It is necessary to take a look into the future and see where you want to be before you can get there. Families set their financial goals based on their values. One family's goal list will be different from another family. Here's are some examples of goals:

• own my own home
• pay off all debts
• college for my children
• take a family vacation

Credit Card Debt	$ Select One 0 1 - 2,499 2,500 - 4,999 5,000 - 7,499 7,500 - 9,999 10,000 - 12,499 12,500 - 14,999 15,000 - 19,999 20,000 - 29,999 30,000 - 39,999 40,000 - 49,999 50000+
Other Unsecured Debt	$ Select One 0 1 - 2,499 2,500 - 4,999 5,000 - 7,499 7,500 - 9,999 10,000 - 12,499 12,500 - 14,999 15,000 - 19,999 20,000 - 29,999 30,000 - 39,999 40,000 - 49,999 50000+
Number of Creditors	Select One 2 3 4+
Status of Bill Payments	Select One Up to Date About to Fall Behind 1 Month Behind 2 or More Months Behind
I want to	Select One Eliminate My Debt Consolidate My Debt Seek Advice
Own a Home?	Yes  No

Think About Your Goals

A listing of goals could go on and on. It just depends on your family's needs, wants and desires. Included with this lesson is a goal worksheet. It will help you plan your family goals. Now is the time to think about what you want. Take time to write down your goals so you can see what is really important to you and your family what you really do want for your future.

Financial goals are the specific things you want to do with your money within a certain period of time. They will give you a purpose for the way you will spendyour money today and tomorrow. You should plan for goals that are:

• Short Term Goals: Things that can be done soon. Perhaps in a week, or a few months, but no longer than a year. Ex: Buy new clothes, save for a vacation.
  
  
• Intermediate Term Goals: Things that can be accomplished in 1-5 years. Ex: Buy a new car, pay off debts.
  
  
• Long Term Goals: Things you would hope to achieve in 5-10 years. Ex: Buy a house, put children through college.

As you set your financial goals, remember these three basic ideas:

1. Set realistic goals. Ones that are set too high may frustrate you and cause you to abandon your plans. Maybe it is impossible to save $ 100 a month right now. Why not try for $25 ?
   
   
2. Be specific. State your objectives concisely. If goals are vague, they may never be met by you, and others in your family may have a different idea of what the goal really is. An example might be: " If we save $100 a month for the next 12 months, we can afford new carpeting for the living room."
   
   
3. Be flexible. Plans may require adjustments as your income and life cycle change. Don't be so rigid that you have to start over with an entirely new plan. For example: An unexpected expense comes up. You can't save the entire $100 that month. Don't let that get you off track. Continue to set aside something towards your goal no matter how little it might be.

More Thoughts on Goals

You and your family probably have some ideas about the things you want in the future. An advantage of setting goals is that you know you have something to work towards. All too often you can get so caught up in day-to-day problems you end up accomplishing very little. While this may not be a problem in the short run, in the long run (whether it is college or retirement) a lack of financial planning can mean real problems.

Some goals require resources other than money to achieve. In order to reach some goals you may decide you need to earn more money; and in order to do that you may need more training or education which requires time and other talents.

Reaching long term goals may depend on achieving several short term goals along the way. It may be hard to give up things now to have something in the future, yet short run sacrifices may be needed to provide for the future.

Take time to prioritize your goals. Of the ones you have listed, which are the most important to you as an an individual? Which are the most important to your family?

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