13 Transformative Short Term Financial Goals That Lead To Wealth

If you don’t currently have any short term financial goals that you’re working towards, you need to set some today. By not having any financial goals set, it can be difficult trying to achieve financial independence. Once you know of the best short term financial goals examples, you’ll have an easier time knowing what goals to have.

Kick start your journey to achieving financial freedom by knowing what are short term financial goals worth going after!

Good short term financial goals that will set you up to have a successful future.

As someone who has had success accomplishing many short term financial goals, I know of the best ones to have!

You will be learning about short term financial goals so that you can create your own list of financial goals.

This is what will help guide you in knowing what steps to take to save money, make money, get out of debt and live better!

This post is all about short term financial goals that lead to a ton of financial success.

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Transformative Short Term Financial Goals

How Many Goals Should You Have At Once?

In order to prevent yourself from getting overwhelmed with a ton of intermediate financial goals as well as short term and long term financial goals, start off with a couple of short term ones first!

When it comes to these types, these are ones in which you try to accomplish in less than a year.

That being said, aim to have at least 3 financial goals to begin with. That should be more than enough so that you can make sure you give the right amount of effort to each one.

As you complete these 3, set 3 more and so on. Once you become a pro at accomplishing your goals, you can increase the amount you decide to tackle at once!

How Do I Plan My Financial Goals?

To begin this process, you first need to know of examples of short term savings goals or examples of short term monetary goals in general.

From there, you can then decide which ones you actually want to work towards. It also helps to have a setting financial goals worksheet handy!

This worksheet will essentially keep you on track as well as help you prioritize your financial goals.

As you complete each goal, take the time to revisit your worksheet. That way you know which ones you have left to accomplish.

What Is A Short-Term Financial Goal?

Listed down below are examples of short term financial goals worth getting started on right now!

1. Read One Personal Finance Book A Month

The first short term financial goal is one that is very easy to do. And that is to read the best books about money!

Since there are so many financial books worth reading, start off by reading one book a month.

If you have no idea which ones to read first, you can check out some of the top personal finance books. These books include I Will Teach You To Be Rich, The Millionaire Next Door and The Total Money Makeover.

Some very powerful lessons you can gain from reading these books include learning how to invest in stocks, how to save money, how to make a budget, and how to track spending.

As you begin gaining knowledge from these books, you will understand why many see these as the best finance books of all time!

2. Pay Off One Credit Card

Depending on how much debt you have, it can be very overwhelming trying to figure out how to pay off credit card debt completely.

Which is why you can start your journey of paying off debt by simply tackling one credit card at a time!

Oftentimes it is best to choose the one with the highest annual percentage rate (APR). The higher the APR, the more yearly interest you will have to pay. Which greatly depends on the current balance.

By paying this one off first, you can save yourself from having to pay more money than is necessary. Allowing you to get one step closer to becoming debt free!

So rather than guessing what are some credit goals to set, start off by writing down all of your credit card debt. Make sure to include the APR as well.

Once you figure out which one has the highest APR, begin working towards paying that one off.

3. Open Up A 401K

What is a 401k and how does it work? It is essentially a retirement savings plan that is offered by certain employers.

With this plan, you invest a part of each paycheck, before taxes are deducted, into your account. Your employer then matches your contributions up to a specific amount, which varies from employer to employer.

The best way most people describe a 401k is one of many ways to make free money!

That being said, there are 401k advantages, 401k withdrawal rules, and a 401k contribution limit to be aware of. To get more information on these topics, Fidelity does a great job at explaining all of this.

By opening up a 401k and putting money in it every month, you’re saving money for future use. Even if you’re only able to invest a small amount of money to begin with, do it. As this is one of many financial tips for young adults worth doing ASAP!

Making this one of many short term savings goals that helps you in preparing for retirement way ahead of time.

4. Make Dinner A Couple Times A Month

With how expensive food is nowadays, constantly eating out really adds up. Especially if you’re doing so frequently!

Which is why being aware of delicious dinner recipes and making them a couple of times a month can you help you save money at home. If you need some simple dinner ideas, a good place to start is by purchasing cookbooks for beginners.

The best part about cooking dinner is that you can always make a bit extra. That way you can store leftovers in the fridge for later.

Just make sure to put any left over food in meal prep containers that are easy to grab for when you’re on the go!

Even after only trying this out for just one month, you will see just how much money you can save. Motivating you to keep practicing this habit so that you save money every month.

5. Spend Less On Groceries

Speaking of food, finding ways to save money on groceries is another helpful goal worth working towards!

Whether you decide to buy food in bulk or use coupons for food, make sure to do these habits routinely. You can even turn this into one of your many money saving challenges.

For example, you can start off by trying to save around $20 on your next grocery trip.

As you save money when grocery shopping and become better at it, increase the amount you plan to save.

Eventually, you will become a complete expert at spending less on groceries that you will be able to save hundreds of dollars each year!

6. Ditch An Expensive Habit

Got some expensive habits that are costing you way too much money? Then make it your mission to ditch at least one of them this month.

Let’s say you’re a college student that happens to have a bit of a shopping addiction.

