Hillsborough County Extension
Developing Financial Goals

Goals

In order to develop a financial plan, you must think about your goals. This includes both short and long term goals.

Types of Goals

Short-term goals: Less than 3 months. The focus is on immediate satisfaction.

Medium-term goals: 3 months -1 year.

Long-term goals: More than 1 year and requires delayed satisfaction.

Taking Action

Carefully plan your goals and take realistic steps to achieve success.

A Plan for Success

It is important to plan financial goals that are SMART.

• S - Specific - State the details of your goal and specify the end result.
  Example: I plan to save $500 to use for winter holiday spending.
• M - Measurable - Determine the specific amount of money that is needed. Determine the weekly or monthly amounts that need to be saved.
  Example: I plan to save $25 per week for the next 20 weeks for a total of $500.
• A - Attainable - Your goals should be something that you can realistically afford.
  Example: Make sure you can afford to set aside $25 a week. If you can not realistically set aside $25, adjust your goal to save a lower amount.
• R - Relevant - If your goals are important to your life they will be easier to achieve.
  Example: Saving money for the holidays will improve my financial situation.
• T - Time bound - Set a specific target date to reach your goal.
  Example: I will complete my goal by October 1, 2007.

Goal worksheet in printable format:
Goal Worksheet (pdf format, 53 kb)