While not the easiest thing to do, setting short-term, mid-term, and long-term goals is a must to ensure your financial future is safe and secure. Even if you do not have a specific plan in mind, you can never go wrong with saving money in case of emergencies or big-ticket purchases. In fact, having any goal at all is better than having none. This is because, without any saving efforts from your end, you tend to spend more money and even put yourself at risk of going into debt.
That being said, if you are looking for mid-term financial goals you can try out along with your short-term goals, you’re in the right place. Here are some common mid-term goals you can strive to achieve with your saving efforts:
1.) Buying a House
Even if you’ve just started saving money, it pays to set aside specific amounts for a home as early as possible. This way, you give yourself more time to accumulate savings for a down payment and qualify for a mortgage loan.
On the other hand, if you already have a home, saving money for repairs is imperative. Unexpected large repairs are part of home ownership, and it is better to plan financially for them rather than have to borrow money to pay for them.
2.) Obtaining Life Insurance
If you have a partner or children that rely on your income to live comfortably, you may want to consider obtaining life insurance. This way, in case you pass away prematurely, your loved ones will have the financial means to get on with life without too much financial difficulty.
Another policy you can consider getting is disability insurance that will cover your income should you be unable to work because of an injury or disability.
With that said, when looking for an insurance policy, we highly recommend working with an insurance licensed fee only financial advisor to find the best policy at an affordable and sensible price. Fee only advisors are not permitted to be paid commissions. Therefore, the risk of being sold an expensive policy with high sales commissions is mitigated.
3.) Paying Off Student Loans
Do you still have lingering student loans? You aren’t alone; millions of Americans still do. It should be one of your mid-term goals to pay it off. A student loan will impede your ability to save money, and the mounting interest will make your financial life a little more challenging.
As such, we highly recommend that you find a way to pay off your student loans as quickly as possible. An excellent way to do this is to refinance your loans to lower interest rates. However, note that you may lose some benefits from your student loans this way, so do a little research when looking for ways to pay off the loan.
These are just some examples of mid-term financial goals you can set for yourself. They are geared towards a brighter future for you, and they can be a great way to practice handling your money to help ensure that you are financially sound at all times.
With that in mind, if you need assistance in managing your financial situation, we highly recommend reaching out to financial planners to help you out. They will help you take control of your financial standing, ensuring that you not only maximize your current situation but secure your future financial goals!
Calamita Wealth Management offers fee-only financial planning services in Charlotte, NC, to help individuals over 50 plan for their retirement successfully and securely. Work with our certified financial planners today to secure your future!