One of the most popular methods for achieving goals is SMART. It assumes that the task should be specific, measurable, achievable, realistic and time-bound. If at least one of the conditions is not met, then achieving the goal will be difficult. And a strict deadline is one of the key conditions. Therefore, goals are divided into categories depending on the time frame for achieving them. Here are approximate figures that serve more as a guide than a strict rule.
Types of financial goals depending on the time frame for their achievement:
Short-term – up to 1-2 years. Deposits and savings accounts are suitable for their implementation. Planning is usually simple, since personal income is used as a source of funds. Short-term goals include creating a "financial cushion", purchasing household appliances, travel packages, repair materials and other not very expensive things.
Medium-term – up to 4-5 years. One of the most popular tongliao mobile number database tools for achieving such goals are bank deposits. They help not only to save, but also to increase capital. Especially in the context of the high key rate of the Central Bank. Medium-term goals usually include the purchase of a car and relatively inexpensive real estate, as well as the formation of start-up capital for a business.
Long-term – more than 5 years. They usually concern not only the accumulation of a certain amount, but also the general improvement of the financial situation. Long-term deposits and investment mechanisms often act as implementation tools. Examples of such financial goals include pension savings, mortgage repayment, and the formation of passive income.
It is important to remember that each case is individual. If a major renovation is planned, then you do not necessarily have to strive to complete it in 1-2 years. If it is impossible to live in the apartment, and you are forced to spend money on rented housing, then a more reasonable solution may be to get a loan. And if we are talking about the aesthetic component and increasing the level of comfort, then you can spend more time on savings. The main thing is to correctly calculate your strengths and set a realistic deadline.