What are financial goals?
A financial goal is a plan you have for your money. It’s as simple as that. It could be a short-term plan, a long-term one, or both. Setting financial goals provides focus and accountability when it comes to your financial wants and needs.
Examples of financial goals:
- Saving for vacation
- Saving for a down payment for a home
- Saving for retirement
- Clearing debt
- Starting a business
Why are financial goals important?
For one thing, having financial goals changes your perspective of money. If you are saving, you will be more focused on your spending. You may consider canceling subscriptions, giving up expensive hobbies or habits, and turn to cheaper options for clothing, groceries, household items, etc. Thanks to thrifting, garage sales, Facebook Marketplace, or shopping for groceries in bulk, this is all possible.
As you set and work to reach financial goals, you will find it easier to set a budget and track spending.
With online baking, you can use:
- Bill Pay
- Person to person payments
- Enroll for e-statements
- Transfer between accounts and to external accounts
- Manage your debit card
- Create custom and security alerts
- View transaction reports by date, category, and amount
Available within online banking, My Money Manager is a financial tool with the following features:
- Set up a budget
- Create goals
- Track your spending
Now you know what financial goals are, why they matter, and the tools to set you up for success. Next, you need a plan.
- Write down your goals
- Be specific (not “I want to save more money,” instead “I want to pay off 10% of my debt this year.”)
- Your goals should be measurable and manageable. Break up your goals into weeks, months, and years, depending on your goal timeline.
- Give yourself deadlines for each of your goals. If your deadlines slip, don’t give yourself a hard time. Instead, reassess your goals and the timelines to make them more manageable.
- Make sure you’re serious about reaching your financial goals. Own them. It’s your life and your money.
Good luck! If you have any questions about opening an account at Warren-Boynton State Bank, call your local branch in New Berlin, Springfield, Modesto, or Palmyra.