Resolution #2: Set Financial Goals

By Lauren Sharkey

People tend to have misconceptions when it comes to financial goals.  Setting a financial goal doesn’t necessarily have to be putting $1,000 in a savings account or opening an IRA.  A financial goal can be something as simple as going out to dinner on Friday night.

Interested in studying abroad this summer?  Looking forward to going somewhere warm for Spring Break?  Can’t wait to get an apartment?  Those are all types of financial goals and if one, or all, of these things are on your mind, one thing is for sure – you’re going to need some green!

Setting financial goals is just as important as reaching them – you can’t know how to get somewhere if you don’t know where you’re going!  In addition, by knowing what you want to do with your money, you can determine how much money you’re going to need to do it.  Here are some of The Savvy Student’s financial goals for 2014:

  1. Establish an emergency fund
  2. Getting out (and staying out) of debt
  3. Preparing to rent an apartment by saving 3 months’ rent
  4. Go to Florida for Spring Break
  5. Buy an iPad

Another part of setting goals is identifying which goals have higher priority than others.  For example, even though I have been wanting an iPad, getting out of debt is more important.  And while getting out of debt is important, I have also committed to going to Florida for Spring Break with a bunch of friends – which is time-sensitive.  Luckily, I can work towards both these goals at the same time.  In fact, we could merge establishing an emergency fund and preparing to rent an apartment by saving 3 months rent under the umbrella of SAVING.

So, let’s take a look at the revised list:

  1. Saving
  2. Finance trip to Florida for Spring Break
  3. Buy an iPad

Now,  it’s just a matter of making it all happen.  Click here to find out how!

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