Setting Goals and PrioritiesSetting Goals and PrioritiesMAFCU Federal Credit Union365 Boylston StreetBrookline MA 02445617-278-5600

Have You Written Out Your Have You Written Out Your Goals?Goals? If not, you are not alone. An article in

the Journal of Financial Planning cited that next to updating a current will, writing out financial goals is the least frequently performed financial task.

At every income level, there are some who attain their financial goals, and others who do not.

The Benefits of Writing Out Your The Benefits of Writing Out Your GoalsGoals

Visual and concrete Keep motivated More likely to achieve Critical part of making a solid

budget Guides the use of your money to

the most efficient outcome

Reaching Goals StartsReaching Goals Starts with a Plan with a Plan

It’s important to remember that setting up a spending plan is a process.

1. Track your spending2. Set your goals3. Adjust spending to

mirror your priorities

SMART GoalsSMART Goals A general financial

goal is◦ “I want to save for a

new house” A SMART financial

goal is:◦ I am going to save

$10,000 for a down payment on a home by setting aside $100 a week for 24 months.

Know All the Details of Your GoalsKnow All the Details of Your Goals

Example: Buying a home Good credit◦ High credit scores, low debt ratios

Savings for down payment◦ More you put down, the less expensive the loan

Can you answer all those difficult questions?◦ Where do you want to live? How much can you

afford? How long do you want to stay there? How much work are you willing to put in for home maintenance? Did you go to a first time home buyers class?

Adjust Spending Adjust Spending

Example:Example:

Getting It TogetherGetting It Together

Low Tech Pen and paper, note books, spreadsheets◦ www.financialliteracymonth.com (Step 18)

Calendars, reminders Checkbook register, wallet inserts Envelopes

More HelpMore HelpHigh Tech - Apps

*verify security safeguards, some are read-only◦ www.MINT.com◦ www.money.strands.com

DIY Manual Uploads◦ www.budgetpulse.com Online Calculators◦ www.mafcucreditunion.org/calculators-411.html

For More Info:For More Info:Personal Finance Resources BankRate.com – “basics” series Money.msn.com/personal-finance/ Money.cnn.com/pf FTC.gov/MoneyMatters SmartAboutMoney.org LifeHacker.com/personal-finance LearnVest.com - upgradable interactive GetRichSlowly.org (or other blogs)

*Make sure info is objective, ask yourself is this “too good to be true”*

Tips for Staying Motivated:Tips for Staying Motivated:

MAFCU will be here to assist you on your way

Kerri McLaughlinKMcLaughlin@MAFCUcreditunion.org

617-278-5611

Good Luck on Your PathGood Luck on Your Path