Money Management Tips Pt. 1 | Writing Down Your Financial Goals

- Hi, I'm Jeana Breakingbury with Consumer Credit Counseling Service of Rochester, and I'm here to talk about helpful tips on money management. Today, we're going to talk about the importance of writing down your financial goals. Fitzhugh Dodson once said, "Goals that are not written down are just wishes." Writing down or recording your financial goals can be a powerful tool with money management. And often times, people that write down financial goals are more successful in achieving them. First, determine if your goals are short term or long term. A short term goal is reachable within six months to one year. A long term goal is reachable within one to five years. Next, recognize the difference between wants and needs. Make sure that you cover your essential needs first, and then when that's done, it's okay to plan for some wants. Finally, follow a goal planning method. Write down each of your short term and long term goals. Label each goal as a want or a need and prioritize them needs first.

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