Regardless of what life stage you are in, you are likely to have some short- and long-term financial goals. Whether you want to experience your dream vacation, buy a new home, save for college, build retirement savings, or establish an emergency fund, setting realistic goals, following them, and tracking your progress are key to achieving your financial goals successfully.
Here are some examples of typical financial goals:
- Pay off debt
- Create emergency fund
- Plan Retirement
- Own Home
- Own vacation property
- Purchase Auto
- Save for College
- Fun and travel
From this type of list, you can determine your short-term, mid-term, and long-term financial goals, and how you intend to reach these goals.
To accomplish your goals, prioritize each of your financial goals in order of importance. Next, determine how long you have to save to reach them. Use these financial tools to manage your financial goals:
- Review your cash flow
- Create a budget
- Track your spending
- Determine how much you can for short-term and long-term goals
- Pay off debt, like student loans or credit cards
- Decrease your spending, like dining out or shopping
- Invest in your 401K or other retirement options
Once you determine your goals, the next step is to make a good estimate for how much money you’ll need for each of them. Figuring out an accurate amount involves research. For example, if you are saving for college for your children, and your retirement, what percentage of college do you want to pay? Your retirement savings needs to depend greatly on the lifestyle you plan to lead once you are retired, as well as when you plan to retire. Can you comfortably save for retirement and cover college costs?
Don’t be discouraged if the dollar amount is overwhelming. The important thing is to have a set of tangible financial goals to work toward. On a monthly or quarterly basis, review your progress, and continue to refine your plan. If you aren’t meeting your goals, revisit your financial budget to see if there are any areas where you can cut expenses to free up some money for savings. In addition, use your plan to allocate any windfall amounts you may receive–from bonuses, inheritances, and tax refunds.
Estimate how much you’ll need to save per month to achieve your financial goals.
Setting up a Kasasa Saver Account through Honor Bank is a good way to secure these funds outside of regular discretionary spending.
Kasasa Saver® is a free account that puts saving on autopilot. Your ATM fee refunds and interest or cash back from Kasasa Cash or Kasasa Cash Back are automatically deposited into this account, which also gets high interest, making saving super easy.
Honor Bank Kasasa accounts give you nationwide ATM withdrawal fee refunds and there is no minimum balance required in any account.
The best tip for setting and reaching your long-term financial goals and attaining financial freedom? Just start saving! Any amount is better than no amount. And Kasasa Saver is an excellent place to start!
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**Non-maintenance activity fees, such as fees for paper statements, may apply.