article thumbnail

7 Short-Term Financial Goals and How to Achieve Them

Success

Then, go over your existing income and expenses. If not, you’ll need to adjust your budget by reducing expenses or increasing your income, so you have excess money each month to set aside. For example, start by saving enough in your emergency fund to cover one month’s living expenses, then work your way up to six months over time.

Goals 240
article thumbnail

5 Long-Term Financial Goals and How to Achieve Them

Success

Your long-term goals are an important aspect of your financial health. Pay off major debts Expected time: 5+ years Account types: Credit card debt, mortgage, student loans, car loans Getting out of debt is essential to the success of your other long-term financial goals.

Goals 246
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

What Is My Net Worth?

Success

A positive net worth is a sign of financial health; the higher your number, the better you’re doing. You may be spending more than you earn and using credit cards to help you cover expenses. Spend some time brainstorming ways to cut expenses and earn more, but also be patient with yourself. What are my liabilities?

article thumbnail

The 6 Biggest Financial Mistakes to Avoid in Your 30s

Success

That keeping up with the Joneses can lead to expenses surpassing income—and the debt that comes with it. The same study from Debt.com found that one in three credit card holders in the U.S. have maxed out their credit cards to cover expenses due to inflation. While the average age in the U.S.

article thumbnail

30 New Year’s Resolution Ideas to Make 2024 Healthier, Happier & More Secure

Success

Commit to a regular workout routine such as yoga or running to improve your health and feel great. Calculate your monthly income, track your spending, determine your goals and priorities and develop a plan to manage your expenses. Empower yourself to live debt-free by paying down high-interest debts such as credit cards.

2024 278
article thumbnail

Everything You Need to Know About Emergency Funds

Success

If you’ve ever had to pull out a credit card to deal with a dentist or emergency vet bill, you likely know the pain of wondering how you’ll pay for an unexpected expense. An emergency fund is a safety net of money for unexpected expenses. Having an emergency fund can significantly reduce your money worries.

article thumbnail

How to Set and Achieve Financial Goals

Success

Saving three months of living expenses in an emergency fund, upgrading to a new computer or planning a vacation are common short-term goals. Medium-term: These goals will take longer to reach than short-term goals but are still generally achievable in the next one to five years, such as paying off credit card debt or saving for a new car.

Goals 173