my financial goals essay

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Financial Goals: Definition and Examples

Financial goals are the monetary targets you strive to hit, such as saving for a wedding or eliminating student loan debt.

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Money drives many decisions that we make day to day. Setting goals can help us take control and feel more confident about those decisions.

Ready to get started? First, learn what financial goals are and why they’re important.

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What are financial goals?

Financial goals are the personal, big-picture objectives you set for how you’ll save and spend money. They can be things you hope to achieve in the short term or further down the road. Either way, it’s often easier to reach your goals if you identify them in advance. (If you need to take a couple steps back, see the definition of finance .)

Examples of financial goals

Think about what’s important to you as you begin to set goals. It’s normal to have several goals, and for them to change over time.

Examples of financial goals include:

Paying off debt.

Saving for retirement.

Building an emergency fund.

Buying a home.

Saving for a vacation.

Starting a business.

Feeling financially secure.

Your goals will be influenced by whether you're managing money as a single person or working with a partner toward milestones.

>> MORE: Some financial goals for college graduates to consider as they start their first job.

Why financial goals matter

Having financial goals can help shape your future by influencing the actions you take today. For example, say your goal is to pay off a colossal credit card bill . You might cut back on takeout dinners and use the money you save to make extra payments instead. Without establishing that goal, you’re more likely to continue spending as usual while your debt piles up.

Like all expenses, financial goals should be included in your budget . That way, you can take concrete steps toward reaching them while leaving room for other costs. Plan out how much time it will take to reach each goal and how much money you’ll need to contribute within that period.

Identifying goals and creating a realistic plan for them allows you to track progress and can motivate you to keep going. Even if you fall short, you might develop some healthy money habits along the way.

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How to Set Financial Goals

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How to Set and Achieve Financial Goals

Home » Financial Literacy » Budgeting & Saving » How to Set and Achieve Financial Goals

If you want to buy a new car or climb Mt. Everest or retire to a yacht, there’s one sure way to not get there.

Wing it. Don’t have a plan or set goals. Count on luck or a guardian financial angel to get you through.

OK, we’re joking. Good luck with trying to wing it.

“If you don’t know where you are going, you will probably end up somewhere else,” famed economist Lawrence J. Peter said.

Reaching your financial goals takes planning. You can do that on your own or get help from a certified counselor. Whichever you choose, you need a SMART (Specific, Measurable, Achievable, Relevant and Timely) strategy.

It can be done. Here’s how.

What Are Financial Goals?

Remember the saying, “I’m just waiting for my ship to come in,”? Financial goals are like little ships. They are savings, investment or spending targets you hope to achieve in a set amount of time.

The stage of life you’re in usually determines what type of goal you wish to achieve. For instance, high school students aren’t too worried about having enough retirement income. They have short-term goals, like making enough money to buy a pair of Air Jordan sneakers or a used car.

A person with a growing family would have more long-term goals, like buying a house or saving money for their kids’ college education.

Types of Financial Goals

Setting a specific goal largely depends on when you need to reap its benefits. Those time frames are pretty simple.

• Short-term goals. These can be reached within a year and are for relatively smaller things, like buying a computer or TV or paying for a vacation or setting up an emergency fund.
• Mid-term goals. These can be done short-term but often take up to five years. Examples would be paying off credit cards or loans and saving for down payment on a house.
• Long-term goals. These take much longer than five years to reach. They are things like paying off a mortgage or student loans and funding a retirement plan.

Examples of Financial Goals

Consider sticking to these 10 goals to help relieve yourself from financial difficulties.

1. Make a budget

You can set the greatest goals possible, but it’s pointless if it’s not grounded in reality. Listing your expenses and income gives you a clear grasp of what you have to work with. A credit counselor can show you  how to create a budget  and come up with a reasonable plan to achieve your goals.

2. Pay off credit card debt

Credit cards are to financial health what icebergs were to the Titanic. The interest rates can cost hundreds or thousands of dollars a year. A  debt consolidation plan  often provides a way out of the  credit card debt muck. A counselor can explain how such a plan works and help you decide if it’s right for you.

» Learn More: How Much is Too Much Credit Card Debt?

3. Start an emergency fund

Financial disasters like losing your job or a medical crisis always lurk. You need enough money in an  emergency fund  to cover three months of your regular living expenses, like housing, food and transportation.

4. Save for retirement

You want to live out your golden years in comfort, not poverty. That means you need to  figure out how much you’ll need  and set aside cash every month to grow an investment portfolio. It’s not as exciting as buying a new car now, but it’s better than eating a can of cold beans when you’re 85.

5. Save for college

Going to college costs an average of $35,551 a year in 2020. That’s pricey, but it’s often worth it if you get a meaningful degree. College graduates typically earn 66% more than people with only high-school diplomas. A counselor can help you  understand how to afford college .

» Learn More: How to Save Money for College Tuition » Learn More: Budgeting Tips for Young Adults

6. Save for a down payment on a home

The real estate market fluctuates, but owning a home is almost always a good long-term investment. Down payment requirements vary, but 20% of the total cost is a good goal and will spare you having to pay mortgage insurance.

» Learn More: Pay Off Debt or Save for a House?

7. Improve your credit score

Whether it’s buying a house, a car or anything that requires a loan, the better your  credit  score, the less you’ll have to pay in interest. A  good credit score  can save you thousands of dollars on a major purchase.

8. Pay off student loans

The average federal student loan debt was $37,358 in 2022. The Biden Administration attempted to forgive much of that, but it’s unclear whether student debt relief  will be approved by the courts. In the meantime, refinancing or  student loan consolidation  are money-saving options on certain loans.

9. Start a business

Starting a business is a tough, but ultimately fulfilling endeavor. Who doesn’t want to be the boss? You will need to create a business plan, find seed money, and stick to a monthly budget. Starting a business is meant to make money, not hemorrhage your own.

» Learn More: Steps to a Successful Business

10. Do something good for yourself

Let’s face it, most goals aren’t fun to talk about. It’s good to have one that feels like a reward, like buying a boat or 80-inch TV or a cruise. Striving for something fun also reinforces the diligence and self-discipline required to reach all those other goals.

