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Debt Management Center

Learn all there is to know about debt, including 'good' debt and 'bad debt', how to manage debt and how to avoid facing a debt crisis.

Money Management Center

Learn how to assess your financial health and net worth and all about setting and reaching your financial goals.

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Step 1 - Setting Goals
Step 2 - Collecting Facts and Figures
Step 3 - Assessment of Financial Health
Step 4 - Realistic Goals
Step 5 - Action Plan
Step 6 - Review and Assessment


Realistic Goals

This step involves analyzing steps 1-3 in light of all of the information you've gathered, including your cash flow statement, and reworking the goals set out in step 1. If your present financial outlook is good, you may be able to run through this step in no time, moving forward to step 5 where you will develop implementation strategies. Most of us are not in this position. For this reason, this step involves some thought.

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Take every goal set out in step one and assess it's feasibility. Although you may have set a goal for yourself of saving $20,000 over the next 5 years for a down payment on a home, this timeframe may need to be adjusted if it will take 3 years of your savings to pay off all your debt. If you want to start depositing money into a savings vehicle for your kid's education fund immediately, will that work while paying off debt or automobiles, or would it be more realistic to set the start date for this goal to begin 1 or 2 years from now?

The aim of setting realistic goals depends largely on what your cash flow analysis has taught you. If you have a negative cash flow, you cannot begin to save towards your goals until you move that cash flow balance into the positive. How you are going to accomplish this will depend on your unique situation, but it must be accomplished. Where can you cut costs? Do you need to take on extra work to raise your income? Is your rent too high? Do you really need to pay for the "full" cable package, instead of saving yourself $25.00 each month? These are often tough decisions, but they are absolutely critical to planning your financial future.

The first goal that must be accomplished is to work toward a positive cash flow. It is essential that the money coming into your life be more than the money leaving your life. Make this goal number one. Once you have determined how to accomplish this, you can start to set realistic timeframes and objectives around the goals initially laid out in step 1.

At this point, you can move to step 5 where you will develop your implementation plan to achieve your financial goals.

Jump to Step 5 - Action Plan

Need help developing a plan? Let the experts help.

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