Establishing financial independence is a rewarding feat, which is why most of us are constantly looking for ways to stand on our own feet. However, reaching financial security in today's age takes some time, patience, and effort. This is why you should set short-term goals to help improve your finances.

Things like learning budgeting, saving money, investing, and even debt payoff can motivate you to go for longer-term goals like saving for retirement. Keep reading this article to learn more about short-term financial goals.

Short-Term Financial Goals You Need To Set Right Now

As we said, setting short-term financial goals can help motivate you to reach the bigger financial goals you have. But the thing about making a goal is to make sure you are making SMART goals – which are goals that are specific, measurable, achievable, relevant, and time-bound. To help you out, here are five short-term financial goals you should set to achieve in about 1-3 years.

Saving For A Special Occasion

When it comes to saving money, it becomes easier when you have a special reason to save. Whether it is a big birthday coming up, a family vacation, or even a wedding, saving some money for special occasions should be a short-term goal for you. Just make sure that you have a specific event in mind – like taking a vacation in the next year. Having this time-specific goal will encourage you to start setting aside money as early as possible.

Saving For A Big Purchase

Another short-term goal you should set is saving money for a big purchase in the near future. Whether you want to purchase a car or put a down payment on a house, saving money as early as possible is the best choice.

The best way to do this is to set aside any extra money you get – like bonuses, raises, or money given as a gift – and save it for your purchase. You should also set up a high-yielding savings account to put your money in so it makes you even more money.

Pay Down Credit Card Debt

Debt payoff is a great short-term financial goal that we should all have. Any time you can pay off your credit card debt – which is usually one of the leading causes of debt – can help you get on a good financial path.

If you want to get your credit card debt paid off soon, you should sit down and take a look at all of your credit card debt. If you have more than one credit card debt, you can use either the snowball method and pay the smallest balance first, or the avalanche method to tackle the highest-interest debt.

Cutting Unnecessary Spending

Have you checked out your expenses and realize you have a lot of unnecessary spending? A great short-term financial goal would be to cut your unnecessary spending this year. And when we say unnecessary spending, we mean spending on things that you can live without.

This includes things like eating out at restaurants, going out, shopping in excess, and so on. To get you started, try cutting down on just one of these areas – like ordering food – at first. Then little by little you can cut down on other areas.

Sticking To A Reliable Budget

The last short-term goal you should achieve is sticking to a reliable budget. The thing about budgeting is your budget will change. Just as your income fluctuates or the price of things fluctuate, your budget will need to change as well.

However, you want to set up a budget that you are able to follow long-term. Start by getting to know your expenses and come up with a budgeting plan that can work for your necessary expenses. It is worth investing the time to make sure your budget works for you.

What If An Emergency Strikes? Know Your Loan Options

While these short-term goals are good goals for you to set, what happens if an emergency hits and stops you in your tracks? Well, you can come to Alabama Title Loans, Inc. for help!

We offer either a title pawn or a payday loan to help you get the quick cash you need. And if you are approved for either option, you can get the money on the same day or on the next bank business day. Here is what you need to find out if you qualify for either option.

Car Title Pawns in Alabama

A title pawn can get you up to $15,000 when you use your vehicle’s lien-free title as collateral. To figure out how much you could get if you are approved, we will have to inspect your vehicle because we use the vehicle’s condition and resale value to help us.

The good thing is you don’t have to come to the nearest store to do the vehicle inspection because we can meet you anywhere else you’d prefer. Here’s what you need to supply in order for us to determine if you qualify for approval:

• Your driver’s license or state-issued photo ID.
• The lien-free title to your vehicle in your name.
• Your matching vehicle for a quick inspection.

Payday Loans in Alabama

Now, if you can’t get a title pawn because you don’t have a car, you don’t have to worry. We here at Alabama Title Loans, Inc. also offer payday loans, which bridge the gap between pay periods when you really need quick money.

With payday loans, you can receive up to $500 – which we base off of your income and ability to repay. Like title pawns, we don’t require you to bring in a lot of items to find out if you can get this loan. Here’s what you need to supply in order to move through the process:

• Your driver’s license or state-issued photo ID.
• The most recent pay stub as proof of your income.
• An active checking account in your name.

Set Your Financial Goals Right Now!

When it comes to financial goals, it is important to start with smaller goals and work your way toward bigger ones. And setting these goals above will help you get started on fixing your finances.

With these tips on things like budgeting and saving money, you’ll be on your way to having stable finances. And if you run into an emergency, remember we here at Alabama Title Loans, Inc. offer you title pawns and payday loans. Fill out the online form now to get started.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.