• How To Set Financial Goals

Whether you do it yourself or rely on professional help, here are six steps to setting financial goals.

• Figure out what matters to you. Consider everything, from the practical and pressing to the whimsical and distant on the table.
• Sort out what can be quickly achieved, what will take a bit of time and what will be a long-term project.
• Apply a SMART strategy. That stands for Specific, Measurable, Achievable, Relevant and Timely.
• Create a realistic budget. Get a strong handle on what’s coming in and what’s going out, then work it to address your goals. Use your budget to plug leaks in your financial ship.
• Hopefully, your tough, realistic, water-tight budget will show at least a handful of leftover dollars. Whatever that amount is, have it automatically directed into a separate account designed to address the first couple of things on your list of priorities.
• Monitor your progress. Make sure what you’re hitting your benchmarks. If you’re not, pause and evaluate what’s going wrong.

How To Achieve Your Financial Goals

Make a plan that prioritizes your goals. When you examine them, you’ll discover some are broad and far-reaching and others are narrower. That lets you separate them into one of three categories.

• Short-term financial goals take under one year to achieve. Examples may include taking a vacation, buying a new refrigerator or paying off a specific debt.
• Mid-term financial goals can’t be achieved right away but shouldn’t take too many years to accomplish. Examples may include purchasing a car, finishing a degree or certification, or paying off your credit card debts.
• Long-term financial goals (over five years) may take several years to accomplish and, as a result, require longer commitments and often more money. Examples might include buying or paying off a home, saving for a child’s college education or a comfortable retirement.

This process involves deciding what goals you intend to reach, estimating how much money and resources will be needed, and planning how long you expect it will take to achieve the goals.

Develop a Goal Chart

Developing a financial goals chart is a good way to begin this process. Here are the five steps you should follow to set up your goal chart:

• Write down one personal financial goal. It should be specific, measurable, action-oriented, realistic and have a timeline
• Decide if your goal is short-term, mid-term, or long-term, and create a timeline for that goal. This may change at any time based on your situation.
• Determine how much money you need to reach your goal and separate that amount by the month and/or year.
• Think of all the ways you can reach that goal. Include saving,  cutting expenses ,  earning extra money , or finding additional resources.
• Decide which is the best combination of ways to reach your goal and write them down.

All of that might sound daunting, so it’s best to set incremental goals. Prioritize, then achieve. After accomplishing some of the easier goals, you gain confidence in your decision making. That should motivate you to achieve the more difficult targets that require more time and discipline.

Why You Should Set Financial Goals

Without goals, your journey to financial security is likely to meander.

“For anybody who walks through the door, if they don’t have some financial goals, if they have failed to plan, it’s like the saying goes, they are probably planning to fail,’’ said Allen Wohlwend, a financial planner in St. Petersburg, Fla. “The ones who look ahead and have some concept about what they’re looking to do with their money, the ones who put a plan into motion and establish some good habits, those people are golden.”

Accordingly, there are golden rules. The rules aren’t iron-clad, though, because the process involves some guesswork.

Who knows what’s ahead in 30 years? Heck, who knows what’s ahead next week?

The economy has been on a rollercoaster. The smartest, best-prepared people make the best guesses possible.

“What if circumstances change?” Wohlwend said. “It’s not just the number that matters in setting your financial goals. It’s the process itself. It’s establishing good habits. If you adhere to consistent saving patterns, you’ve set yourself up for success.’’

» Learn More: How Much Should You Save From Each Paycheck?

Goal Setting Tips and Resources

There are  goal-tracking apps  to keep you up to date. If you’re not a techie fan, old-fashioned methods can help. Stick a picture on your refrigerator door of yourself at the beach or some other nice spot and imagine that’s your life in retirement if you achieve your goal.

If you get discouraged or need more hands-on help, there’s another option.

Get Help Setting Financial Goals

That high school kid who wants a new pair of sneakers doesn’t need a financial counselor. Figuring out how to pay for a house or retire early is obviously more complicated.

You can do it yourself, though millions of people have gotten help at nonprofits like  InCharge Debt Solutions  and other counseling services.

They can act as your guardian financial angels, advising you on  debt relief programs  and other budgeting and saving strategies.

Whether you seek help or go it alone, remember one thing. If you want your ship to come in, it needs to know where it’s going.

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Many scholarships and college financial aid awards are “need-based,” given to students whose financial situation requires additional support. That’s why one of the most common college scholarship essays is a statement of financial need. This might be very explicit (“Explain your financial need”), somewhat explicit (“Describe your financial situation”), or quite open-ended (“Explain why you need this scholarship”).

In all cases, scholarship providers want to get a sense of your family’s financial picture: what your family income is, if you personally contribute to it (do you have a job?), and how much additional money you need to attend your target college (your “financial gap”).

If the essay prompt is a bit more open-ended (“Explain how this scholarship would help you”), your essay should probably be a combination of a financial need statement and a career goals / academic goals essay.  That’s because you want to show how the award will help you financially and in your academic or career goals.

Usually this statement of financial need is a pretty short scholarship essay (150-300 words), so unlike a college essay or personal statement where you have ample word count to tell anecdotes, you’ll likely need to get right to the point. 

Be sure to include: 

• If you are an underrepresented group at college, for instance, part of an ethnic minority or the first in your family to go to college
• Any relevant family circumstances, like if your parents are immigrants or refugees, as well as your parents’ occupation and how many children/family members they support financially
• How you are currently paying for college, including what you personally are doing to contribute financially (like working student jobs)
• What financial challenges/difficulties your family is facing, for instance, if a parent recently lost their job
• How you would benefit from the scholarship–including your academic and career goals (if word count allows)

Also remember to write in an optimistic tone. Writing about your financial situation or hardships might not be the most positive thing to share. But you can turn it around with an optimistic tone by writing about how these challenges have taught you resiliency and grit.

Give a short introduction to who you are, highlighting any family characteristics that might make you part of an underrepresented group at college. 

“I am a first-generation American and the first in my family to go to college. My family moved from El Salvador to New York when I was seven years old, to escape the violence there.”

