|
|
Goal Setting
Home » College Life » College Budgeting » Goal SettingThe first step in creating a budget is to set-up goals for where you would like to be financially, both in the short term and the long term. Having a personal budget pushes you to think about your goals and have a financial lifestyle that allows you to reach them.
• Short-term: A short-term financial goal is one that can be achieved in a year or less. Examples of this type of goal are saving for next semester’s tuition, saving for a car down payment, saving for spring break, etc. These goals can be reached by setting aside money each month, cutting down on other expenses, or investing in short-term financial tools such as CDs or interest paying accounts.
• Long-term: Long-term financial goals are those that can be achieved in a year or more. Examples of long-term goals are buying a house, planning for graduate school, and paying off student loans if you have any. Long-term goals can be reached by saving and investing on a regular basis.
Related College Budgeting Articles