Short & Long-Term Budget Planning
To become a well-prepared budget planner and to take control of your financial planning opportunities, you must be able to set up a realistic budget. Public Service Credit Union is here to help you figure out the best budget that allows you and your family to live comfortably and happily. To become a knowledgeable budget planner, read our guide about short-term and long-term goals.
Six Steps to Set Financial Goals
Being a budget planner for your own life is easier when follow these six simple steps to setting your financial goals. Below are the six steps that will help you achieve your ultimate financial goals. Below are the six steps:
1. Decide what matters the most to you, whether it’s practical or fun expenses.
2. Figure out what you can pay off in a short amount of time versus a long period of time.
3. Apply the SMART (specific, measurable, achievable, relevant, and timely) strategy to financial planning.
4. Create a realistic budget where you include all of your expenses and income.
5. Move any leftover money into an account that you’d use to pay off priority expenses first.
6. Keep track of progress!
Short-term goals can be classified as goals that can be completed within a one-month to one-year span. Short-term goals can be used to create emergency-saving funds, home improvements, holiday shopping in Redford, eliminate credit-card debt, and much more. Keep in mind that short-term goals should occur in a very limited timespan. Since you’re preparing to be a budget planner to better yourself, having short-term goals is extremely important!
Long-term goals can range from three years or five years to up to thirty years. Often times, long-term goals will include investing and saving for retirement, paying off mortgages, and working to eventually be debt free. With long-term goals, you can save for mini weekend getaways in Detroit or set up your child’s college fund.
Set Up Your Financial Planning Goals Today!
When you’re ready, you can use this guide to become the ultimate budget planner and to set up your future! Whenever you’re ready, feel free to contact us at Public Service Credit Union or travel in from Romulus to see us. Whether you need help budgeting or are interested in setting up a meeting for financial consulting, we’re here to help.