Example 2: 

“I am from a working-class family in Minnesota. My family never had a lot, but we pooled our efforts together to make ends meet. My parents both worked full-time (my father as a mechanic, my mother as a receptionist at the local gym), while my siblings and I all worked weekend jobs to contribute to the family income.”

Dive into the details. How are you currently planning to pay for college? The idea here is to show that you and your family have made a good-faith effort to earn enough money to pay your tuition, but that it has simply not been enough. 

Make sure you describe your parents’ occupation, any savings (like a 529 College Savings Account), and any student jobs. You might also discuss any sudden changes in fortune (e.g. parent fell ill or lost their job) that have ruined your original financial plans. 

Example 

As immigrants with limited English, my parents have had to accept low-paying jobs. My father is an Uber driver, and my mother is a housekeeper. They earn just enough to pay our rent and put food on the table, so I’ve always known they could not help me pay for college.  So I’ve been proactive about earning and saving my own money. Since age 11, I’ve worked odd jobs (like mowing my neighbors’ lawns). At age 16, I started working at the mall after school and on weekends. Through all these jobs, I’ve saved about $3000. But even with my financial aid grants, I need to pay $8000 more per year to go to college. 

Bring it home by wrapping up your story.  Explain how you plan to use the financial aid if you’re awarded this scholarship. How will you benefit from this award? What will you put the money toward, and how will it help you achieve your academic and/or career goals?

Scholarship review boards want to know that their money will be put to good use, supporting a student who has clear plans for the future, and the motivation and determination to make those plans a reality. This is like a shortened, one-paragraph version of the “Why do you deserve this scholarship?” essay . 

Winning $5000 would help me close the financial gap and take less in student loans. This is particularly important for me because I plan to study social work and eventually work in a role to support my community. However, since these jobs are not well paid, repaying significant student loans would be difficult. Your scholarship would allow me to continue down this path, to eventually support my community, without incurring debt I can’t afford.

My plan is to study human biology at UC San Diego, where I have been admitted, and eventually pursue a career as a Nurse-Practitioner. I know that being pre-med will be a real academic challenge, and this scholarship would help me focus on those tough classes, rather than worrying about how to pay for them. The $2000 award would be equivalent to about 150 hours of working at a student job. That’s 150 hours I can instead focus on studying, graduating, and achieving my goals. 

Sometimes this financial need statement isn’t for an external scholarship. Instead, it’s for your college financial aid office.

In that case, you’re usually writing this statement for one of two reasons:

• You’re writing an appeal letter , to request additional financial aid, after your original financial aid offer wasn’t enough. In this case, you’ll want to make sure you’re being extra specific about your finances.
• You’re applying for a specific endowed scholarship that considers financial need. In this case, your financial need essay can be quite similar to what we’ve outlined above.

Now that you’ve written a killer financial need scholarship essay, you have one of the most common scholarship essays ready on hand, to submit to other scholarships too.

You can sign up for a free Going Merry account today to get a personalized list of hundreds of scholarships matched to your profile. You can even save essays (like this one!) to reuse in more than one application.  

You might also be interested in these other blog posts related to essay writing:

• What’s the right scholarship essay format and structure?
• How to write a winning scholarship essay about your academic goals
• How to write an awesome essay about your career goals
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Ready to find scholarships that are a match for you?

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Personal Financial Goals on the Next Five Years

One of the essential conditions for being and staying ‘on course’ is financial stability. It might be challenging to envision one’s future, but it is possible to stay motivated by setting realistic short-term and long-term goals. A personal financial plan can help students take control of current spending habits, make informed financial decisions, and achieve the goals after graduation. In the following essay, I will explain why financial planning is vital for college students and discuss my goals and personal strategies for the next five years.

As a student, I understand that planning ahead and making wise choices are essential for financial security and the achievement of success in life. Student loans, and living expenses, such as housing, food, or transportation, place a considerable burden on young adults attending college. Financial knowledge may help effectively organize and manage available monetary resources and gradually accumulate wealth (Grable and Palmer 1-5). Financial literacy required for careful planning can involve budgeting skills, understanding of the time value of money, and awareness of saving and investment options. Therefore, my personal plan is based on a set of financial goals and potential strategies to achieve them.

My primary short-term goal is to have complete control of my finances, so I plan to create a budget planner to manage my current income and expenses. Keeping a planner might assist in the understanding of the main sources of income, examine spending habits and indicate financial goals for the next month or year. A healthy budget should be close to the recommended percentages of net income spent on (housing, transportation, food, entertainment), so the planner can suggest ways to create a positive balance (Downing 7). Moreover, the feeling of control by planning in advance may alleviate the stress associated with uncertainty and motivate a person to take advantage of financial opportunities (Grable and Palmer 1-4). For instance, analyzing repeated or unnecessary purchases may prevent wasteful spending in the future, while extra savings may be used for micro-investments. Alternatively, financial goals may become a part of a personal journal that can be employed to learn about one’s strengths and weaknesses in the financial area.

The next goal is to decrease the flow of money out and increase its accumulation. The efforts or sacrifices to save money during college can bring results in the future (Downing 5). Transportation expenses represent a significant part of overall spending, so I plan to drive less and walk more to save money on gasoline, car maintenance, and repairs. Additionally, credit cards and loans involve high-interest rates, so the short-term financial goal is to discipline myself to rely on cash, minimize the use of debt-accumulating bank products, and carefully monitor debit cards. Finding the sources of income, such as part-time jobs or investment dividends, may help accumulate funds for the future. However, it is crucial to maintain a healthy balance between academic and work responsibilities. Earning good grades and enough money from part-time work or passive income sources might help achieve the financial goal related to the money flow.

Another financial goal in my 5-year plan is to be financially secure and independent since living from paycheck to paycheck might be risky at times of uncertainty and global crisis. The adverse effects of the COVID-19 pandemic on the local and global economy, job market, and personal income, reveal the urgent need for personal savings. Establishing a basic emergency fund or a savings account with a small amount of money may assist in reaching the goal of financial stability and security. Financial advisors suggest that the amount of backup money in an emergency fund should be calculated depending on basic monthly expenses (Mill 42). The fund will allow me to fulfill financial obligations in cases of unpredictable or expected expenses due to job loss, health emergencies, or disasters. Thus, I hope to begin building an emergency fund to support me in the case of a crisis and alleviate finance-related stress.

