by Sadaf Ahmad

Created on: September 13, 2010

For every financial goal you identify, you need to ask yourself – What financial resources of abilities would it take to make this goal a reality? Write down your answers to this question, being as specific as possible. You may need to do a little research to make sure you set realistic targets.

No matter what you want to achieve, I strongly suggest you put these two ‘musts’ on your list:

* A fund for financial emergencies

* Financial independence and security in your sixties, seventies, eighties, and beyond.

A financially secure future should be on the top of every woman’s list of long-term goals. Meanwhile, an emergency fund can rescue you if your income fluctuates a lot or if you get budget-busting bills. And having this cash reserve will take away a lot of the tension every job-holder feels in today’s downsized work environment.

Your emergency fund should be big enough to cover at least one month’s living expenses. If you’re especially worried about losing your job, a minimum of two months worth would be better. And if a job search in  your situation might take longer, three months’ worth of living expenses would give you a better cushion.

* START MAKING YOUR DREAMS AND GOALS PART OF YOUR LIFE

Now it’s time to begin turning your goals list into an actual plan. Select a financial goal that you'll focus on (for now) from your short-term list and another from your long-term list. If you have a hard time choosing, begin with establishing or building up a cash cushion for emergencies and a fund for your retirement years.

* Think of one step you could take this week to move toward your short-term goal, and write it down, even if you're not quite sure yet how to accomplish it.

* What step could you take to get started toward your long-term goal? Even though achieving this goal may be many years or even decades away, it will be easier to reach your destination if you focus on it and start working towards it now.

* To reinforce your commitment to these goals, share your list with your partner, a close friend, or a money mentor. Together, brainstorm ideas that could help you accomplish the steps you propose to take toward these goals.

* When you take these important first steps, reward yourself by doing something you enjoy.

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