Medium-term goals are set to be between short-term that can be achieved and long-term goals that needs long periods to be achieved.
What are the types of goals we are talking about?
Usually, achieving goals start after graduating from University and having a job.
Medium-term Goals:
- Buying a house
- Marriage costs
- Starting a family life or having a baby
- Repaying student loans
- Traveling
- Starting another career
- Starting a business
With any goal you want to achieve, you have to know what you are aiming for, select what you want to do and put a specific amount of money needed.
Process medium-term goals
Put a list for your goals, achieve the first one, and then move to the second.
Consider the importance of each goal and the schedule of your goals,
Is there something you want to do more than the other? What goal do you want to do in two years?
What is the goal that you want to do in five years? Use this question to determine your priorities.
Keep your savings
Saving money for medium-term goals is difficult; you can have your own emergency fund that you may use.
Mid-term savings should be easy to access, and don’t put money in a deferred account because you will be fined for accessing your savings.
Consider a high interest rate savings account so that you can access your money without fines.
There is another way to save for all goals at the same time, open a savings account for each goal and spread your money between accounts.
Think about your schedule and risk management
Since the medium-term goals schedule is shorter than the retirement plan schedule, you must manage your risks carefully. You need to balance between protecting your savings to accumulate and getting a little growth and offsetting inflation.
There is a long time between now and retirement, start saving for your medium-term goals to live your financial life without worrying.