Opening an investment account is the last goal in my financial plan. It is also helpful to know about the time value of money. The financial concept means that the sum of money a person/business has now is worth more than the identical sum will be in the future due to the loss of value called inflation (Mill 41). Based on that idea, investing even small amounts of money will bring more benefits in the future than spending it shortly after earning. The financial planning strategy also includes the assessment of financial risk tolerance (Mill 235). Investments may have uncertain outcomes, so the ability to take risks while investing is needed to take timely action when the investments are declining in value.

In conclusion, financial planning can help college students use basic financial knowledge and budgeting skills to achieve financial security. My 5-year financial goals for financial prosperity include keeping a budget planner, decreasing spending, creating an emergency fund or a savings account, and investing. The strategies to reach these goals might prevent wasteful spending, minimize the use of credit products, and help build and maintain wealth.

Works Cited

Downing, Skip. On Course: Strategies for Creating Success in College and in Life . 8th ed., Cengage Learning, 2017.

Grable, John, and Lance Palmer. Introduction to Personal Finance: Beginning Your Financial Journey . Wiley, 2018.

Mill, Alfred. Personal Finance 101: From Saving and Investing to Taxes and Loans, an Essential Primer on Personal Finance . Adams Media, 2020.

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One’s financial plan is an essential component for any prospective notions of personal wealth and readiness for retirement.  In a distinct set of areas, these personal goals in my plan of action are realized for financial independence.  In the matters of my personal budget, investments, and way of life these factors come together to create a harmonious financial plan for realizing my financial goals.  It is extremely important to examine one’s budget to gauge one’s financial abilities and leverage.  This will dictate the amount of money for investments, in accordance with one’s financial goals.  Finally, cutting down expenses and making other decisions about one’s way of life can provide additional financial relief.  These steps are important in being able to realize personal wealth and readiness for retirement. There are a number of things to consider from a personal standpoint in regards to one’s finances.  Planning for the future and for my retirement is something that requires a plan, along with establishing a plan to attain wealth.  There are a number of things that need to be in consideration in order to obtain wealth and plan for the future.

Before personally identifying numbers from which to work, my personal budget needs to be take in consideration.  One must work within his or her means, and this is of course true in my case as well.  My financial plan must take into consideration where I am right now in regards to my financial goals and in these dynamics.

The first step is identifying my expenses.  This is a process that will allow myself to examine whether my expenses are reasonable.  Furthermore, I will be better able to reduce my expenses after examining them in detail.

Cutting down on my expenses will do two things immediately.  Firstly, the immediate impact to my budget and financial comfort will be improved.  I will be better able to control how much money is spent in various areas, which will put me at better ease financially.  Secondly, there are important benefits in the long term for such efforts.  By cutting down on unnecessary expenses, I will be able to realize this lost money and invest it in my future, or at least a place that will benefit me financially.

Retirement Account

Once the expenses are identified in my budget, my retirement account should take on a high priority.  Even if I am unable to make the maximum allowed contributions to my retirement account, it is important that I establish a place for my retirement account in my budget.  If I keep these consistent payments going into my retirement account, I will put myself in a better financial stance for the future.

With regard to my budget, examining my income and expenses will allow me to decide how much I can afford to contribute to my retirement account.  This process will help me identify the level of financial flexibility I have.  Obviously, I will have to take other investments into account as well, in addition to my retirement account.

After identifying the constraints of my budget, I should make a plan in accordance with my retirement.  By identifying an amount to target for my retirement, I will be able to project interest for a certain number of years, in order to gauge how much I will need to contribute on a monthly basis.  Of course such calculations will not be exact, but by doing this I will be able to adjust my calculations based on differences in my contributions, or interest levels in my investments.

Another valuable aspect of my finances are other types of investments.  Investments are a great way to establish personal financial growth.  Identifying investments, such as CDs, stocks, and other types of investments will allow be to better realize personal wealth and growth in my financial goals.

Devoting part of my budget to investments is another important part of my financial plan.  I have identified a number of investment options that will work with the limitations and opportunities in my budget.  Separating short-term from long-term investments, I have allocated an amount to realize investments as part of my overall financial plan.  For me my budget, encompassing all aspects of future financial growth is important, from short, long, and retirement-based investment plans.  In my every person should allocate funds to each, regardless of the budgetary demands of one’s finances.

The Way of Life

Managing one’s finances is more of a way of life than anything, at least according to my perspective.  When all of these factors are considered, it is important to stay focused on one’s financial goals.  Even for someone who does not have many financial resources, it is important to have a plan of action and to stay committed on executing that financial plan to realize these financial goals.

Cutting down on expenses is a matter that is very important to one’s financial goals.  To a certain extent this becomes a way of life.  For instance, some households easily spend a hundred dollars a month on unnecessary groceries, such as expensive snacks and drinks.  However, if lower-cost replacements could be utilized, the savings and the potential investment return on such savings would be impressive.

Thus one should approach one’s budget with a positive approach.  One can easily cut down on expenses in many different ways, from eating out and buying cheaper groceries, to limiting one’s entertainment budget.  If these expenses can be cut on a regular basis, budgets would be much more easy to handle, and much more conducive to realizing the financial goals of many.

In identifying my plan of action, this is an approach that I am taking.  Even if I don’t have as much money to allocate to investments and a retirement account, it does not mean that I can’t cut spending.  Then, once I cut my spending, I can potentially see valuable returns in investments over time.  These potential returns will be able to go a long way to my financial goals, retirement-related goals, and my plan for obtaining personal wealth and financial freedom in both the short-term and long-term.

One important aspect that cannot be overstated is commitment.  In my opinion, if one is committed to his or her finances, he or she will be able to cut spending and obtain financial freedom.  Similar to my situation, even if one doesn’t fell as if though many financial assets can be allocated to investments, respectable returns can be seen on money saved through other means.  One doesn’t always have to have a large income to be financially successful.  It can easily be obtained with smart spending and planning as well.

