Do you want to accomplish any shorter-term monetary goals? We think it’s a good idea to have some kind of financial objective in mind at all times. It’s one of the best ways to plan for the future and keep your money in order that we know of.

The majority of the questions we get at Addition Financial are about financial planning. When people come to Investopedia with questions like “What are some good short-term financial goals to set for myself?” we typically point them in the direction of our article on how to set financial goals.

Wow, such a great enquiry. Members of Financial orgaisations were recently asked to a meeting to talk about their financial goals. Many of the things we heard might also be considered short term financial goals, while others pointed to more far-reaching plans.

Start a savings account for your first house.

For the foreseeable future, our top priority is saving up for a home down payment. Several folks in our discussion group brought this up. There are several benefits to becoming a homeowner, and the first step is saving for a down payment.

Generally speaking, a down payment equivalent to 20% of the property’s price is considered to be appropriate. This strategy might help you save money on your mortgage interest payments. Several options are available to help you achieve your short-term goal of saving for a down payment:

  • Pay off as much of your high-interest debt as possible.
  • Trim the fat off your budget by cutting down on extravagances.
  • Consolidating your insurance policies into one with a single provider may save you money.
  • Start putting away money regularly into an account that earns a high rate of interest.
  • Save a portion of your raises, bonuses, and other unexpected financial gains.

The Insured Money Market Account offered by Addition Financial is ideal for first-time homebuyers setting aside funds for a down payment.

Save up for a family vacation.

Maybe you and your loved ones won’t get around to taking that once-in-a-lifetime vacation until 2023. Quite a few of our participants have shown an interest in setting aside funds for travel, destination weddings, and car purchases. 

Get started investing.

Investing your money is a great way to prepare for retirement, but the intricacy of the topic may be intimidating to some people. It makes great sense to focus on the first steps required to start the process as a short-term target. Some suggestions are as follows.

Making or reviewing a home budget will help you figure out how much spare cash is available for investing.

Think about your comfort level with uncertainty. Some people can handle the volatility of the stock market, while others would prefer invest their money somewhere more secure. Individuals who are younger and farther from retirement age have more leeway in their asset allocation strategies.


Choose a financial tool to use as a benchmark. You may utilise a robo-advisor, sign up for a 401(k) plan via your employer, or open an IRA to obtain advice on which stocks to buy. You may keep the ball rolling by setting additional short-term and long-term goals after you’ve achieved your first investment goal.