Welcome to Mommysavers Forums.
Go Back  

Money Matters Personal finance, managing debt, saving and investing

Register FAQ Members List Calendar Search Today's Posts Mark Forums Read Gallery iTrader

Reply
 
Thread Tools Display Modes

Old 04-16-2007, 06:50 AM   #1
Thumbs up Setting Financial Goals
KathrynHannah
Simple Living & Money Mod
 
KathrynHannah's Avatar
 
Join Date: Dec 2006
Location: The Great White North
Posts: 5,214
iTrader: (3)
I have often said that Money Management is much like eating well. It's all about the math. Calories in & calories out. Money in & money out. Then I got to thinking that like dieting, it works way better if we have a goal.

Do you have a financial goal? (Don't feel you have to share it here.)

We're all here trying to save money for different reasons. Some want to get out of debt. Some want to save more. And some just want to learn to live well on less.

If you've never written out a financial goal, it might be something you want to consider. One of the tricks to writing an effective goal is to write it in positive language without negatives. Example. Instead of staying. I want to stop spending so much, you can say, I desire to spend wisely and save for ....

Another way of writing a financial goal is to write it as if you could see yourself in the future. Example. I see myself on a small farm. I am growing my own vegetables and there are solar panels and a windmill to create sustainable energy, I have save enough for the kids to go to good colleges, and my retirement funds are secure.....

Have you written your financial goal? (Don't feel you need to share it here but if you feel comfortable, it might inspire others with theirs.)
__________________
KathrynHannah is offline   Reply With Quote
Old 04-16-2007, 07:03 AM   #2
Default
newlywed0610
Mommysavers Goddess
 
newlywed0610's Avatar
 
Last Online: 10-07-2007 06:23 PM
Join Date: Oct 2006
Location: Missouri
Posts: 4,014
iTrader: (0)
Yes, we have a financial goal. We are working our tails off to become debt free. We complete financial forms every week, and monitor how we are progressing toward that goal. Each debt becomes a mini goal. We will celebrate each time we pay off one of our debts. We have a paper on the fridge that says, "Debt Free: May 2010". We know that we will be crossing that date off as the date changes. We know what we are going to do when the goal is met, which I think is very important. We are taking a second honeymoon to DisneyWorld. We went there for our first honeymoon - the next trip will be the honeymoon for our debt-free marriage!
__________________
If you need to get in touch with me, my email is teach1107910@yahoo.com.
newlywed0610 is offline   Reply With Quote
Old 04-16-2007, 07:42 AM   #3
Default
Kim
Ms. Mommysavers
 
Kim's Avatar
 
Last Online: Today 10:34 AM
Join Date: Jul 2006
Location: Southern Minnesota
Real Name: Kim
Posts: 10,357
iTrader: (4)
We have several.

You have to first define your goals then focus on them to make them happen.

I think it is important to have different types of financial goals: short-term, mid-term, and long-term. A short term goal may be to save enought to take a family vacation this summer and not have to pay for it on credit. Mid-term may be to move to a different home. Long-range goals could be funding your kids' education or how you want your retirement to look like.

Goals can also motivate you to stop spending on things you don't really need. When you're focused on the big picture and the goals you have, the little things that normally make you waste your money seem less important.
__________________
Read my recent blog: My Frugal Mistake
Check out the Mommysavers Group on Facebook

Download my free eBook full of savings ideas for the holidays Click Here
Kim is online now   Reply With Quote
Old 04-16-2007, 09:35 AM   #4
Default
mommy2mercedes
Trudy the Foodie Mod
 
mommy2mercedes's Avatar
 
Last Online: Yesterday 07:55 PM
Join Date: Feb 2007
Location: The Buckeye State
Real Name: Trudy
Posts: 7,793
iTrader: (2)
we have our set of goals also.......short term is paying off a furniture bill from when we bought our new dining room table set and 2 bar stools.......mid term is getting a little bit put back for for downpayment on a new used car....and long term is getting some money into our money market accounts build up.
__________________
mommy2mercedes is offline   Reply With Quote
Old 04-16-2007, 10:49 PM   #5
Default
aleise02
Senior Mommysavers Member
 
aleise02's Avatar
 
Last Online: 11-19-2008 12:19 AM
Join Date: Jan 2007
Location: Western Pa
Posts: 446
iTrader: (0)
I agree that you have goals....... short, medium, and long term.
For us,
Short term: Save,Save,Save as much as we can so that we can take our last vacation before children.
Medium term: Save for a new house
Long term: is to far away to have a goal
__________________



MOMMY 4 MCCAIN
aleise02 is offline   Reply With Quote
Old 04-17-2007, 12:35 AM   #6
Default
Mama2mygirls
Mommysavers Diva
 
Mama2mygirls's Avatar
 
Join Date: Feb 2007
Location: California
Posts: 634
iTrader: (0)
We have our goals, too. Before we actually sat down and talked about our goals, we were floundering.

Short term: Get dh's car paid off by June
Mid-Term: Get a good down-payment for a house saved up by June '09
Long-Term: Retirement and kid's education

We are working on all of them right now.
__________________
~Vicki~
Mama to Hailey, 4 and Ella, 2


Mama2mygirls is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Members
 

Sponsors

 


Advertisement

All times are GMT -5. The time now is 10:35 AM.


Powered by vBulletin® Version 3.6.7
Copyright ©2000 - 2008, Jelsoft Enterprises Ltd.
SEO by vBSEO 3.0.0