My plan for realizing my financial goals starts with my budget.  Examining one’s budget is arguably the first crucial step for obtaining a plan of action in the face of financial goals.  By identifying both the income and expenses of one’s budget, one is able to gain awareness of the flexibility or lack thereof in one’s finances.

Allocating amounts of money to investments is a primary course of action in my financial goals.  In order to realize a level of personal wealth and readiness for retirement, investments must be a part of my financial plan of action.  This remains an important part of my budgetary considerations for realizing my financial goals.

In my plan for financial success from the short to long term, I have realized that much of this revolves around one’s commitment.  Even if one is unable to allocate even the smallest amount to an investment account, one could do so if he or she cuts down on unnecessary expenses.  With these goals in mind, anyone can realize financial independence and wealth with these basic steps.

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Financial goals: Common examples, and why they’re so important

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You work toward goals all the time. Perhaps you’re focused on a personal goal — like losing weight or getting more sleep — or a professional goal, such as landing a promotion in your current company. In addition to focusing on those ambitions, it’s essential to set your sights on financial goals.

What are financial goals?

Financial goals are measuring sticks that apply to any area of your money management skills that you’re looking to improve.

While setting financial goals is a crucial piece of an individual’s well-being, the majority of Americans struggle to pinpoint something to work toward with their money. In 2020, only 38 percent of adults in the U.S. had specific financial goals, according to research from the Lincoln Financial Group.

Why financial goals are so important

You might think about what you want to achieve with your money, but making that rosy picture of personal finance a reality requires a specific, actionable plan to follow. Goal setting can break down a much larger objective into smaller steps, allowing you to feel an increasing sense of accomplishment as you get closer to reaching it. That positive reinforcement can put some wind in your sails and keep you pushing forward, particularly for the tougher steps that may lie ahead.

Think about running a marathon. Rather than trying to walk out the door and run 26.2 miles tomorrow, you might set a goal to run for 15 minutes today. As you continue working toward race day, the goals continually get more challenging, but your regular progress has helped make the remainder of the training feel more within your reach.

The same principle can apply to setting financial goals. When it comes to money, what gets measured gets done. If you set a goal to save 10 percent of your monthly income, you can regularly look at your account balance to make sure that’s actually happening. Setting those goals is a way to hold yourself accountable on the journey to financial security.

Monitoring and making adjustments to your financial goals

Setting a financial goal is not a set-it-and-forget-it act. To reach any goal, you need to regularly calculate how far you are from getting there. It’s important to monitor your progress and make adjustments where necessary.

How often you track your status depends on the type of goal. For example, if you’ve decided to set a goal to stick to a budget , you’ll need to monitor your progress throughout the month — not only when you’re doing your tally on the last day of the month. By then, it’s too late to recognize if you’re overspending.

For long-term goals such as saving for retirement , those evaluations can have wider windows between them. Perhaps you can use your quarterly 401k statements as your check-in dates, or you can set up a couple of appointments with your financial planner to discuss whether it’s time to shift your strategy.

As you think about your financial goals, it’s important to remember that life happens. You might encounter an unexpected job loss, a huge set of medical bills or some other major event that will derail the initial path you planned. This can mean adjusting those goals or hitting the pause button for a while until you can get back on track. It also may lead to an entirely different set of goals and priorities.

Examples of major financial goals

Some financial goals require your immediate attention while others seem like distant points on the horizon. Those varying time frames will impact your priorities and your strategies for reaching them.

Short-term financial goals

Short-term financial goals are those objectives that demand your immediate attention. For example, if you have accumulated credit card debt, paying it off to avoid additional charges should be at the top of your to-do list. While you’re getting that monthly balance to zero, you’ll also want to set a budget to track your spending and avoid the same pitfall in the future.

There are fun short-term financial goals, too. If you want to take a spring break vacation next year, put together a plan to save for those expenses. With monthly deposits set aside, you can enjoy a getaway without the worry of returning to any debt.

Medium-term financial goals

With medium-term financial goals, you have some additional time on your side. Perhaps you’re aiming to buy a house, and you want to save a sizable down payment of 20 percent to avoid paying mortgage insurance. Maybe you want to save enough money to buy your next car in cash. These goals may not seem like they’re right around the corner, but the right savings strategy will put them a bit closer.

Long-term financial goals

The classic long-term financial goal is retirement. In your twenties, still early on in your career, leaving the workforce may feel like it’s a world away. However, that’s the best time to set a goal: When you have longer to get there and you can maximize an employer-sponsored retirement plan and an IRA . If you wait to set your retirement goals until you’re 45, it may feel like you’re staring up at an impossibly high mountain, and you’ll feel overwhelmed about where to start climbing.

13 popular financial goals

If you aren’t sure where to start with setting your financial goals, consider some of the key milestones that appear on many peoples’ lists.

• Build an emergency fund
• Set a budget
• Get out of credit card debt
• Improve a credit score
• Pay off a car loan
• Save for a vacation
• Pay off student loan debt
• Save for a child’s college education
• Pay off a mortgage
• Buy a vacation home
• Save for a comfortable retirement
• Leave an inheritance to heirs or a charitable organization

No matter what financial goals apply to you, be sure to add establishing your financial literacy (and constantly strengthening it) to the list. One of the key pieces of your success is being a lifelong learner, dedicated to learning more about saving and investing. With that commitment to education, you’ll be able to set the right goals at the right time.

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• Applying For Scholarships

Financial Need Scholarship Essay Examples (2023)

Jennifer Finetti Oct 2, 2022

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Many scholarships are awarded based on financial need. In order to win these scholarships, you must explain the nature of your financial need. In the guide below, we’ll explain how to write these types of essays to increase your chances of winning. Check out these scholarship essay examples for financial need scholarships.