Trust me, I’ve definitely been there!

One tip you can follow is to delete any and all shopping apps you have on your phone. Especially any that you find yourself spending way too much time and money on.

Another tip is to limit the amount of times you actually go out shopping. You can even take it a step further and set a spending cap for your shopping trips.

So if you find yourself in this exact position, this falls under financial goals for college students to achieve!

7. Participate In Low Cost Activities

The amount of money you can save by staying home and doing low cost activities is actually pretty insane.

As a huge introvert, this is by far one of my favorite short term financial goals that has led me to save SO MUCH money throughout the years!

At this point I even feel like an expert when it comes to knowing the different ways to save money at home. You have so many at home activities to choose from like paint your nails, build a block set, take a nap and the list goes on.

You might even discover that there are many at home activities for adults that will become part of your weekly routine.

The more money saving activities you do, the more savings you will start to see!

8. Switch To A Cheaper Phone Plan

One small change that leads to huge savings involves ditching expensive phone plans and going with something a bit less expensive.

That is where prepaid phone plans come to the rescue. Not only are these way more affordable, but they work just as great, if not better, than some of the more well known cell phone carries!

A really good option to consider that has become very popular over the last couple of years is Mint Mobile.

This is the option I personally went with and do not regret it one bit. Since making the switch, I’ve not run into any issues and went from paying $90 a month with my old phone plan to now only paying $20 a month!

So whether you go with Mint Mobile or any of the other prepaid mobile phone plans available, make sure to make the switch when you can.

9. Save $100 A Month

Whether you’re a high school student who just got their first job and are looking for short term financial goals for high school students or are already out of school and been working for a long time, make it a goal to save at least $100 a month.

If I’m being honest, this is something that is actually very easy to do. Mostly because there are so many little ways to save money!

You can do things like learn how to cut hair at home, have a mini swap clothing event with friends or if you’re in a relationship, bring some cute cheap date night ideas to life. The more money saving tips you do, the faster you will hit the $100 goal mark.

Being consistent with this specific goal can eventually lead to you increasing the amount you save. That way you can start saving thousands of dollars every year!

Which can really make a difference, especially if this is one of your long term financial goals.

10. Incorporate Reusable Items

If you haven’t started using reusable items just yet, let me tell you that these items are a HUGE game changer!

Getting rid of one time use items and switching over to the many money saving items available, like reusable kitchen items or reusable personal hygiene products, is a habit that many see as the best way to save money.

When you use reusable products, the more the merrier. What I mean by this is that as you continue to use more and more reusable items at home, and the more frequently you do so, the more savings you will see!

One place I personally get my items from is actually on Amazon.

Shopping on there has helped me find so many affordable Amazon products that will save you money as the years go by.

11. Put Money In A HYSA

Need a way to invest money to make money that doesn’t require a lot of risk? Then consider investing in a high yield savings account!

If you aren’t already aware, a high yield savings account (HYSA) is one of many types of savings accounts that pays a much higher interest rate compared to a traditional savings account. The more money you have in this type of account along with it having a high annual percentage yield (APY), the more money you make.

Stuck wondering, what is the most popular high-yield savings account? There are actually a few that many people favor, each for different reasons.

Some of the top high yield savings accounts include Capital One 360 Performance Savings, CIT Bank Platinum Savings, and Barclay Tiered Savings Account.

If you happen to only have a traditional savings account, then consider moving most, if not all, of your money into a HYSA!

12. Track Your Spending

Not ready to learn how to make a monthly budget just yet? Then a really great financial goal that you can use as a stepping stone is to track your spending.

Doing so helps you see just how much money you are spending every month. As well as on what.

One of the best ways to go about doing this is by using a monthly expense tracker. If you don’t want to go through the hassle of creating an expense sheet, I have one available that is easy to fill in!

As each day goes by, make sure to write every single expense down along with the total amount. At the end of the month, add it all up to see what the total is.

From here, you can see where you need to reduce spending money so that you can instead put more of your money into your savings!

13. Create A 3 Month Emergency fund

Why do you need an emergency fund? Having an emergency fund allows you to have a financial cushion to live off of should an unexpected emergency arise.

I typically recommend having, at the minimum, 6 months worth of money saved up for your expenses. But if you want to start an emergency fund, begin with saving at least 3 months worth of money for your bills.

Using the many clever ways to save money will make accomplishing this specific goal incredibly easy!

Just make sure that when you do hit your goal, that you don’t touch this money whatsoever. Only use this money towards emergencies.

This will look different for each person. However, some common unexpected emergencies include things like losing your job, car repairs, home repairs, and medical emergencies.

This post was all about transformative short term financial goals that put you in a better financial situation.

You no longer have to wonder, what are some short term financial goals?

Trying to accomplish any one of these goals will instantly put you on the right path towards financial wealth!

That being said, be aware of any conflicting goals that may be getting in your way.

Identifying conflicting goals is part of the planning process and is something you need to do to set yourself up for success!

If you found even the tiniest bit of information from this post helpful, just know that it was made simply for you.

13 Transformative Short Term Financial Goals That Lead To Wealth