Set Goals

You're more likely to achieve your goals when you write them down and review them regularly. These goals don't necessarily have to relate to your financial situation, but many of the goals that people set for themselves involve money.

Try this: picture yourself a year from now, five years from now, and when you retire. What do you want to be doing? What do you want to achieve? Consider the following goals:


Lifestyle Goals Wealth Accumulation Goals Financial Goals
Travel Own a house Pay off credit cards
Move into own apartment Save for children's education Minimize income tax
Take time off work Increase RRSP contributions Repay mortgage
Renovate house Become financially independent Plan estate
Take Courses Invest some money Get a will
Make a career change Retire early Protect dependants












Goals that involve money usually fall into one of the following categories:

Saving for the future,
making contributions to:
Debt repayment, including: Life events, such as:
  • RRSPs
  • TFSAs
  • Employer-sponsored plans
  • RESPs
  • Other savings
  • Mortgage
  • Credit cards
  • Personal loans
  • Lines of credit
  • Student loans
  • Children
  • Homeownership
  • Wedding
  • Work/career change
  • Pre-planned purchase (such as a boat)
  • Pre-planned expense (such as joining a golf club)

Remember, a dream becomes a goal when you set a timeline and attach a dollar figure. Use the My Saving Goals worksheet to list your personal goals, choose the three most important or time-sensitive goals (the ones you need to achieve right away, or in the near future) and write down what actions you need to take to accomplish your goals.