How to write financial need scholarship essays

Here are some tips for writing financial need scholarship essays:

• Maintain a positive tone throughout the essay . You do not want to come across as self-pitying. Focus on ways you learned and grew from past experiences – how they made you stronger.
• Do not diminish other people’s suffering. This is a competition, but that doesn’t mean you should belittle your competitors. In fact, it would be better to say “I know there are many worthy candidates for this scholarship, but…” than to say “I have suffered far more than…” Show respect in everything you write.
• Frame your essay around a specific event. You may add other details if you have space to, but use one experience as the thesis for your essay.
• Avoid controversial statements and opinions. When discussing events from your past, do not belittle someone else or talk negatively about a group of people. You never know who will be reading your essay.
• Tell your story with honesty. Do not fabricate any details to make yourself sound needy. Your past and present circumstances will speak for themselves.
• Don’t try to sound philosophical. Some students will do this because they think it makes them seem smarter, but it rarely has that effect. Focus on proofreading and writing solid content. That is enough intelligence on its own.
• Discuss your career goals, if possible. You may not have room for this if the essay is short. If you do have room though, discussing your career goals will indicate a plan for the future. Review boards reward determination.

You know why you need financial aid. Tap into the key elements of your circumstances and use them to craft the perfect essay.

Many scholarships are awarded based on financial need. In order to win these scholarships, you must explain the nature of your financial need. In the guide below, we’ve provided examples of scholarship essays for financial need scholarships, along with some tips to help you write your own essay.

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Example 1: “Provide a statement of financial need”

Some scholarships will simply ask for a statement of financial need. There are no parameters to follow. You’re left to write whatever you want. Typically, a statement of financial need is two or three small paragraphs. This will come out to roughly 150-200 words, but it could be slightly longer. Think of this as a cover letter for your scholarship application, highlighting the key elements of your financial need. Don’t build up to the thesis. Get directly to the point.

I am the first person in my family to graduate high school, and thus the first to attend college. Both of my parents dropped out of school when they were teenagers. Because of their limited education, they have always worked in entry-level positions, earning barely enough to put food on the table. My first job I got was at the age of 12 delivering papers, and I have worked hard ever since to relieve pressure from my family. I enrolled in Mississippi’s HELP program during my senior year, which covers tuition and fees at select colleges in the state. I also have a Federal Pell Grant to cover my housing. However, I still need funding for books, supplies, and transportation to campus as needed. I am an engineering student, and our classes come with high fees. My parents cannot contribute to my college expenses, and I cannot work much while I’m in school. This scholarship would help me avoid costly student loans that could take years to repay.  

Example 2: “Describe your financial need in 100 words”

This essay is even shorter than the financial need statement. It may be one of several short answer questions you need to fill out. Working with 100 words is tricky. That only leaves room for about 7-10 sentences, depending on length. Make compelling statements using the fewest words possible.

Also note that grammar errors and misspellings will be much more noticeable in this short essay. Carefully proofread your writing before submitting the scholarship application.

I got pregnant and dropped out of high school when I was 15. By the age of 20, I had two more children, and we all shared a one-bedroom apartment. I worked three jobs to pay the bills, but I never earned much. When my oldest started high school, I did the same. I got my GED at 29 and enrolled in nursing school. My financial status has improved now with a GED, but I’m still a single mom with three kids. I want to become a registered nurse to give my children a stable future. I appreciate your consideration.

Word Count: 100

Example 3: “Explain your financial need in 500 or more words”

This scholarship essay prompt is the opposite of the one above. You have much more room to discuss your circumstances. Talk about your family life, your income, and other restraints that contribute to your financial aid . Try not to throw too much in the essay though. You want the information to flow together seamlessly. Edit carefully, and give the readers a full view of your situation.

My name is Brandon Noviello. I am a sophomore on track to earn my Bachelor of Arts in Sociology. I need financial aid because I do not have a family to contribute to my education. I was in foster care for two years before I aged out of the system, and now I am pursuing a degree completely on my own. I was raised by a wonderful woman who didn’t always have a wonderful life. My mother got pregnant after a sexual assault, but she was determined to raise a smart, successful man. She went through an accelerated program to graduate high school before I was born. She devoted the rest of her life to supporting me, both financially and emotionally. My mother’s family cut ties with her the moment she became pregnant. Life wasn’t easy for us, but I never wanted for anything. She always found a way to keep me fed, dressed, and in school. Unfortunately, she lost a long-term battle with depression when I was 16, and I was put into the foster system until I reached adulthood. I did not have a positive experience with foster care, but I admit, I had no desire to. My mother’s passing weighed heavily on my mind, and I felt an overwhelming sense of anger, regret, and frustration. There was one gleam of hope in my experience though. I had a great social worker. I fought her decisions every step of the way, and she still managed to find a family to get me through high school. My social worker was the only person I invited to my graduation ceremony.  She helped me realize how much one person’s efforts can make a difference in the lives of others. I was only one of countless children she had helped over the years. I researched how to become a social worker so I could help other children like me. My plan is to work with the Department of Human Services in the foster care and adoption division after I graduate. In order to make my dreams a reality, I need financial aid. I am working as a server to pay for food, utilities, and basic necessities, but I do not earn enough to pay for college as well. I go to school during the day and work at night. Furthermore, I have a maximum Pell Grant to cover most of my tuition, but I still need help with other expenses. I did not do well in high school as a result of my mom’s passing, but I have done well in college. I have a 3.25 cumulative GPA, and I have never made less than an A in a degree-related course. As such, I am committed to being successful despite my circumstances, and I want to help young people find that motivation within themselves. I look forward to working with children and teens in the foster system, so I can be the hope that someone else was for me.

Word Count: 498

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• Scholarship Essay

Jennifer Finetti

As a parent who recently helped her own kids embark on their college journeys, Jennifer approaches the transition from high school to college from a unique perspective. She truly enjoys engaging with students – helping them to build the confidence, knowledge, and insight needed to pursue their educational and career goals, while also empowering them with the strategies and skills needed to access scholarships and financial aid that can help limit college costs. She understands the importance of ensuring access to the edtech tools and resources that can make this process easier and more equitable - this drive to support underserved populations is what drew her to ScholarshipOwl. Jennifer has coached students from around the world, as well as in-person with local students in her own community. Her areas of focus include career exploration, major selection, college search and selection, college application assistance, financial aid and scholarship consultation, essay review and feedback, and more. She works with students who are at the top of their class, as well as those who are struggling. She firmly believes that all students, regardless of their circumstances, can succeed if they stay focused and work hard in school. Jennifer earned her MA in Counseling Psychology from National University, and her BA in Psychology from University of California, Santa Cruz.

