Even if you’re happy living paycheck to paycheck right now, you need to set goals for your future. The choices you make today will affect everything from your ability to get a mortgage loan to your quality of life in retirement. To get on the path of financial security, we encourage you to:
Think long-term Big or small, every purchase you make can affect your financial well-being in the long-run, especially if it is compounded with credit card interest. Consider the long-term effects of each financial decision you make by asking yourself:
- Do I need it?
- Can I afford it?
- Will it help me reach my long-term goals?
Learn from the experiences of others
Many people you know can provide valuable advice about getting started financially. Talk to your older siblings, parents, grandparents and others about the goals they set (and wish they’d set) when they were your age. You can learn from their mistakes as well as their successes.
Consider these goals
As you create your financial plan, we recommend that you consider the following goals: