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BWH Young Professionals: MAFCU Credit Union Setting Goals & Priorities (4/24/12)

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BWH Young Professionals: MAFCU Credit Union Setting Goals & Priorities (4/24/12)

  1. 1. Setting Goals and PrioritiesMAFCU Federal Credit Union365 Boylston StreetBrookline MA 02445617-278-5600
  2. 2. 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.
  3. 3. 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
  4. 4. 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
  5. 5. 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.
  6. 6. 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?
  7. 7. Adjust Spending
  8. 8. Example:
  9. 9. Getting It TogetherLow Tech Pen and paper, note books, spreadsheets ◦ www.financialliteracymonth.com (Step 18) Calendars, reminders Checkbook register, wallet inserts Envelopes
  10. 10. 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
  11. 11. 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”*
  12. 12. Tips for Staying Motivated:
  13. 13. Good Luck on Your Path MAFCU will be here to assist you on your way Kerri McLaughlin KMcLaughlin@MAFCUcreditunion.org 617-278-5611

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