BWH Young Professionals: MAFCU Credit Union Setting Goals & Priorities (4/24/12)
Setting Goals and PrioritiesMAFCU Federal Credit Union365 Boylston StreetBrookline MA 02445617-278-5600
Have You Written Out YourGoals? If not, you are not alone. An article in the Journal of Financial Planning cited that next to updating a current will, writing out financial goals is the least frequently performed financial task. At every income level, there are some who attain their financial goals, and others who do not.
The Benefits of Writing Out YourGoals Visual and concrete Keep motivated More likely to achieve Critical part of making a solid budget Guides the use of your money to the most efficient outcome
Reaching Goals Startswith a Plan It’s important to remember that setting up a spending plan is a process. 1. Track your spending 2. Set your goals 3. Adjust spending to mirror your priorities
SMART Goals A general financial goal is ◦ “I want to save for a new house” A SMART financial goal is: ◦ I am going to save $10,000 for a down payment on a home by setting aside $100 a week for 24 months.
Know All the Details of Your GoalsExample: Buying a home Good credit ◦ High credit scores, low debt ratios Savings for down payment ◦ More you put down, the less expensive the loan Can you answer all those difficult questions? ◦ Where do you want to live? How much can you afford? How long do you want to stay there? How much work are you willing to put in for home maintenance? Did you go to a first time home buyers class?
More HelpHigh Tech - Apps *verify security safeguards, some are read-only◦ www.MINT.com◦ www.money.strands.comDIY Manual Uploads◦ www.budgetpulse.com Online Calculators◦ www.mafcucreditunion.org/calculators-411.html
For More Info:Personal Finance Resources BankRate.com – “basics” series Money.msn.com/personal-finance/ Money.cnn.com/pf FTC.gov/MoneyMatters SmartAboutMoney.org LifeHacker.com/personal-finance LearnVest.com - upgradable interactive GetRichSlowly.org (or other blogs)*Make sure info is objective, ask yourself is this “too good to be true”*