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How to Set Financial Goals: 6 Steps

14 Min Read | Aug 29, 2024

Do you feel like you’re trying  so hard  to make the right decisions with your money but never seem to get ahead? Or have you been working your butt off, maybe even picking up a side hustle, but you don’t have much to show for it at the end of the month?

Sure, things like  inflation  and  recessions  are real and can feel like huge road blocks to your financial goals. But even when the economy isn’t going crazy, if you don’t set any goals for your money, you’ll definitely feel like you’re spinning your wheels.

If you want to make progress with your money (for real ), you need to set some financial goals. But don’t freak out. I’m going to help you figure out what your financial goals actually are —and share the steps to reach them. You’ve got this!

What Is a Financial Goal?

A financial goal is any plan you have for your money. You can have short-term financial goals (like saving up $1,000) or long-term financial goals (like buying a house or investing for retirement). It’s a good idea to set  goals for every area of your life , but having specific financial goals means you’re committing to what you want out of life by planning to save and spend money for those things.

But depending on your relationship with money, trying to decide what to do with it can feel as overwhelming as choosing what to watch on Netflix or as exciting as planning a vacation to Disneyland. There are so many options. But you can’t watch all the home makeover shows or ride all the rides at once. You’ve got to pick and choose, and I recommend tackling your goals in an order that’ll set you up for lifelong success. But first, let’s talk about how you can get in the mindset of setting goals.

6 Steps to Setting Financial Goals

Lots of things can influence the way you set your financial goals, including your motivations, values and dreams for the future. And the way your parents handled money and even your own spending and savings habits (which are unique to you) also has a major impact on how you handle money.

Goal planning takes intention and some self-awareness, so carve out time to think about your goals. Find a few minutes to sit down with a cup of coffee or a glass of wine and get ready to dream—big! Once you have a list of goals for your money in mind, you’re ready to break them down into smaller, actionable steps. Here’s how:

1. Make your goal specific.

One reason people don’t hit their money goals is because they’re too vague. You might say, “I want to be better with money.” But what does that actually mean to you? Narrow it down. Or, “I want to upgrade my car someday.” Okay, fun! But what kind of car do you want, and when do you want to buy it?

What if you decided instead to  tackle your debt ? That’s a  specific  area of your money to focus on. Now, let’s talk about how to break this goal down even more.

2. Make your goal measurable.

Okay, so your goal is to pay off debt. Now it’s time to pick an exact amount—what you can measure to know if you hit your goal or not.

While being  completely debt-free  should be your ultimate goal, it’s a good idea to break down that goal into smaller chunks. That way, you have a vision of where you’re going before you get started.

Say you have $30,000 of total debt. You’ll want to start by paying off your smallest debt, like a $15,000 student loan, first. That’s what I mean by setting a measurable goal.

3. Give yourself a deadline.

Here’s the deal: It’s super easy to put off your goals when they aren’t time-sensitive. Stop saying you’ll start someday . You need to give yourself a deadline and make it reasonable—but also a little challenging.

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Back to the student loan example:  When  do you want to hit your goal? If you want to pay off $15,000 in one year, you’ll need to pay $1,250 each month. Is this possible but also a bit of a stretch? If so, good!

Now, some goals fall into the short- to mid-term category, and these can be tackled in less than five or so. Think of long-term goals as ones you’ll achieve in five years or more. Here are some examples of short- and long-term financial goals:

Short- and mid-term financial goals:

• Saving up an emergency fund
• Saving for a vacation
• Paying for books for an upcoming semester of school
• Buying a new kitchen appliance or renovation
• Saving for an engagement ring
• Putting down a deposit on an apartment lease
• Saving for upcoming medical or dental services
• Buying birthday or Christmas gifts
• Saving a house down-payment

Long-term financial goals:

• Buying a new car with cash
• Paying for your kid’s college in cash
• Saving for retirement
• Launching a business
• Traveling for several months at a time

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4. Make sure they’re your own goals.

When we  compare ourselves to other people , we’re playing a game we’ll never win. So, make sure you’re setting financial goals that make sense for  you . In other words, just because all your friends are taking out second mortgages to renovate their kitchens doesn’t mean you should. Is that one Instagram influencer taking another extravagant vacation? Hey, good for them. But that doesn’t mean you need to do the same thing—or that you’re behind in life if you’re not in the same place. Put the blinders on, focus on your goals, and stay in your lane. And be clear on  why  you’ve chosen the goals you have.

5. Write your goal down.

Did you know you’re more likely to achieve your goals if you write them down? Yep, it’s true—there’s something about putting pen to paper that helps you commit to the task at hand.

So, go ahead and write down your goals. Then, stick them in your car, to your desk, or on your bathroom mirror. Type them in a notes app on your phone, take a screenshot, and set it as your wallpaper so it’s the first thing you see when you pick up your phone. Keeping your goals where you can see them will keep you on track and motivated.

6. Get a goal accountability buddy.

To take your goals one step further, find a goal accountability buddy. This could be your spouse, a close friend or a community—anyone who will cheer you on and check in as you keep working on hitting your goal. Having a cheerleader in your corner and knowing you’re not alone can make a huge difference as you work toward your goals.

5 Examples of Financial Goals

With so much money “advice” floating around, it can be hard to know which financial goals you should aim for first. This is why I have to mention the  Baby Steps when I talk about setting financial goals. The Baby Steps will help you save for emergencies, pay off debt, and build wealth. But there’s a process to follow.

Should you pay off debt first? Save for your kids’ college? Buy a house? Invest for retirement? The 7 Baby Steps cut through all the confusion and give you a clear path to do  all those things . Following the steps will help you focus on one goal at a time so you can make more progress with your money and feel financial peace.

If you have no clue what financial goal to go after first, start by  taking this quick assessment  to find out what Baby Step you’re on.

Here are some more of the most common financial goals people set and tips for making them happen. Are any of these on your list?

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1. create and stick to a budget..

Not only is budgeting one of the top financial goals people set each new year, but it’s also the foundation you should build all your other money goals on.

A  budget  is  how  you make progress with your money. It’s a plan for what’s coming in (your income) and what’s going out (your expenses). You’re telling your money where to go instead of wondering where it went. When you have this plan for your money, you can feel confident you’re taking steps toward your goal every month.

