Short Term Goals

"I think short-term goals are important. Trying to set a missive for yourself for the entire year can be daunting, and it can feel too easy to fail or fall short of that."

Carrie Brownstein

Short-term goals are objectives that an individual or organization wants to accomplish within a more condensed time frame such as two years or less. They are goals that an individual or organization sets for a project or initiative that are particular, measurable, and time-bound.

by first achieving short-term objectives, the person feels motivated and confident to accomplish long-term goals. They can also be helpful in enhancing one's life in modest but significant ways. In order to build momentum and motivation for achieving long-term goals, it is important to set short-term goals because they give a sense of accomplishment, can be accomplished relatively quickly, and can provide a sense of accomplishment.

Short-term goals also save one from instant gratification and thus helps avoid impulse purchases. It allows you to plan your purchase in the future by carefully planning your finances.

For example, if you want to buy a laptop that costs Rs.60,000. you can save Rs.5,000 per month, probably in a separate account and at end of the year, you can buy that laptop. This helps you avoid the trap of EMIs and buying things that you do not require immediately while keeping enough liquidity for those unforeseen circumstances where you might need cash immediately. Also, it avoids the impulse purchase situation wherein, after a few months you realize you don't even need to make that purchase!

For example, here is a table that includes some of purchases which can be delayed and done at a later date when you save money:

A worksheet can be made which includes all purchases you intend to make in the year and plan your savings for them! A sample worksheet is available for download with some examples to assist you in formulating your short-term plans!

DOWNLOAD SAMPLE WORKSHEET