3 Steps to Setting Financial Goals

Written By Yehuda Meiteles
Jan 26, 2022

Learn about setting financial goals for a better financial future. We all have problems setting long-term goals, especially when it comes to our finances. The future seems so far away. While you might imagine we’re better with short-term planning, Americans find that difficult too.

According to a recent report from Bankrate from January 2021, 39% of Americans wouldn’t be able to cover an unexpected $1,000 emergency. That means most of us are one small mistake or repair away from financial difficulty.  

Setting Good Short-Term Goals

Setting good short-term goals is a necessary step toward a secure fiscal future. The hardest part is getting started. Americor has a few ideas on how to help you achieve your near-term goals, which will give you a solid financial foundation going forward. There’s a difference between general goals and effective goals. Most of us make plans all the time by telling ourselves “I’ll try to save more money.” These tries rarely work. Good goals are specific, reasonable, measurable, and time-bound. Instead of making a vague statement, tell yourself something like this: “In the next three months I’d like to increase my contribution to my savings by 50%.” The more specific, the easier it will be for you to imagine fulfilling your goals.

Establishing a Budget

The first goal on your list should be to establish a budget. Most of our spending is out of control because we don’t keep track of where our money goes. Write down your income, all your expenses, and allocate accordingly. Try out the 50/20/30 plan, which has proven to be an effective, sustainable budget for many consumers.

One good money goal to start with is the statistic listed in the first paragraph: try to save up an emergency fund that is—at a minimum—$1,000. Putting aside just $100 a month can get you there in less than a year. You’ll feel much more capable of reaching your money goals if you’ve got some cash in your back pocket for when your transmission blows out. Once you’ve got an emergency cushion, start allocating money toward paying off your debts. This is normally a long-term problem since credit card and student loan debts can linger for years, but you need to be thinking about these debts in the short term. Try paying off your smallest debt, then putting that payment money toward your larger debts. The more money you can focus on debts in the short term, the more you’ll save on interest over the long haul.

Focus on Spending Habits

Next, set short-term goals to rein in spending habits. Eat out less. Try to go on a spending fast. Or even take that most drastic of measures, the (literal) frozen credit card. Reduce your grocery budget by $50. Build goals that work for you. Placing measurable caps on spending can greatly increase the cash you have on hand to put toward your other financial plans.

Setting goals isn’t easy and sticking to them is even harder, but giving your bank account a secure short-term standing will make your life much easier in the long run. Financial planning can be especially difficult on your own. Call Americor to discuss how we can help you achieve your financial goals for a stable future.


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About Americor

Americor provides debt solutions to thousands individuals and families all over the country. We’re a next-generation debt relief company with a proprietary platform designed to help clients get out of debt quickly. Together we’ll develop a strategy for you to enjoy a debt free lifestyle. Learn more about how Americor can help relieve the burdens of debt today.

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We provide debt resolution services. Our clients who make all monthly program payments save approximately 40 – 50% of their enrolled debt (average of 43%) upon successful program completion, before program fees. Fees are based on a percentage of your enrolled debt at the time of starting the program and range from 15%-25% of your enrolled debt. Programs range from 20-48 months. Clients must save at least 25% of each debt due to an enrolled creditor before a bona fide settlement offer will be made. On average, clients receive their first settlement within 4-7 months of enrollment and approximately every 3-6 months thereafter from when the prior debt was settled. Not all Clients complete the program. Estimates are based on prior results and may not match your results. We cannot guarantee that your debts will be resolved for a specific amount or percentage or within a specific timeframe. We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting, legal advice or credit repair services. Our program is not available in all states; fees may vary by state. Some programs may be offered through The Law Firm of Higbee & Associates d/b/a Advantage Law. The use of debt resolution services will likely adversely affect your credit. You may be subject to collections or lawsuits by creditors or collectors. Your outstanding debt may increase from the accrual of fees and interest. Any amount of debt forgiven by your creditors may be subject to income tax. Clients may withdraw from the program at any time without penalty and receive all funds from their dedicated account, other than funds earned by the company or fees paid to third-party service providers, as may be applicable. Read and understand all program materials prior to enrolling. Certain types of debts are not eligible for enrollment. Some creditors are not eligible for enrollment because they do not negotiate with debt relief companies. To determine the offers you may be eligible for, Americor conducts a “soft credit pull.” This credit pull does not impact your credit score, creditworthiness, or ability to obtain credit from other sources. The soft pull is not a tradeline entry, it does not report against your score and will only take a few minutes.

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