Most people tend to spend more than necessary if they are not working towards specific financial goals. When there are unexpected expenses or emergencies, they often find themselves short on cash, and this can lead to a challenging cycle of debt. Goal-setting is a crucial first step towards proper financial planning. Your short-, mid-, and long-term goals are important if you want to be financially secure, helping you avoid the stress of dealing with overwhelming debt. Whether you’re saving for a home, planning a vacation, or preparing for retirement, establishing financial goals in advance offers the freedom to enjoy life’s little pleasures. With proactive planning, unexpected expenses become less daunting, and you’re better prepared when extra funds are required. Types of financial goals It can be pretty unnerving if you think about a lifetime’s financial goals altogether.. Categorising them into short-, mid-, and long-term goals can make it clearer and less daunting....