Choose Your Financial Destination
Setting financial goals allows you to realistically plan for future purchases without exceeding your budget. Start with creating your budget and then follow some of these tips to reach your financial goals:
- Write down the goals you would like to achieve.
- Place them in an area where you will see them everyday.
- Writing your goals on a mirror, setting them as your wallpaper on electronics, or taping your list to your bedroom door are all great ways to ensure that you will see them everyday.
- Start with specific short term goals.
- Create yourself “no spend days”.
- Do NOT treat yourself on these days.
- Make sure all of your goals are realistic.
Tools for Achieving Goals
Now that you have your financial goals written out, here are tools you can use to stay on track.
- Regularly look for scholarships on our website to help decrease your loan amounts.
- Create a SALT account for free with your uoregon email address for even more tips on financial goals and decreasing your debt amounts.
- Ask your department about scholarships and/or employment opportunities.
- Use this interactive budgeting calculator on SALT to figure out how much money you will have each month to spend and save.
Long Term vs. Short Term Goals
When creating your goals you will want to keep in mind the distant future and the near future. Long term goals might be saving money for a payment on a new car or a big vacation you are going on in a year or two. Setting up your short term goals would look more like figuring out who your loan servicer is and being in contact with them about repayment options or only getting three coffees a week rather than five coffees to save on money.
Study Abroad Example
You’ve been dreaming about studying abroad. Your scholarships apply toward the cost of tuition and books. Your parents agree to help you pay for housing and travel costs. You need to earn the rest for food, fun money, souvenirs and gifts. How much do you think you’ll need to save?
Goal: save $4,400 for food, gifts, souvenirs and fun money. You earn $10 per hour and can work 12 hours per week at your job.
How long will it take you to reach your goal?