7 Long-Term Money Goals To Set Now
Knowing how to invest in your retirement, pay off debt, and save up funds for your children or dependents are all examples of long-term money goals that can greatly benefit your future.
Today, we’re highlighting 7 long-term money goals to set now if you want to enjoy your retirement, improve your credit, and better manage your expenses and earnings.
Keep reading to learn these 7 goals to set for your financial future and how they help. In the end, we’ll also share information regarding Carolina Payday Loans, Inc. and how our payday loans can be beneficial in helping you reach your goals in the meantime.
Long-Term Money Goals
1. Save For Retirement
It’s important to have some form of a retirement account as a part of your financial goals. This is an investment that truly benefits you in the long term as you often have incentives to not spend the money until a certain age. This is especially important if your employer does not offer a 401k or IRA plan that gets automatically drawn from your paycheck.
Luckily, you can set up an IRA on your own via various investment companies and start working toward your goal based on the age you want to retire and how much money you want to have saved at that point.
2. Pay Off Your Debt
Another one of the long-term money goals you should set is a date by which you pay off your debt or at least a portion of it. Whether you have thousands of dollars in college loans to pay off or you simply want to pay off your car by the time you turn 30, you can make a month-by-month plan to do so.
In most cases, you can even set up auto-payments for your loans to help you stay on track and meet your goals by your deadline.
3. Save For Children’s College Funds
While this financial goal may not be a part of everyone’s future, it’s crucial for those who do plan to have children or expand their family. A college education for one child can cost upwards of tens of thousands of dollars (sometimes closer to hundreds of thousands).
If you know you’ll be having children or already have children, it’s worth it to create a savings account for this purpose. You might even consider an interest-accruing college savings plan, such as a 529 so that it can grow on top of accumulated interest over time.
4. Aim To Become A Homeowner
Most people have a goal to own a home at some point in their adult life. This is why you should set a down payment goal for yourself and work towards it month-by-month. Most down payments are a minimum of 3% of a home’s price.
So, once you know the budget for your home-buying process, you can calculate how much money you need to save for a down payment. This is a long-term goal that will benefit you and your potential family in the long run.
5. Save For Emergencies
You can think of an emergency fund as a backup plan in the event that unforeseen medical expenses, veterinary expenses, major car repairs, or even unemployment occur.
This is a good long-term money goal to set now because you never know when such emergencies could happen. It could be tomorrow or 10 years from now, but either way, it’s a good idea to be prepared.
6. Set Aside Money For Future Life Changes
One day, you might need to have money to pay for a wedding. Or perhaps you need funds ready for when you have your first child or the blessing of a surprise pregnancy later in life. Whatever the situation is, part of your budget now should involve saving for life changes down the road.
7. Save Money For Traveling
Last but not least, it’s always good to set money aside for fun if you can afford it. This should be the last goal on your list, as it is obviously not essential. But once you retire, if you have extra money saved to travel, you’ll thank your past self.
Get Started With A Payday Loan Inquiry
These are our 7 long-term money goals to set now. From saving for retirement to creating a college fund for your children, you should make an effort to set up yourself and your family for the future. The earlier you start, the better off you will be. But if you’re having trouble saving money right now due to a tight budget and unforeseen expenses, you might need the help of payday loans.
With Carolina Payday Loans, Inc. - which range from $100-$550 - you may qualify for a quick cash loan to help you afford a major repair or bill. You can apply with us in as little as 30 minutes, providing you have a driver’s license or government-issued photo I.D., your most recent pay stub, and a blank check from an active checking account in your name.
If you qualify, you could be closer to reaching your long-term money goals. If you would like more information on payday loans and how they work, submit the online form through Carolina Payday Loans, Inc., call, or visit a store location near you. Loan representatives are waiting to assist you today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.