IT CAN BE ANY AMOUNT

Once you have evaluated your current financial situation, you are ready to move forward in the financial planning process. The second step is developing your financial goals. Setting goals will give you a direction for your plan and a destination toward which you want to head.

When creating financial goals, you will want to consider obvious objectives, such as monthly savings or retirement investments. As you develop your financial goals, keep in mind that your goals should be SMART: specific, measurable, attainable, realistic, and time-based.

You should also develop short-term, intermediate, and long-term goals. For instance, a short-term goal of saving $200 a month may help you accumulate funds for the down payment on a home. An intermediate goal of paying off auto loan debt a year ahead of schedule may help you free-up monthly income that could instead be used towards a mortgage payment.

Using the worksheet on the following page, record those goals (at least 2 for each length of time) for incorporation into your personal financial plan. Be sure to prioritize your financial goals in order of their importance to assist you later in the planning process.

Once you have set your goals, refer to your target date and the duration of your goals costs to determine a monthly cost that will be associated with working toward your goal.

Intermediate Goals (1-5 years)
Priority	Goal	Total Cost	Duration	Monthly Cost	Target Date

Long-Term Goals (More than 5 years)
Priority	Goal	Total Cost	Duration	Monthly Cost	Target Date