The most common priorities tend to involve retirement, buying a home, emergency funds, and for parents, having enough money to pay for their children’s education can often top the list. Everyone is different, and what may be of utmost importance to you, may mean nothing to someone else. Below is a list of common priorities and a roughly estimated $ – $$$$ value. It is only meant as a guideline to help get you started, your list may contain items that are not included here.
This may be the most important list you ever make.
1. Using the examples below as a guideline only, make a list of every financial goal that is important to you.
2. Narrow down the list to no more than five or six priorities.
3. List them in order of importance to you, with $ to $$$$ beside each, depending on estimated total cost.
4. Tackle one or two priorities to start, so you aren’t overwhelmed with changes.
Examples of financial priorities:
⦁ saving enough for retirement $$$$
⦁ buying a house $$$
⦁ buying a cottage $$$
⦁ retire early $$$
⦁ buy an income property $$$
⦁ being financially independent $$ – $$$
⦁ getting out of debt $ – $$$
⦁ starting your own business $ – $$$
⦁ help your parents / family financially $ – $$$
⦁ living in a foreign country $ – $$$
⦁ home renovations $ – $$$
⦁ saving for your children’s education $$
⦁ paying off student loan $$
⦁ go back to school $$
⦁ buying a car $ – $$
⦁ establishing an emergency fund $ – $$
⦁ travel regularly $ – $$
⦁ pay off all credit cards $ – $$
⦁ get all bills paid off $ – $$
⦁ buy new furniture or appliances $ – $$
⦁ take up an expensive hobby $ – $$
⦁ insured against disasters $
⦁ support a charity you are passionate about $
⦁ saving $___ by age ___
⦁ manage your own finances
⦁ learn about investing
⦁ be money smart
⦁ stop foolish spending
⦁ not leaving children with a financial mess
⦁ earn more money
⦁ learn to fly (define flying… ?)
⦁ other goals…
- Paying off debt should be a high priority as it places a significant strain on your ability to get ahead financially.
- Without emergency savings, credit card debt can explode, and/or retirement savings can dry up very quickly.
If your top five or six priorities are in the $$$ to $$$$ price range, you may need a reality check.
- Unless you have a very high salary and very little debt, you will have to narrow your list down to one or two of those listed.
- The list should be in order of importance, so you can focus on what really matters to you.