Setting the Short-Term and Long-Term Goals for Newlyweds

Setting the Short-term and Long-term Goals for Newlyweds It is important for the newlyweds to have a financial plans set up as it helps them have a focus in life and have a reason for saving money. The short-term goals would involve things that would not require a lot of money and thus would be achieved in a short time. The long-term goals on the other hand would entail things that require a lot of money to accomplish and thereby take more time to complete (McKeown, 2012). Short-term Goals The first short term goal that I would advise the couple to set is improving the outlook of their house. This would include buying equipment that they do not have but they need them. These items include things such as furniture and electrical†¦show more content†¦Deep freezer - save $30 monthly in a period of 6 months Clearing debts John’s debts - pay $125 per month in 1 year Beth’s debts – clear debt in 10 months by paying back $50 monthly Saving up funds for a rainy day – save $500 monthly Annual vacation – save $170 monthly for a period of 1 year Long-term Goals One of the long-term goals that I would advise the couple to set is building a house. They would have to decide they year they want to build the house and the size of the house they would prefer. This would help them estimate the amount they would need to save monthly. Including retirement funds as one of the long-term goals is also important. The couple should thus set a specific amount monthly to cater for this (Hallman Rosenbloom, 2003). The couple should decide the number of children they wish to have. This would help them plan for their education expenses and thereby make the burden light when they finally go to college. Setting aside a specific amount of money monthly is highly advised. I would also advise the couple to come up with a business idea that they would invest in and manage. They would therefore need to save monthly towards this course (Hallman Rosenbloom, 2003). Building a house - save $1500 monthly for the next 10 years Retirement funds - save $100 monthly until they retire Children’s college fees – save $ 500 monthly until the children have completed college Starting a familyShow MoreRelatedCh3766 Words   |  16 Pagespricing strategies. The most obvious response to the new economic realities is to cut prices and offer discounts. Thousands of companies have done just that. Lower prices make products more affordable and help spur short-term sales. However, such price cuts can have undesirable long-term consequences. Lower prices mean lower margins. 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