The Bigger Picture

Short, Mid- & Long-Term Goals

Setting Your Goals

The words "financial goals" may sound a bit intimidating. In the simplest sense these goals are what you hope to achieve over the short-term, mid-term, or long-term. A part of your financial goals will include saving and investing.

Understanding your saving/investing goals in many ways mirrors taking a vacation.

You pack your bags, calculate your budget, and plan your trip. This is all based upon what you want to do at your destination, how long it will take you to get there, and what you'll do when you arrive. Now, transfer that idea to saving/investing goals.

$ Weekend away (short-term) In-state trip
$$ 1 week away (mid-term) Trip across the state line
$$$ 3 weeks away (long-term) Travel to the west coast
Saving/Investing GoalAble to AccomplishExamples
Short-Term $ 1 month — 1 year Buy a hi-def TV
Take a vacation
Pay off a small debt
Mid-Term $$ 1 year — 5 years Purchase a car or truck
Remodel your home
Pay off credit cards
Long-Term $$$$ 5 years or more Save for college
Purchase a home/property
Save for retirement


  • Write down your goals in order of importance.
  • Determine which category they fall into: short-term, mid-term, or long-term.
  • Be flexible.
  • Review your goals over time.

How Time Affects the Value of Money

The earlier you start saving the money, the faster it grows.
Check out this example!

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