Ask the Readers: What Are Your Short-Term Financial Goals?

By Ashley Jacobs on 7 January 2014 73 comments

Editor's Note: Congratulations to Megan, Nicholas, and Thomas for winning this week's contest!

When it comes to financial goals, most of us share the biggies: paying off loans and credit card debt, saving for retirement, building up an emergency fund, and the like. But what about the short-term goals that are more specific to your wants and needs, like a new oven or a vacation fund or a bag that you've been eyeing for ages?

What are your short-term financial goals? Do you have a game plan for reaching those goals? How long do you think it will take?

Tell us about your short-term financial goals and we'll enter you in a drawing to win a $20 Amazon Gift Card!

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73 discussions

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Guest's picture

Short term, we are making sure that all the bills are covered, our emergency fund is funded, and saving for vacations for our family -- we love to travel together!

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Mary Happymommy

To pay off my car.

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Mary C

My Short Term Goals is to Crush my Student Loans! Put as much as possible into paying down that debt.

Guest's picture

Short term financial goals are: establish a more concrete monthly budget and monitor it

Pay down 2 Credit cards every month by paying at least double the minimum (while taking advantage of no interest).

Establish and work toward a savings amount for upcoming vacations to avoid credit card usage.

Figure out the best savings option for me, potentially a CD, to acquire the most amount of money through interest, while maintaining an alternate savings account that will serve as an emergency back-up in order to avoid needing money from the CD.

Guest's picture

Open a retirement account within the next 4 months!

Guest's picture

My washing machine has been broken for about two years now, and I would love to find a way to replace it this year. I have a very small saving account that I contribute a few dollars two every two weeks. My plan for the money has always been to put it toward my final car payment, but that won't be for another few years! I'm now thinking it would be more of a benefit, and a much faster goal, to allocate that money to a new washer, which I have wanted for so long!

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Della A. Beaver

My Short terms goals:

1. Save $930.00 in January.
2. Tithe to my church $300.00 in January.
3. Spend only 50% if my clothing allowance in January.

Guest's picture

I'm saving up for a trip to Costa Rica with my sister for our birthdays in May.

Guest's picture

Our short term goal is to sock away some extra money for a vacation in May. We are going with our daughter and son-in-law (and grandkids) to Mexico for a week. They are providing our lodging, and we have already paid for our airfare. So now we are saving for meals, excursions, etc.

Guest's picture

My short term goal is a sewing machine. I don't really know how to sew, so I want to get a good used one at a yard sale. Maybe I will find one this Spring or Summer.

Guest's picture

My short term goal this year is to get 6 months expenses put away in savings. Already about 1/3 there, so it should be attainable.

Guest's picture

My short term goal is to save money for a new car

Guest's picture

We'd like to get another CD going for our downpayment fund.

Guest's picture

My short term goals are to save for a vacation to Peru this summer (mostly there!). I also have a few weddings to attend this summer that will require travel and I'm saving up now so that my budget won't be surprised when they get here.

Guest's picture

I define short term as 1-5 years. In that time, my goals include saving for retirement, college for the kids, and a large vacation for the family. Another goal is to pay down the mortgage faster. While it may sound like a lot, I do this in several ways. Monthly, I automatically put aside money into various accounts to cover each of these goals. Weekly or more frequently, I monitor the accounts where the money is deposited. By starting with one account and having that money sent from there, I have better control and flexibility with the money and can monitor the payments.

Several times a year, I review a chart that I made to monitor semi-annual and annual expenses. I do this to ensure that these expected expenses do not derail my plans. I also do this to check on the vacation savings. At least quarterly, I monitor the investment accounts and emergency accounts that I created.

The important pieces to this plan are to start and make it automatic. Set it on autopilot and monitor the plan so you can adjust it. I am able to see my goal and where I am on that scale. Then, I can adjust my savings or my goal based upon changing priorities.

Guest's picture

My short-term goal is a new couch!

Guest's picture

I don't know if this is a short term goal but I would like to clear up some debt in my name such as student loans. I have to create a budget to take care of this debt as well as everyday expenses.

Guest's picture

Save up an emergency fund by setting aside money each month for the next year.

Guest's picture

I got an 18 month interest free loan for a healthcare need, but I'm trying to pay it off in 16 months or less. 6 months to go!

Guest's picture

Our Short-Term financial goals are to make it until tax returns come back. Not a very lofty goal but that's what has to happen right now.

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Laura Jacobson

My short term goal is to build a savings account that would pay for a month of bills, or unexpected repairs on the home.

Guest's picture

Being recently divorced, it's been a struggle getting back on my financial feet. I will save $1000 towards an emergency fund this month!

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my short term goals are to open another savings account and another retirement account hopefully by the end of the summer

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My goal is to fully contribute to my Roth for 2013. I have in the past, but with added expenses and the slightly higher Roth limit I'm not sure I'll be able to.

Guest's picture

To be financially independent!

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I'd love to pay off another cc!

Guest's picture

To consistently put 10% of my paycheck into my retirement before I turn 30.

Guest's picture

my latest short term goal is rebuilding my emergency fund after an unexpected spell of underemployment demolished my savings.

Guest's picture

My short term goal is to save 300.00 to attend a conference in May. I need to have the money saved by March in order register. I have 75.00 saved thus far, with plans to put another 50.00 toward it on the 15th. It's a small goal, but significant in that the possibility of attending the conference is pushing me ahead toward other career goals.

Donna Freedman's picture

My partner and I are saving to pay for two things with cash: a new washing machine and a new car.
For the washer: Every time we do laundry we put two dollars into a jar. Every so often we bank the result.
For the car: He pays for the gas. I put half that amount into a separate online account, and also put in my half of the insurance.

