Create Your Financial Goals

Once you create a budget and have a clear understanding of your personal finances, it’s a good time to create your financial goals. You may already have one or more goals in mind, such as saving for a down-payment on a house or paying on outstanding loan or credit card balances.

Steps to Help you Set Effective Financial Goals

Before creating your goals, think about your values and priorities. Decide what matters most to you in life. For example, you may value travel, healthy eating, or your children's education. The most effective goals are tied to your values and they become your "why".

  1. Make Your Goals Clear and Specific: For example, instead of saying "I will save money," specify "I will save $50 of each paycheck for my emergency fund."
  2. Set Measurable & Achievable Goals: Ensure you can track your progress and create milestones you can celebrate. Create clear goals that are easily measured. 
    Additionally, goals are best if they are achievable so be mindful of your budget and how much you can afford to set aside toward your goals. Making a little progress each month toward your goals will add up.
  3. Add a Deadline: Give yourself a deadline to help you stay focused. For example, "I will save $500 by January 1st by saving $50 per paycheck".
  4. Break Big Goals into Smaller Steps: Large goals can feel overwhelming. Divide them into smaller tasks. For example, "save $10 a month".
  5. Create an Action Plan: Write down the steps you'll take, what support or resources you need, and how you'll handle obstacles.
  6. Celebrate Your Wins: Reward yourself when you reach milestones to stay motivated.
  7. Stay Flexible: Life changes - be ready to adjust your goals when needed.

Best Practice

Creating goals is a great way to give direction and purpose to your actions.



Best Practice

Write down your goals where they’ll be a source of reminder and inspiration to you.

When you add all the steps together, you'll have formulated a goal like this:

"My goal: To save $500 by January 1st by saving $50 per paycheck. I’ll complete this by setting up an automatic transfer into a separate savings account dedicated to a down payment.  This goal is important to me because it will help me buy a house next year!"

Action Steps You Can Take Today

  • Make a Goal Action Plan for each financial goal.
    • Create your goal following the steps above.
    • Write your start date and target completion date.
    • List all the steps needed to reach your goal.
    • Write down all possible obstacles.
    • Write down how you'll overcome those obstacles.
  • Use our guides to prepare for life events or big purchases.

Continue Your Financial Wellness Journey

Next Module: Build Your Emergency Savings

Previous Module: Manage Your Money

Overview: Your Financial Wellness Journey