Tips for Creating and Keeping Financial Goals

Whether you just graduated from college or married your significant other, you might have some financial goals in the back of your mind. These could be financial goals for buying a house, moving into an apartment, buying a boat, purchasing a new car, going on that dream vacation, or even starting a business. In either case, you will need short-term and long-term financial goals and budgeting skills to make your vision a reality. If at any time, you have concerns about finances or bankruptcy, ask one of our Tennessee bankruptcy lawyers for help.


When choosing financial goals, it helps to break them down into short-term and long-term financial goals. Short-term financial goals are goals that can be accomplished by the end of the year. Some examples of short-term financial goals would be buying a new computer or going on one vacation. These goals do not take years, but rather, a month or longer to save up for.

You can also have a series of short-term goals that are building up to a long-term financial goal. For example, some short-term goals for starting a business could be building an emergency fund, improving your credit score, obtaining a small business loan, buying office equipment, and saving up for the rent costs of an office. All of these goals can be accomplished at their own pace until you reach the final long-term goal of starting a business.

Long-term financial goals take over five years to accomplish because of the scope of the investment. One example would be saving up for a home. Homes are not cheap when it comes to down payments and additional fees. There are also mind-term financial goals that take around five years to accomplish. These could be paying off a car, house, or credit card.


Budgeting your finances can help you achieve short-term, mid-term, and long-term financial goals. One of the first steps is calculating exactly how much money you will need for your financial goal and at what time you want to have this goal accomplished. This will guide your budgeting plan for your goals.

Next, you need to choose between writing down your budgeting plan, using an excel worksheet, or working with a financial software on your computer. All of these options are viable and will help you lock-in a plan with achievable steps.

To know how much money you can invest in your goal at each step, you need to figure up how much spending money you have. To do this, calculate your income and monthly expenses, do some subtraction, and find out what money you have left.


Creating and maintaining financial goals and a budgeting plan is not always straightforward or easy. If you have questions, talk with our team of lawyers in Chattanooga, Tennessee, and North Georgia for guidance on financial struggles and bankruptcy.

Contact Tom Bible Law to speak with a Bankruptcy attorney in Tennessee at (423) 690-7712 for a free consultation today. Our team of bankruptcy attorneys is located in Chattanooga and Tullahoma.

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