Goal-Setting - Exodus Lending - Exodus Lending


By Kaitlyn Szabo January 8, 2019

Here are some sample short and long-term goals, as well as action steps to take to help you achieve them.

But first – make sure you have a budget in place to help you stay on track toward attaining your financial goals. If you need help starting and sticking with a budget, check out this article, “How to Set Up a Budget,” from The Balance.


Short-Term Goals

A short-term goal takes less than a year to complete. What is something you want to do in 2019? How are you going to get there?

GOAL: Pay my monthly bills on time.

  • Set up auto-pay through your bank or credit union, or via an online account with the company.
  • Create a bill calendar with a monthly overview of all due dates, including annual bills, too.
  • Store copies of bills or receipts in folders labeled “To Be Paid” and “Paid” to stay organized.

GOAL: Build an emergency fund of at least $500.

  • Open a savings account with no or low minimum balance.
  • Identify one expense to cut back on and another to eliminate to save $40 to $50 a month.
  • Set up an automated transfer of that $40 to $50 saved to savings every month.


Long-Term Goals

Typically, long-term goals are a year or longer, usually five to ten years. What do you want your life to look like in 10 years? What can you do now to make that future a reality?

GOAL: Pay off X amount of credit card debt in Y years.

  • Create a list of all outstanding debt, including the amounts owed and interest rates.
  • Craft a debt repayment plan using the debt avalanche or debt snowball method.
  • Pay the minimum on all your credit cards, and pay a little more on the highest priority debt to cut back faster.

GOAL: Save up X amount for a downpayment in Y years.

  • Prepare for homeownership by attending a class or doing preliminary research online.
  • Open a separate high-yield savings or money market account for these savings.
  • Match discretionary spending with a deposit into your designated savings account. If you want to spend $50 on a new sweater,  deposit $50 in your savings as well.


Stay Motivated

All too often it is difficult to get discouraged when working toward goals. Here are some strategies to combat the desire to give up.

  • Write down your goal and place it somewhere you will see daily.
  • Have a buddy to share your progress with and hold you accountable.
  • Set milestones and celebrate small progress throughout the way.

Need more motivation? Follow Exodus Lending on Facebook, Twitter, or Instagram for more financial tips!


Money Management E-Newsletter: December 2018