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Setting financial goals in 2021

Posted at 3:00 PM, Dec 31, 2020
and last updated 2020-12-31 15:19:55-05

There's no question that 2020 hurt businesses across the country and left many unemployed. With the new year about to start, Millennial In Debt's Melissa Jean-Baptiste shares some ways to set financial goals for 2021:

1. Write down your goal : What is it that you really want to do with our money

2. Know Your Numbers: How much you have vs. how much you need to reach these goals

3. Categorize your goals (short, mid and long term)

  • Short-term financial goals: six months to five years
  • Mid-term financial goals: five to 10 years
  • Long-term financial goals: more than 10 years

4. Set Target Dates : Be as specific as possible. When do you want to reach these goals?

5. Prioritize Your Goals: Critical goals, needs, wants

This will help you make financial decisions when financial situations come up out of the blue

It's important to remember that financial goals are not set in stone and they should be revised