Financial goals are specific targets that individuals or organizations set for themselves to achieve with their finances. These goals can vary widely, depending on the person’s financial situation, lifestyle, and priorities.

Some common examples of financial goals include saving for retirement, building an emergency fund, paying off debt, buying a home, starting a business, or funding a child’s education. To be effective, financial goals should be SMART, which stands for specific, measurable, achievable, relevant, and time-bound.

This means that financial goals should be clear and specific, quantifiable and trackable, realistic and feasible, aligned with one’s values and priorities, and have a defined timeframe for achievement.

By setting and pursuing financial goals, individuals and organizations can create a roadmap for their financial future, stay motivated and accountable, and make progress toward greater financial stability and prosperity.