Strategic Planning For Short Term Goals
Smart Goals - Strategic Planning
Learn the basic of strategic financial planning for short term goals. Basically, strategic financial planning for the short term is a process that helps create a road-map for handling short term goals.
Financial Planning Must Have(s)
Strategic Financial Planning For Short Term Goals
- Setting your short term goal
- Analyze your short term goal
- Creating a short term plan
- Implement your short term plan
- Monitor & modify your short term plan as needed
Setting Short Term Goal Checklist
Each of your short term goal should follow all of the below checklist items. To help explain each short term goal checklist item, the example of saving for a car was used.
- Specific - Detail the goal (BMW, cost $50,000 dollars)
- Measurable - When (2 years)
- Attainable - How will you obtain the money? (extra job, passive income, car loan, how much saving to use ...)
- Realistic - Evaluate the above checklist items. If your short term goal is not attainable your can increase the time or change the specific to a cheaper choice.
Analyze and Create Your Short Term Plan
Create a budget for your short term goal using the notes from your "attainable" checklist item. This is how you analyze and create your short term plan. Your short term plan may include cutting back on other expenses or increasing your income.
Implement and Monitor Your Short Term Plan
Follow your budget. Modify your short term plan if you foresee a short month, or an increase in salary. If you have done all the goal setting tips from the checklist you should achieve your short term goal as predicted.
Creating a Long Term Plan With Short Term Goals
You can create a long term plan filled with short term goals. Sometimes it’s easier to achieve the smaller things. If you have long term goals, think of ways to divide them into small goals. This should help you feel as if you are completing your plan without killing yourself. One great example of a long term plan with short term goals is a savings plan. Although you will be saving for the long term, you can divide it to a monthly, quarterly, or yearly amount.