Goal Oriented Saving – Goal-Oriented Saving = Financial goals, usually long-term, requiring saving in a structures, disciplined way. In this instant gratification world we live in, it’s hard to think about achieving distant goals, such as buying a house, car, or retirement. The easiest thing to do is to borrow from the future to pay for current needs and wants, aka taking on debt. Financial institutions make it so easy to borrow. Some may ask why bother saving if you can just borrow and have it now? The reason is that borrowing costs money, money that could be better spent in ways to help you improve your financial situation. It’s imperative to have clearly defined goals when you’re saving. This is a great lesson for personal finance literacy.
Learn about financial objectives, investment horizon, loans for cars, loans for college, loans for emergencies, loans for housing, measuring financial goals, personal finance, realistic financial goals, scheduled deposits, and setting financial goals.