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Setting the Short-Term and Long-Term Goals for Newlyweds

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Setting the Short-term and Long-term Goals for Newlyweds

It is important for the newlyweds to have a financial plans set up as it helps them have a focus in life and have a reason for saving money. The short-term goals would involve things that would not require a lot of money and thus would be achieved in a short time. The long-term goals on the other hand would entail things that require a lot of money to accomplish and thereby take more time to complete (McKeown, 2012).

Short-term Goals

The first short term goal that I would advise the couple to set is improving the outlook of their house. This would include buying equipment that they do not have but they need them. These items include things such as furniture and electrical appliances. They would do a research on the prices of the gadgets in the market and thereby be able to note the specific target in terms of money. They would then set the amount that they should save monthly towards the furniture and electrical appliances (Hallman & Rosenbloom, 2003).

The couple should also target at clearing all their financial debts. They should set aside a specific sum of money monthly to pay these debts. After clearing their debts they should then save up money, which they can use, in case they face a financial problem. This would help them avoid getting into debts in the future (Hallman & Rosenbloom, 2003).

They should also save for their annual vacation. This should be done throughout the years since each year they will be saving for that year’s vacation. Each month therefore after deciding the place they will go for vacation and the length of time, they will then do a research on the costs they will incur and divide it amongst the 12 months in order to have a clear figure of the amount they will need to save monthly (Hallman & Rosenbloom, 2003).

Furniture1. 4 Dining chairs - save $100 monthly...

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