Why should I set financial goals?

Picture the life you want to live 5, 10, or even 30 years from now. Imagine a future free from today's financial burdens.

What does it look like? Are you debt free? Going on a dream vacation? Paying for your child's college tuition?

Write down your goals and be specific about your vision for the future. It's easier to commit to goals that are meaningful to you, your family, and the life you want to build. You'll find that you can achieve them more quickly when they feel truly personal.

For example, if you dream of being a homeowner, use the SMART framework to start making that dream a reality.

• Specific: I want to buy a $200,000 house and need a 20% down payment.
  
  
• Measurable: My goal is to have $40,000 in 5 years.
  
  
• Achievable: I can afford to put away $667 a month.
  
  
• Relevant: Purchasing a home will make a big difference for my family, and I know I'll stay motivated to achieve this goal.
  
  
• Time-bound: I'll need to save $667 each month for the next 5 years to have my $40,000 down payment.

Breaking down your most expensive goals into smaller numbers makes them less intimidating.

To reach your goals faster, track your spending. Seeing where your money is going each month will help you find small changes that you can make to help you meet your savings goals.

You might be surprised at the small things you can cut out to free up some cash. Find what works best for you. Every little bit helps.

Making room in your budget to save toward your goals can be challenging. We can help you push some common obstacles out of your way.

With our help, you can:

• Take control of your finances, like paying down your debt and managing your student loans.
  
  
• Be ready for the unexpected, by building up your emergency savings and staying covered with insurance.
  
  
• Make progress toward your goals, like buying a house, saving for retirement, and boosting your savings.
  
  
• Keep your financial goals within reach—no matter what life throws your way.

Your goals can change. Your financial environment can change too. Make sure you revisit your goals periodically to double check that they are still relevant. We recommend reviewing them at least once each year to track your progress.

And take time to celebrate as you check each goal off your list. Seeing how far you've come—and how much you've accomplished—is one sure way to stay motivated and on track toward achieving financial wellness.