Guest's picture

6 Monthes till freedom from student loans! Good Bye $23K

Guest's picture

I hope to buy an engagement ring.

Guest's picture

My main short-term financial goal is to pay off my student loans. Right now, I'm on track to get that done in about 3 years barring any unforseen financial set backs.

Guest's picture

My short-term goals are to find a job so I can pay off my credit card debt and continue to crush my student loan debt. Everything is at a standstill and I hate it. I'm also adding that I'd like to commit to building my emergency fund, starting a Christmas club and get more job skills.

Guest's picture

Short Term: Getting the Credit Card paid off, and not racking up a monthly balance ever again :)

Guest's picture

Save for taxes, pay down credit cards!

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Ernest S.

Saving up for a vacation to Europe this summer. I have the mileage for the plane tickets, but I want to make sure that I have enough for lodging and meals.

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Jennifer Marie

I want to start a savings for my kids' college funds.

Guest's picture

Short term, I would like to pay off our car before the end of 2014.

Guest's picture

I am in need of a car! I have been without now for about a year. Public transportation is nice, but hard to do with a child and our needs.

Guest's picture

Start doing an automatic transfer to my 3 girls college savings from every paycheck

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Rea Liz

My short term goal is to pay off my credit card!

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File my taxes early and save my entire refund!

Guest's picture

I currently have two short term goals:

1 To save up to buy a couple of good-quality items for my professional wardrobe.

2. To max out my Roth by April and to start saving for next year's roth contributions. I want to get to the point where I simply plop $5500 into my roth every January 1.

Guest's picture

Two short-term financial goals I've got are to re-build my savings account (to increase my cushion and plan a trip to the UK) and increase my contributions to my 401k. To accomplish these goals, I've got a plan in place to save a little bit more money by cutting back on unnecessary spending and to also increase my income a bit by taking on extra work. So I should be in business in about 6 months or so.

Guest's picture

My 1st short term goal is to have a no spend month, where I only pay bills and buy necessities~ or preferably a couple of months. My medium short term goal is to save for a trip to Italy~ Short term meaning in the next 2 years. I've been saving extra money that comes in... refunds, stock dividends, rebates.

Guest's picture

Short time goal is to fully pay for the house renovation we are doing this year.

Guest's picture

My short term goals for the next six months:
1. With my next month's paycheck, I will pay off my remaining student loan balance of $3k. After that, I will be free of years and years of credit card and student loan debt.
2. In March, I will begin putting 15% of my salary into my employer's retirement fund.
3. In April, I will start adding more into my emergency fund each month, with the aim to put a total of $12k over the following months.

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Sally johnson

I am retired on fixed income. My goal is to pay for my son's community college education, tuition plus $1200 monthly expenses, solely out of my monthly cash flow. My commitment to him is for one year. It is a stretch but I am challenged to try!

Guest's picture

My short term financial goals are:
1. Increase the amount I save every month.
2. Make extra payments on my mortgage.
3. Don't use credit cards to tide me over at the end of the month.

Guest's picture

I have two short term goals this year-- (1) to pay off my smallest student loan (2) save for an amazing vacation to the USVI this coming fall

Guest's picture

My short-term goals are to start saving again this year and to add a little more to each monthly payment of my lowest balance credit card to finally get that annoying thing paid off! These are things I can start doing right away and, hopefully, I will have at least $1,000 saved by the end of this year and that credit card will be paid off in six months max.

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Margaret Davis

My short term goal is to catch up to being current by selling things and cutting un-necessary services.

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Rebecca B. A. R.

My short term financial goals are that we get all of our bills paid, and are able to pay for the needed car and house repairs, as well as our two dogs' annual vet appointments. I would love to be able to pay on our school loans and pay back my parents and my grandma on personal loans (more than just $25 a month, that is), not to mention save for an emergency fund as well as retirement, but that doesn't look good anytime soon.

Guest's picture

My short-term financial goal is to have my 4 kids school tuition covered before the next school year starts. We usually pay them on a monthly basis but we have set a goal of paying registrations and the full tuition amounts by June.

Guest's picture

to increase my emergency fund by $10,000 this year

Guest's picture

My short term goal is to open a savings account and save up 6 months expenses. I am planning on getting a second job on the weekends this summer and just putting the money towards that.

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Rachel S

If "short-term" means one year, then my goals are to keep an extra $2000 in my checking account every month and save at least 2 months of monthly expenses in my savings account.

Guest's picture

To be debt free by the time I'm 30 (in July), to build my net worth over $20k in 2014, and to save 6 months worth of wages in an emergency fund.

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Happy Love

I want to pay off our Lowe's extended financing balances before we owe interest. We're past the midway point of a major home construction project so avoiding interest will save us big money.

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Alissa A

Pay down my g!

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J. Pario

I want a Mac!

Plus I want to start investing for passive income.

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Judy S

To go on vacation!!

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This year I want to get 3 months worth of expenses into our emergency fund.

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Short term goal is to save up for a family vacation to Disney World!

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My short term goal is to get all my 2013 finances organized, file them and do the initial prep work for taxes.

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prathee chandar

Reduce $50 from our monthly spending

Guest's picture

Right now I'd like to focus on building back up my savings account after buying a house. It'll probably take at least six months to be where I want to be.

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Amanda Sakovitz

to spend less on groceries through couponing.

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Kristine R.

Short term I just like to keep enough in an emergency fund that is at least 3 mortgage payments + bills in case something were to go wrong.

Guest's picture

Paying off as much as possible of the big debts and increasing retirement savings.

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Tabathia B

To pay off our short term debt, save enough for security deposit to move, take the kids on a summer vacation (beach or WDW) and have a repair emergency fund

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Thomas Murphy

I want to save up to go on a cruise.