Friday, November 27, 2009

How you should set your financial targets?

How you should set you financial targets?
Financial Targets must be Practical and Feasible. Plan your financial goals around your income and life situation for an sensible personal financial plan. For example, a full-time waiter should not expect to purchase an costly, luxury car.
Your Monetary Targets must be Specific in Measurable Terms. Know exactly what you expect to spend, try to create a plan that is better designed to achieve them.
Maintain a Financial Time Frame. A time span helps you measure your own progress toward your personal financial plan goals accurately. Coordinate your short-term and long-term goals wisely.
Financial Goals Should Indicate Clear and smart action. Your financial goals are the very basis for undertaking the various financial activities that you are going to execute. Instead of saying, “save money,” you should plan exactly how you will save that money, whether it be through reducing your spending habits, working longer hours, or picking up another part-time job.
Tip: When developing and managing your financial goals, make sure they are SENSIBLE SMART and WISE (accurate ,specific, measurable, action-oriented, realistic, and timely). Follow to develop your goals and you will surely be on your way to a better money-management system and personal financial plan and ultimately become prosperous.

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