We're only a few short weeks from the start of a new year and most people use the new year as an excuse to set some new financial goals. One of the most common goals is simply to manage money better, spend less, and save more. This is achieved by creating and following a budget. Controlling spending, saving money, and investing for the future are all important aspects of financial planning, but those things mean nothing if you don't have specific goals that you're trying to reach. In order to gauge your financial success, you need to have goals so that you can measure your success. The second step in personal financial planning is choosing and following a course toward long-term financial goals.
The four steps to setting financial goals:
Identify and write down your goals.
Break goals down into short-term and long-term goals.
Educate yourself.
Evaluate your progress.
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