Debt Relief Experts
Money management starts with goals, because if you don’t have a plan, you won’t achieve your goals. You should set
- short (less than one year)
- medium (one to five years) and
- long term (five to ten years) goals.
Goals must be SMART:
- Specific – dollar amounts, due dates;
- Measurable – can determine if success has been achieved;
- Attainable – reasonable, based on income and expenses;
- Relevant – makes sense based on lifestyle;
- Tentative – flexible enough to be changed if necessary.
Some examples:
A short term goal would be to save $120 in the next three months so that you have the cash to renew your vehicle license sticker on your birthday
A medium term goal would be to save $100 per month for the next three years towards your child’s post-secondary education.
A long term goal would be to contribute $50 per month to an RRSP for the next ten years so that you have some retirement funds.
Money Management starts with a budget. If you’d like help with that refer to our section with helpful budgeting tips and tools.