Personal financial goals will differ in the length of time needed to achieve them. Short-term goals are priorities that can be accomplished within two years. Be sure every goal has a specific purpose, a dollar amount that it will cost, and a realistic target date.
Mid-term goals are priorities that can be accomplished within two to five years. Make sure your goals are realistic and flexible. If you set your goals too high, frustration will keep you from reaching them.
Long-term financial goals are priorities that may take more than five years to accomplish. Most long-term goals require regular savings.
For more on this topic, see Wise Bread blogger Linsey Knerl on goal setting.
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