Short-term financial goals are financial goals people can achieve within a certain period of time. Usually, it does not take long or numerous attempts to finish the goals.
Setting these financial goals the right way are paramount for it acts as a stepping stone to reach an even bigger goals, a long-term one. In some cases, a series of short-term financial goals might actually be the building blocks for a bigger long-term financial goal.
Unlike long-term financial goals which tend to be more abstract, a short one is more specific. Some of its examples include paying off a student’s loan, affording property’s down payment, and going for a trip.
Considering that these goals are mostly more specific, however, some people are having a hard time to afford it. Among the reasons are the time limitation, low financial decision-making skills, and so forth.
That said, there are several tricks that you can apply to ‘hack’ the goals. To be specific, it consists of a series of acts that you can read below.
Also Read: How to Set Achievable Career and Financial Goal
Budget Your Short-Term Financial Goals and Other Financial Aspects
Every financial decision comes with a good budgeting and short-term financial goals are no exception. Budgeting refers to the process of calculating the necessary costs, the available cash, and the ‘deadlines.’
A good rule of thumb suggests that you should never put more than one financial goal at the same period if possible. This is to prevent confusion over which goals you should achieve first.
For that reason, upon budgeting, it is important to set your priority right. You should be able to determine which is important and which is urgent.
Put Savings among Your Expense List
People tend to be more ‘aggressive’ when they want to spend their money to afford something. In contrast, most people tend to save their money badly.
Concerning the possible behavior, listing your regular savings among your expense might be potentially beneficial. Accordingly, this is to set savings as your first and main priority after receiving your salary.
Determine a Series of Targets that You Must Achieve
Video games include a clear process on how you can get to a certain level. Oftentimes, it requires a series of stages or tasks that you need to complete prior to finishing the whole game.
Similar to playing video games, hacking short-term financial goals requires you to determine a series of targets that you must achieve. The targets are compulsory and act as partial requirements to finish the goal.
For instance, you can determine that you must have a particular amount of money at specific dates. You might begin with US$100 increase every 2 month or so, making you always have a target to achieve.
