Setting Savings Goals

When you think about your financial future, you probably have a few goals in mind — maybe a house, a car, vacation, retirement, or something else! People save money for many different reasons, and those will be different for everyone.

Long-term goals

Long term goals are those that take more than a few years to reach — they might take decades! Examples include saving for retirement, college expenses, or your dream home. Your time frame has a big impact on how you’ll need to save to reach your goal.

How long may long term goals take?

— they might take decades!

What are some examples of long term goals?

Examples include saving for retirement, college expenses, or your dream home.

What has a big impact on how you’ll need to save to reach your goal.

Your time frame has a big impact on how you’ll need to save to reach your goal.

Your time frame has a big impact on what?

how you’ll need to save to reach your goal.

When you set a goal, what should you want to give yourself?

Set Realistic Goals 

you want to give yourself a challenge. However, you also want to make sure your goal is realistic for your situation. Is it actually doable to save the money you need within your time frame? The first step to successful saving is to set a goal you’ll be able to reach!

What’s realistic for you will depend a lot on your budget. We’ll look at that next!

When you set a goal, you want to give yourself a challenge. However, what else should you want?

You also want to make sure your goal is realistic for your situation.

What question should you ask yourself if you want to make sure your goal is realistic?

Is it actually doable to save the money you need within your time frame?

The first step to successful saving is what?

to set a goal you’ll be able to reach!

What’s realistic for you will depend a lot on what?

your budget.

Short Term Goals

are those you can reach within a few years. 

People save money for-

many different reasons

People save money for many different reasons and what is important to note about those reasons?

those reasons will be different for everyone.

Your savings goals and plan will all depend on what?

your personal values and situation.

When you set a goal you”ll want to think about what two things?

The total amount you want to save. Your time frame or how long you have to save for it.

Depending on your goals, goals can be what?

Short term or long term.

Short term goals

are those you can plan to reach in the near future (usually within a few years).

Some examples of short term goals include-

saving for a vacation, a car, a phone, or furniture.