I recently heard a podcast where a financial advisor had said.
“People who don’t budget, simply don’t have goals.”
I hear that a lot from the finance experts—but honestly, I think it’s the opposite. I have too many financial goals. Am I the only one?
It hit me during a conversation with a friend about money. I realized the advice I give others—keep it simple—is advice I wasn’t following myself.
Here’s what I’ve learned and suggested to people around me: having clear money goals and staying focused on them is where the magic happens. So I did the work, and here are the four rules that can help you (and me) stay on track.
🔹 1. Prioritize Your Money Goals
Start by separating your goals into:
- ✅ Must-haves (essentials)
- 🤔 Nice-to-haves (wants)
For example, creating and sticking to a budget? Definitely a must-have. Paying your electric bill, likely a must-have. Getting an extra taco from that food truck. Likely a Nice-to-have.
And don’t worry—budgets aren’t supposed to be super rigid. A good budget adapts as your goals change. That flexibility is what makes it effective. Once you know if it is a must-have or a nice-to-have. You need to prioritize what you can spend.
🔹 2. Shop or Set a Target for your Money Goals
Before you start saving, do your homework. Look up average prices, compare options, and get a sense of what your goal really costs. Once you have an idea you can set a target. A target is the goal amount you are trying to save. Don’t forget this is just an estimate.
That estimate gives you something concrete to work toward—and it’s okay to revise it later.
Pro Tip: If you’re saving for long-term goals like retirement or college, consider talking to a financial advisor. They can help you fine-tune your plan and find ways to hit your goals faster.
Real Life Example:
I’m saving up for a new computer. It’s not a need—my current laptop works fine (I’m typing on it now). I originally wanted to drop $2,800 on a high-end machine, but after some honest reflection, I set a more practical goal of $1,000–$1,500. It’ll get the job done without derailing my other priorities.
🔹 3. Strategize to Capitalize on your Money Goals
Once you’ve got a goal and a cost, it’s time to build your strategy.
- Saving for something small (like a bike)? A high-yield savings account may be all you need.
- Saving for something bigger like a home or retirement?
- Ask yourself – “Will I make this purchase in less than 3 years?” if the purchase will be made in less than 3 years. Put it into another high-yield savings account or money market account (check the fees!).
- Longer than 3 years before you buy? You’ll likely need an investment strategy that aligns with your risk tolerance. Find yourself a good financial advisor or check with your bank.
Whatever the approach, keep it flexible. You can always adjust the plan as your life changes or your comfort level with risk evolves.
Real Life Example:
Well, I set my target at $1500 and because I would like to have this within the next year or year and a half. In order to meet that, I will need to know how much I need to save every month.
$1,500 divide that by 18 which equals $83. (12 months in a year, My goal is 1.5 years which equates to 18 months.)
This means I MUST save $83 a month, in order to meet my goal of purchasing a new computer. It being a short term goal, I am calling my local bank today to open a savings account for it.
🔹 4. Review Goals Regularly
Don’t just “set it and forget it.” Pick a check-in schedule:
- 📆 Weekly (for within the year purchase) or monthly ( for 1-3 years) for short-term goals
- 📅 Quarterly or annually for long-term ones
If you’re off-track, revisit your strategy. And again if your goal is 3+ years away, a financial advisor can help you manage the ups and downs without stressing out.
Real Life Example:
Today’s date is May 12, 2025. Opening my Google calendar, setting an event once a month to remind me to check in with my goal. I bet I have a computer in the next 18 months.
Wrap-Up
Setting, prioritizing, and pursuing your money goals doesn’t have to feel overwhelming. With a clear plan and regular check-ins, you’ll make real progress—and probably faster than you think. (savings interest is our friend!)
Now it’s your turn:
What’s one financial goal you’re working on right now? Drop it in the comments—I’d love to hear about it!
