If you haven’t decided on a New Year’s resolution, we have some ideas for you! Whether you’re saving up for a big purchase or have a pile of debt to work on, make 2021 the year you focus on your funds. Below are some ideas of financial goals you can set.
Short-Term Goals
When you set a short-term goal, you normally aim to accomplish it within 1-12 months. The following examples are goals you should aim to attain by next New Year’s Eve:
- Build an emergency fund
- Save for next year’s Christmas gifts
- Create a new budget
- Pick three bills to cut down on (cable, cell phone, etc.)
- Open an IRA
Mid-Term Goals
Mid-term financial goals can range in the time period in which you accomplish them, but typically they take about five years to achieve.
- Save for a down payment
- Build on your emergency fund
- Pay off credit card debt
- Save up for a vacation
- Improving your credit score
- Increasing your income
Long-Term Goals
Setting a long-term goal usually means you plan on accomplishing it withing 5-10 years. How many years you decide to give yourself depends on how much debt you have, how many kids you plan on and other factors unique to your situation. However long it may take you, here are some examples of long-term financial goals:
- Save up for retirement
- Start your own business
- Pay off your student loan debt
- Save for your child’s college, wedding, etc.
- Becoming debt-free
- Pay off your mortgage
- Establish financial security
Now that you have some ideas, pick your favorite short-term, mid-term and long-term goals to accomplish and make it happen! After a long and unexpected 2020, let’s make 2021 the best financial year yet. Contact us to learn how we can help you take hold of your finances this year.
Peoples Bank & Trust Co.
Member FDIC
Equal Housing Lender