Photo of Eric R. Ebbert, CFP®, MBA, CEO Eric R. Ebbert, CFP®, MBA, CEO Nov 07, 2021

Are you tired of living in financial limbo? If the answer is yes, then it is time to take control of your finances with a financial goals worksheet. This type of worksheet is designed to help you understand your financial goals, including setting time frames in which to accomplish the goal. As you work through your financial goals, you should be able to identify your priorities and put them in the following categories:

  • Short-term goals: Milestones that you would like to reach within one year. 
  • Midterm goals: These achievements have a timeline of more than one year, but less than five years. 
  • Long-term goals: What are your financial dreams for the next 10 or more years? Those are your long-term goals.

Here are five things that should be considered on your financial goals worksheet: 

Spend less than you earn

This is the starting point for saving money and helping you achieve your financial goals. You can help meet this milestone by establishing a budget for your household. Consider looking into some budgeting tools such as You Need a Budget, or even a well-thought-out spreadsheet to get the job done. Find what works for you and stick to it. You can soon find your way to financial freedom.

Eliminate your debt

One of the most crucial goals on your financial goals worksheet should be to assess and eliminate your debt. Gather all your outstanding debt so that you have a solid understanding of how much you owe. Then work to make a plan to eliminate as much debt as you can as quickly as possible. If you have several credit cards with an outstanding balance month to month, make the minimum payment to all of them with the exception of the one that charges the highest interest rate. Once it is paid off, go to the next one and so on. Of course, once accomplished, you want to pay the card(s) off each month.

Increase your emergency fund

The goals on your financial goals worksheet should also include creating an emergency fund. You should have a minimum of three to six months’ worth of expenses saved in case of an emergency. Your emergency fund is used when you have unexpected bills, or if you lose your job or an opportunity comes your way. 

Save for large purchases

Would you like to buy a car or a house? These are large purchases that should be included on your financial goals worksheet. Make sure you establish a realistic timeline for when you hope to make these larger purchases.

Grow your retirement accounts

Make sure when you are putting together goals for your financial goals worksheet that you include contributing to your retirement accounts. Ensure that you are taking advantage of any employee match opportunities to your 401(k), IRA or Health Savings Account. 

Talk to a ProVise CFP® professional about your financial goals worksheet?

At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.

Are you ready to talk to a professional about your financial goals worksheet? Contact ProVise today to schedule a complimentary consultation.