Step 3:
This step is short but may be challenging for some. This is the time to sit down and create goals for your financial future. Think long term. Having goals will help you allocate your money.
Some examples:
- Retire by a certain age
- Save money for child's education
- Have enough money to open up a business
- Build up a savings account
- Pay off student loans
- Pay off your mortgage
- Pay off your car
- Or whatever your long term financial goal may be
You may have several goals - in this case, list them in order of importance. It may be possible to tackle more than one at a time, but in some cases you may need to prioritize and move down your list one by one.
Once you have your goals in place - you know where you are headed and putting that money away towards something you really want/dream of makes it that much easier.
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