What are realistic financial goals?

Realistic financial goals are specific, measurable targets that fit your income, expenses, and time frame. Examples include building a 3–6 month emergency fund, paying off a specific debt by a certain date, saving a fixed amount for a house deposit, or investing a set amount each month for retirement. A goal is realistic if the required monthly saving fits comfortably into your budget after essentials.

How much should I save each month for my financial goals?

The monthly saving needed depends on your target amount, time horizon, and expected investment return. A simple rule is: Monthly Saving = Target Amount ÷ Number of Months (if you ignore investment growth). Our financial goals planner estimates the required monthly saving for each goal and shows whether your current monthly saving is enough.

Should I focus on short-term or long-term financial goals first?

In general, prioritize safety and flexibility first: 1) build an emergency fund, 2) pay down high-interest debt, then 3) work on medium- and long-term goals like a home deposit or retirement. Our planner helps you label each goal as short-, medium-, or long-term and sort them by priority so you can see where your next dollar should go.

How do I set SMART financial goals?

SMART financial goals are Specific, Measurable, Achievable, Relevant, and Time-bound. For example: "Save $9,000 for an emergency fund in 18 months by setting aside $500 per month" is SMART. Our tool guides you to define each goal with a name, target amount, deadline, and priority, and then calculates the monthly saving needed so you can track progress objectively.

How often should I review my financial goals?

Review your financial goals at least once per quarter, and whenever you have a major life change such as a new job, move, marriage, or child. Use the planner to update balances, adjust deadlines, or change priorities. Regular reviews help you stay realistic and motivated, and ensure your money plan still matches your life.

Financial Goals Planner: Set, Prioritize & Track Your Money Goals

Goal	Target	Saved	Months left	Req. /mo	Alloc. /mo	Status	Actions
No goals yet. Add your first goal above to get started.

How this financial goals planner works

This tool combines the best practices from financial planning guides (like those from Investopedia, major banks, and regulators) into a single, interactive planner. Instead of just reading about financial goals, you can:

List all your short-, medium-, and long-term financial goals.
See how much you need to save each month for each goal.
Compare the total required saving to your actual monthly budget.
Automatically allocate your monthly saving across goals by priority.

Key calculations and formulas

For each goal, we calculate:

1. Months left

We use the difference between today and your target date:

months_left = max(1, round( days_until_deadline / 30 ))

2. Remaining amount

remaining = max(0, target_amount − current_saved)

3. Required monthly saving (no investment growth)

required_monthly = remaining / months_left

4. Required monthly saving with investment growth (optional)

If you enter an expected annual return r, we convert it to a monthly rate:

i = (1 + r)^1/12 − 1

Then we solve the standard future value of an annuity formula:

FV = PMT × ((1 + i)ⁿ − 1) / i

Rearranged for the payment (monthly saving):

PMT = FV × i / ((1 + i)ⁿ − 1)

where FV = remaining and n = months_left.

How we allocate your monthly saving across goals

Many articles talk about “prioritizing” goals but don’t show you the math. This planner does:

We sort your goals by priority (High, then Medium, then Low) and then by nearest deadline.
We compute the required monthly saving for each goal.
We start with your total monthly saving budget and allocate it goal by goal:
- If enough budget remains, the goal is fully funded (status: On track).
- If only part of the required amount is available, the goal is partially funded (status: Tight).
- If no budget remains, the goal is unfunded (status: Off track).

Examples of common financial goals

Here are typical goals you might add to the planner:

Emergency fund: 3–6 months of essential expenses in cash or a high-yield savings account.
Debt payoff: Paying off credit cards or personal loans by a specific date.
Home deposit: Saving 10–20% of the expected purchase price plus closing costs.
Retirement: Building a portfolio that can support your desired lifestyle after work.
Education: Funding university or training for yourself or your children.
Short-term goals: Travel, a car upgrade, or a major purchase within the next 1–2 years.

How to set SMART financial goals

To increase your chances of success, make your goals SMART:

Specific: “Save $15,000 for a home deposit” instead of “save more.”
Measurable: You can track progress as a percentage of the target.
Achievable: The required monthly saving fits your budget.
Relevant: The goal supports your values and life plans.
Time-bound: You have a clear deadline.

The planner enforces this structure by asking for a name, target amount, current balance, and deadline for each goal.

Prioritizing your financial goals

A practical order of operations used by many financial planners is:

Stabilize: Build a starter emergency fund and cover essential insurance.
De-risk: Pay down high-interest debt (e.g., credit cards).
Grow: Increase retirement contributions and invest for medium-term goals.
Optimize: Fine-tune for lifestyle goals, early retirement, or wealth transfer.

Use the priority selector in the tool to reflect this order. High-priority goals will be funded first when your monthly budget is limited.

Frequently asked questions

What if my required monthly saving is higher than I can afford?

You have three main levers:

Extend the deadline to reduce the required monthly amount.
Reduce the target amount (e.g., smaller home, cheaper car, shorter trip).
Increase income or cut expenses to free up more saving capacity.

How should I choose the expected annual return?

For short-term goals (under 2 years), many experts recommend assuming 0% real return and keeping money in cash-like accounts. For longer-term goals, you might assume a modest return based on a diversified portfolio, but remember that returns are not guaranteed. When in doubt, use a conservative number.

Does this planner replace professional financial advice?

No. This tool is for education and planning only and does not provide personalized investment, tax, or legal advice. For complex situations or large decisions, consider consulting a qualified financial planner or advisor.

Financial Goals Planner

1. Add your financial goals

2. See your plan & required savings

Your goals