7 Short Term Financial Goals to Set ASAP
April 11, 2022 | Mason Roberts
It’s never too late to make some financial goals — even if you’ve never set a budget, have no savings, or are too scared to look at your bank account. Make this the year you finally set some short term financial goals to start getting on the right financial track. Yes, budgeting is tricky, especially when finances are very tight. But you owe it to yourself and your family to put financial literacy first. Improved wellbeing and happiness will follow. Here are 7 short term financial goals you can make right now.
Set These 7 Short Term Financial Goals To Improve Your Finances
1. Establish an Emergency Fund
Financial emergencies can happen to anyone at any time, yet most people don’t have enough in savings to cover even a $1,000 unexpected expense. Starting an emergency fund and then regularly contributing what you can is one of the best short term financial goals you’ll ever make. You’ll be surprised by how quickly it grows and the amount of peace of mind it provides.
2. Make a Budget
Many financial goals cannot be made before you create a budget. It doesn’t have to be stressful. The best way to start is simply writing out your monthly needs (rent, food, clothing) and wants (dining out, vacations, streaming services) and documenting how much you spend every month. You should get a quick idea of how much of your paycheck is going to what, as well as possible expenses to cut. Having — and sticking to — a budget can go a long way to making you financially secure and planning for such major expenses as a new car or down payment on a home.
3. Pay Down Your Debt
Whether it’s mortgage debt, interest from student loans, or some overused credit cards in your name, debt can severely derail short term financial goals. So, make paying it down a goal itself. You can start small with some of the relatively inexpensive but nagging bills and then move up from there. Consider incorporating a reduced debt plan into a monthly budget and look to cut down on the debt with the highest interest.
4. Make Some Investments
Investments aren’t just for the super-rich. Start thinking of what you need to retire, review your monthly budget, and figure out the amount you can put toward investments right now, a month from now, and a year from now. Perhaps you’ll invest through a 401(k), play the stock market, or start a small-scale art collection. Whatever it is, go for it. Just make sure it’s within your budget and you’re golden. If you’re already investing in something, take some time to review your portfolio or your investment amounts.
5. Decrease Spending
One of the most surprising things people encounter when creating a budget is seeing just how much is spent on those needs rather than wants. To make your short term financial goals become long-term successes, try curtailing your spending or at least your approach to spending. Before buying something ask yourself if you really need it. Typically, the answer is no. Look for some doable lifestyle changes. Are you eating out too much? Pack your lunch and commit to cooking more at home. Not watching a TV channel enough to justify the monthly streaming cost? Cut it from your bill lineup.
6. Establish Credit Card Boundaries
Credit cards are a major convenience, but they also likely account for most of your debt each month. Challenge yourself to not use your credit card for a month, instead rely on a specific amount of cash each month to wean yourself off your card.
7. Take Care of a Financial Emergency
A serious financial emergency can derail any financial goal. A Nevada payday loan can help. A Nevada payday loan is designed as a short-term loan to address a short-term financial emergency, such as a hospital bill, not being able to cover rent or a pressing home repair. It is specifically designed to help you cover a financial emergency between paychecks. And at Nevada Title and Payday Loans, Inc., you may qualify for a payday loan of up to $500 in as little as 30 minutes. All you need is your most recent pay stub, a blank check from a checking account that is active and in your name, and a Nevada driver’s license or state-issued I.D. To get started, fill out the short Nevada payday loan inquiry loan on our website. One of our loan representatives will be in touch shortly to walk you through the rest of the easy payday loan process. If you qualify, you’ll receive your loan the same day or the very next business day.
Get a Payday Loan Today
The best short term financial goals go a long way toward making you more financially secure. A payday loan can help. Just go online, give us a call, or visit one of our locations near you today.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.