Setting short and long-term financial goals in Tennessee is not always easy when you are struggling with financial problems or just lost your job because of COVID-19. Not only can understanding the difference between short and long-term financial goals help you repair your financial situation, but this can also help you achieve the goals you have always wanted to achieve, like buying your own house. Feel free to contact a Tennessee bankruptcy lawyer for guidance if you have any questions related to bankruptcy.
Short Versus Long Term Financial Goals Tennessee
The differences between short and long-term Tennessee financial goals are simple. Short term financial goals are goals you feel you can accomplish in under three years. Whereas, long term financial goals are goals you feel like you can attain in over ten years.
An example of a short-term financial goal might be paying off your medical bill or saving up to buy a new couch. These are goals you can accomplish within a relatively short period of time compared to long-term goals that may take several years. A long-term goal that could take over ten years to accomplish would be paying off Tennessee student loans, saving up for a house, or paying off your vehicle completely.
Do not stress about not being able to do things that fit into the long-term goals category. For most people, they cannot afford to buy a new house or pay off their car right away due to other responsibilities that eat up their finances like house bills, internet fees, and unexpected medical expenses. There is a reason paying off a house or car is put into the long-term goals category, most people cannot accomplish these goals in three years.
Ways to Achieve Your Tennessee Financial Goals
There might be times when you feel like you can never accomplish your financial goals, whether short-term or long-term. Maybe you were just saving up for a new TV, but your car broke down and now you have to pay $530 for a simple part replacement or you got sick and had to pay close to $100 in medical bills. Financial setbacks like this can discourage almost anyone from pursuing their original financial goals.
However, you may not have to let your financial goals go if you follow some simple steps. First, look up Tennessee financial resources for financial goals. You will likely find budgeting apps for your computer or phone that can help you track your goals to see how far back you are set off after facing a financial setback. Instead of assuming you are financially lost, you can see how much farther or closer to your financial goals you really are.
Bankruptcy Attorney in Chattanooga, TN
No one wants to deal with a financial setback when they have goals in mind. Consider seeking help from our lawyers in Chattanooga, Tennessee, and North Georgia if you are struggling financially and are on the brink of bankruptcy. Call Tom Bible Law today at (423) 424-3116 to speak with a Bankruptcy attorney in Tennessee for a free consultation. Our Tennessee bankruptcy attorneys are located in Chattanooga, Kingsport, and Tullahoma.