Understanding how to set financial goals helps you better understand and control your income, expenses and budget. While especially bold goals can be useful, focusing on more achievable financial objectives means a better chance of success.
Achievable financial goals can still involve major accomplishments, like becoming debt-free or building a strong emergency fund. However, these goals take more realistic steps to reach the conclusion. If you have a significant amount of student loan or credit card debt, for example, it’s far more manageable to pay it off over time and in a way that doesn’t severely compromise your lifestyle or other major financial responsibilities. However, you’ll still enjoy the benefits of lower interest payments as time goes on and, eventually, reach your ultimate goal of no more debt.
Dependable and secure checking and savings accounts are a critical part of setting realistic financial goals. Savings accounts in particular provide a safe place to keep money that’s earmarked for a specific goal, whether that’s a vacation or a down payment on a new home. The importance of visibility can’t be overstated when it comes to creating, reaching for and achieving your financial goals.
Comerica Bank offers our customers the financial tools they need to monitor their money, pay bills and transfer funds, helping them reach their financial goals and then set new ones as time goes on. Check out our video that explains how to set personally relevant and achievable financial goals, and reach out to us to learn more about our Access Checking account.
