFin programs targeting 0-2 years of experience are seeking upcoming or recent college grads. If you’re transitioning into finance from another career at, say, age 30, you may have 0 years of finance experience, but most early-career MFin programs are not interested in you. They know their recruiters are looking for the youngsters.

• Know the type of finance company you want to work for and make sure your target programs attract recruiters from such companies. Finance career tracks in corporate finance, retail banks, investment banks, asset managers, and hedge funds differ. Your goals essay should demonstrate knowledge of your area of interest within finance, and of the program’s related career services.

Information to include in your Masters in Finance goals essay or statement

“Financial analyst in a major company” is not good enough. Specificity is essential for 2 main reasons:

1. Credibility: Specificity shows you are serious and have taken the time to plan and prepare for your future career.

2. Differentiation: Many MFin applicants have similar goals, but your motivations, your experience, and your perspective all are uniquely yours.

So, which details should you include?

• For short-term goals , include: Desired sector within finance, type of company (mentioning 1-2 examples is fine), ideal position, expected scope of responsibilities, why this position appeals to you, and what you hope to achieve in it. Geography may also be relevant.

• For long-term goals , include: Your target position or level of responsibility (e.g. you hope to become a CFO but it’s that scope of accountability that’s important, as companies don’t always adhere to the same titlest/structure) and desired impact (think legacy). This is obviously and appropriately less detailed than your short-term goals – it should indicate a clear and logical direction rather than a detailed plan.

Balancing short-term and long-term goals in the goals essay question

To get this balance right, be guided by the actual essay questions . For example:

• If a question asks for short-term goals, don’t write most of the essay about your long-term dream (I’ve seen this).

• If it asks about goals without specifying short- or long-term, you must decide how much to allocate to short-term and long-term. My advice is to allocate more space to and be more detailed in short-term goals. And then sketch a longer-term career vision.

When to present a “Plan B” goal in your Masters in Finance application

You don’t have a crystal ball, and the adcoms know that. You don’t have set goals in stone, and if you have a backup plan, or a Plan B, that’s okay. Consider the following:

• For the short-term goal: It makes sense to have a Plan B when you are new to finance and/or know your ideal short-term goal might be hard to achieve. Briefly sketch a viable Plan B that will also take you to your long-term goal.

• For the long-term goal: It’s perfectly reasonable to envision two possible future paths once you’ve gotten traction in your finance career – e.g., considering both advancing in a company and starting a venture. In such a case, focus on one (of greater interest now) and cite the second as an attractive second option.

Both these Plan B scenarios show you to be thoughtful, in tune with uncertain reality, and resourceful.

Goals issues for early-career (0-2 years) Masters in Finance applicants

You likely have interned in some finance environment(s), but your professional experience – where you are accountable for significant outcomes – is limited. Your key challenges are:

• Understanding the substance of your target post-graduation role(s): For example, how can you show you’re making an informed decision if you haven’t had firsthand exposure to these roles?

SOLUTION: Research, including ideally informational interviews, to get the nitty-gritty, and include the resulting insight in your essay.

• Just getting a good first job seems daunting: Articulating a long-term plan feels absurd at this early point!

SOLUTION: Have some fun mentally sketching out a career path that you like and present it in that tentative light. E.g., “At this point, I’m excited to consider eventually doing X or Y…” You don’t have to say that you’ve got this all worked out.

Goals issues for experienced applicants

You have other challenges:

• Incorporating your experience into your goals: It’s not always intuitive or easy, especially if your experience and goals diverge (maybe you’re in sell side and want to shift to buy side).

SOLUTION: Identify and portray relevant skills, industry perspectives, and types of knowledge you’ve gained that will benefit you in your future role.

• Matching your target short-term position to the level recruited for: Out of early-career territory, there is more variability in recruiting practices.

SOLUTION: Research the program’s career services and recruitment stats. If you don’t see the stats on the program’s website, contact career services or admissions and ask what types of positions their recruiters typically look to fill.

Upcoming posts will dig into other aspects of applying to Masters in Finance programs . Contact me to learn more about how Accepted’s one-on-one admissions advising can help you achieve your educational and career goals.

Related Resources:

• From Example to Exemplary , a guide to writing outstanding application essays •  16 Grad School Application Mistakes You Don’t Want to Make , a podcast episode •  How Your Undergrad GPA & Test Scores Affect Your Masters in Finance Application

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Essay Example on Financial Goals

Financial goals are targets set by individuals and driven by specific future needs. These monetary objectives of a person or organization are illustrated by a future requirement for finances. Financial goals include short-term, long-term, and intermediate-term goals. Financial goals always guide people spending because at the end a person has a goal he /she want to achieve.

Short term goals

A short-term goal is one that takes a short period to achieve; it is usually one to two years plan. Short term goals can include purchasing household furnitures, house improvement items and paying car down payment among others. At this stage, the amount required is not high and can range 300 dollars monthly. Also, it is vital to cut back spending so that to achieve goals within a short period. However, if a person realizes that his financial earning is low one can increase working hours, and this will automatically raise his incomes.

Intermediate-term goals

This goal takes slightly longer period five years compared to short-term goal. The intermediate target is centered on a large purchase which may include student loan and car loan among others. Unlike short-term plan intermediate plan are large enough and cannot be dealt with using consumer credit. However, common goal influences major life choices. To this effect, such goals require careful planning because when left unattended they can fall apart and an individual can suffer ensnare debt.

Intermediate requires high estimate funds between 500dollars a month. This is due to high cost involved in purchasing items. It is important to cut back some of the unwarranted spending, reducing spending on more luxury items. By doing so, a person will increase his incomes that will support his target. Changing spending habit will impact more money to invest, and eventually, make a huge difference toward goals.

Long-term goals

Long-term goals entail thing you want to accomplish in future. The long-term goal is vital in achieving the successful career. This goal requires an extended period more than five years. A good example of long-term goals includes saving money to buy the house and saving for your children education (Schunk).When setting these goals, it is advisable to sick advice from financial advisors. To accomplish this, you need a large amount of savings ranging from 7000 dollars monthly. Cutting back expenses at this level is just because most people who are involved at this stage are adults who have other responsibilities. Also, it is important to have more than one income generating business so that to raise the required amount every month.

Prioritizing the goals and benefits of each goal

The primary goal is the long-term goal because it determines the successful career. Those people who have saving habits are proven to be successful. Having long-term goals reminds people why they are working. Also, these goals influence decision-making and assist a person to make that decision that will benefit them positively.

Intermediate goals are important because of the determine how well a person can set his goals if you fail to achieve a goal at this level it will be difficult to achieve long-term goals.

Short term goal act as the backbone to the entire goal setting stage at this if you produce excellent results in level it will be simple for a person to achieve in the final stage. This is critical juncture because it prepares individuals to be responsible in near future,

Schunk, Dale H. Self-regulation through goal setting. ERIC Clearinghouse on Counseling and Student Service, University of North Carolina at Greensboro, 2001.

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