Short-Term Goals

Short-term financial goals provide the foundation for your long-term objectives. Here's how to get started:

• Set a Budget: Establish a comprehensive budget to understand your income and expenses. Regularly review and update your budget to ensure financial stability.
• Pay Down Debt: Develop a plan to reduce your debts. Utilize strategies like the avalanche method to prioritize higher-interest debt repayment.
• Create an Emergency Fund: Open a savings account dedicated to emergency expenses. Aim to save at least six months' worth of fixed expenses for added financial security.

Long-Term Goals

Your long-term financial goals reflect your core values and aspirations. Consider the following steps to work towards achieving them:

• Consider Your Values: Reflect on what truly matters to you. Once you've identified your priorities, allocate your savings towards those meaningful long-term goals.
• Increase Retirement Savings: Maximize your contributions to retirement savings. Explore opportunities to boost your retirement funds and secure a comfortable future.
• Downsize if Needed: As retirement approaches, contemplate downsizing your home. Downsizing can reduce housing expenses, freeing up resources to enhance your retirement savings.

One crucial action to take is revising your budget to align your short-term goals with your long-term financial aspirations. By setting clear goals and utilizing the financial planning tools available through Cabrillo Credit Union and SavvyMoney, you can pave the way for a financially secure future.