3-1 Milestone One_ Short-Term Personal Financial Goals

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Southern New Hampshire University *

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Finance

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Apr 3, 2024

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1 3-1 Milestone One: Short-Term Personal Financial Goals Navjyot Kaur Personal Financial Planning, Southern New Hapshire University FIN-250-X4292 Personal Financial Planning 24EW4 Phil Stucynsi March 28, 2024
2 In implementing the worksheets for my personal financial plan, I observed both challenges and opportunities in my financial situation. The Personal Financial Goals Worksheet helped me to prioritize and organize my financial goals, which allowed me to see where I needed to allocate my resources. It also highlighted potential considerations such as establishing an emergency fund and eliminating credit card debt, which are both challenges for me at the moment. The Financial Objectives Worksheet allowed me to rank the importance of my longer-term financial objectives, such as education, family, health, and retirement needs. This made me realize the importance of planning for these future needs and the opportunities it presents for me to start making necessary adjustments now. The Balance Sheet Worksheet and the Simplified Income Statement Worksheet both gave me a clear picture of my current financial situation. It allowed me to see my net worth, as well as how much of my income is available for savings and investment. This was eye-opening as it made me realize that I need to focus on increasing my income and reducing my expenses in order to meet my financial goals. In terms of specific line items, I am concerned about the amount of credit card debt I have, as well as the lack of a sufficient emergency fund. The emergency fund is particularly concerning to me, as I do not currently have enough saved to cover unexpected expenses. This is something I need to address as soon as possible.
3 Regarding my credit card debt, I do have outstanding debt that I am actively working on eliminating. I have made a plan to allocate a certain amount of money each month towards paying off this debt, and I am also looking for ways to increase my income in order to expedite the process. In conclusion, while completing these worksheets, I observed the need to address my lack of an emergency fund and work towards eliminating my credit card debt. These are my current financial challenges, but they also present opportunities for me to make necessary changes in order to achieve my financial goals. I am committed to taking the steps needed to establish a sufficient emergency fund and eliminate my credit card debt in order to improve my overall financial situation.
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