Get a Money Plan

Plan Your Financial Future

Perhaps you want to buy a car next year. Or, maybe you want to reduce the amount of debt you will have when you graduate. Goals set guidelines for deciding how to spend your money. Write down your goals, whatever they might be, so you can make money choices that will help you reach them. Start by breaking your goals down into three categories: short term, intermediate, and long term.

Create Your Financial Goals

Type of Goal Example
Short-Term Goals Purchase a computer
Birthday gifts
Buy a new winter coat
Intermediate Goals Build an emergency fund
Pay off credit card debt
Save a down payment for a condo
Long-Term Goals Buying a home, Buying a car
Marriage, Retirement
Investing

Make sure you prioritize your goals. Which ones are the most important to you? Work toward achieving those first. Then, create an action plan with specific steps for achieving each goal. This sample action plan can help you get started. Remember to continually monitor your progress and change your action plan if your strategies are not getting you closer to reaching your goals.

Sample Action Plan

Action Plan Strategies
Goal 1: Take out less student loans
  • Save money from summer job
  • Search for scholarships early
Goal 2: Manage credit wisely
  • Pay credit card bills on time
  • Pay off credit cards in 1 year
  • Never charge more than I can pay in one month
Goal 3: Save $50 per month for a winter coat
  • Stop buying Starbucks coffee everyday
  • Have money automatically deducted from checking account to savings account
Goal 4: Save $25 per month for emergency fund
  • Have money automatically deducted from checking account to savings account

Want more info? The Get the Most Out of Your Money workshop can provide you with practical tools and strategies to better handle your finances.