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Setting Financial Goals: Education and Evaluation

By Erik Folgate

On Monday, we focused on identifying your financial goals and breaking them down into short-term, medium-term, and long-term goals. Remember, making the goals attainable and properly categorizing them is the key to making financial goals that you can achieve. The next two steps are educating yourself about your goals and evaluating or tracking them.

Education: With the age of the internet, there are endless sources for educating yourself about personal finance. Hopefully, this site educates you a little bit about some personal financial issues, but my hope is that you are inspired to learn more about personal finance and be a better manager of your money. One great site to be exposed about many of the great personal finance blogs on the internet is PF Blogs. Also, check out my post about the best personal finance books that you need to read.

Evaluation: On Monday, I spoke about Mvelopes.com, and how I am exploring it. You don’t need to use Mvelopes, but I would strongly suggest using a financial software package to track your goal progress. If one of your goals is to cut your consumer debt in half, you can also just set up an excel spreadsheet to track your progress. The point is that you can’t set a goal and just guess about how well you are accomplishing it.

If you are curious about what financial goals some of the prominent personal finance bloggers have set for themselves this year, check out this article from Consumerism Commentary about goals for bloggers around the web.

Erik Folgate
Erik and his wife, Lindzee, live in Orlando, Florida with a baby boy on the way. Erik works as an account manager for a marketing company, and considers counseling friends, family and the readers of Money Crashers his personal ministry to others. Erik became passionate about personal finance and helping others make wise financial decisions after racking up over $20k in credit card and student loan debt within the first two years of college.

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