Budgeting helps you gain momentum in  every  area of your finances. If you’re already budgeting, bravo! If not,  get started for free with EveryDollar .

2. Build up an emergency fund.

Life happens. But you   can be prepared for any money problems that come your way if   you’ve got enough money saved up. I’m talking car trouble, medical expenses and busted toilets (you know, some of the most inconvenient parts of being an adult). But when you’ve got an  emergency fund , you can rest well at night knowing you won’t have to go into debt to cover those moments.

Start with the financial goal of having  $1,000 in savings . Then, if you have debt, it’s time to knock that out. (I’ll talk more about that in a minute.) After that, you want to build up a fully funded emergency fund with 3–6 months of expenses. (Again, this is all covered in the  Baby Steps —the proven plan to help you take control of your money.)

When you’ve got an emergency fund, you’re ready for those “life happens” moments. Instead of being worried about what could happen next, you’ll feel confident that you’ve got money set aside to deal with it.

3. Get out of debt.

If you’ve got  debt , it’s time to get serious about paying it off. All of it. Yeah, I know that may seem impossible right now, especially if you’ve got some big numbers staring you in the face—student loans, credit cards, whatever makes up that debt. But here’s the ugly truth: Debt doesn’t move you forward. It   holds you back.  You can’t get ahead with your money if it’s always going to lender payments.

4. Save up for your dream retirement.

Let’s take a second to put on our imagination caps and picture the ideal retirement. Maybe that’s five, 10 or 30 years down the road. Do you want to pack up the grandkids and head to Disney every Christmas? Visit a new state with your spouse once a quarter? Stay home and read every book on your shelves? Take up a fun hobby or travel for international cooking lessons?

No matter what you’re dreaming for the future, you’ll need good retirement investments  now  to make it a reality. After you’re debt-free and have a fully funded emergency fund, I want you to start  investing 15% of your household income for retirement . And guess what? When you have zero debt, all that money you were spending on payments can go straight into your accounts to fund your retirement dreams.

5. Spend less and save more.

Tons of people whip goals out of the air, like “I want to spend less” or “I want to save more,” without thinking about what it means to actually do those things. People, you’ve got to be specific with your goals and intentional about your money habits .

Becoming successful with money is more about changing your behavior than anything else. This can look like creating and sticking to your budget every month, finding deals, using coupons, paying cash, making more money. And here’s a big one: You’ve got to learn how to say  no— even to yourself. I’m not saying never have fun. But if you want to save money, it’s going to take some planning and lifestyle adjusting.

And finally, here’s one of my favorite tips for  spending less  and  saving more : Plan your meals. Food is where most Americans overspend, and meal planning is how you rein that in. Check out my free  Weekly Meal Planner & Grocery Savings Guide  to see how to save time and money on food.

An Example of a Financial Goal in Action

Okay, so now that I’ve gone over the basics of financial goal planning, let me give you an example of how this can work in real life.

A while back, my husband, Winston, and I decided to build a house. Before that, all the extra income we brought in went straight to our general savings. But I knew building a house would cost a lot, and random, unexpected expenses were bound to pop up during the process.

So, we made it a goal to save up as much as we could—specifically toward our house. And while saving up that much money seemed almost impossible, breaking it down into monthly goals gave us so much momentum. Having a plan for our money not only made our dream possible, but it also made the process fun.

Having this goal for our money is also what kept my spending tendencies (aka  spendencies —trust me, it’s a thing) in check. Knowing my money was going toward something I really wanted (way more than any late-night Amazon purchases) motivated me to spend less. And even though there were moments when we felt fatigued—I mean, there were some days when all I wanted to do was relax and spend money—finding creative ways to hit our goal faster kept us on track each month.

Beyond that, it was character building. It’s a time in our marriage that we’ll always look back on and know we accomplished something hard together. It helped cultivate connection between us and  contentment  in my own heart. Now I realize those benefits of the process are worth more than the new house.

Why Is Setting Financial Goals Important?

Having a goal helps you be more future focused with your money. You’ll start to see how every decision you make adds up and makes a difference with your overall  financial health .

For example, if you don’t have financial goals, it’s no big deal to buy breakfast and coffee  every day . But let’s look at just how much that’s really costing you. You’ll typically spend  at least  $25 for just one workweek of lattes—that’s $100 a month! What else could you do with that money?

If you put $100 in an investment account every month for five years, your latte fund could grow into more than $8,000, thanks to the power of compound growth. That’s a whole semester of your kids’ college you’re drinking.

Imagine if you thought even  longer term and invested $100 a month for 15 years. Your latte savings could grow to over $45,000.

And if you invest your savings for 30 years? Your coffee money could grow to over $280,000. A latte a day or a quarter of a million dollars? You guys, I like a good cup of coffee—but not  that  much.

If you want to set yourself up to be  financially secure , find small (or large) sacrifices you can make right now. The everyday things you do with your money today will absolutely affect your future.

Goals Will Get You Where You Want to Be

Financial goals will help you change your mindset, your habits and ultimately your life.

When you’re intentional with every dollar you have, you’re able to make your money go further. That means you get to do more of the stuff you want to do and plan for the things you’ll do in the future.

You can do more than you ever thought possible, but you’ll need financial goals to help you get there. Decide what you want your future to look like and figure out what you need to do  today  to make it happen.

You  can  live on your terms instead of the bank’s.

You  can  get out of debt once and for all.

You  can  build wealth and pay for things that matter to you.

If you’re already planning ahead and dreaming up a vision for the future, check out our 2024 Goal Planner . It’ll help you create and track your goals and stay focused along the journey. Goal setting doesn’t have to be intimidating, and this planner will help keep you heading in the right direction.

And remember, any financial goal you have starts with a budget. This is the foundation. It’s how you get organized and intentional with your money. Go ahead and  start your free budget today with EveryDollar . Then, get moving on those six steps to setting and reaching your financial goals. No matter the time of year, you  can  turn these dreams into reality. Go get it! 

Start Setting Your Financial Goals Today

• If you’re already planning ahead and dreaming up a vision for the future, check out our  Goal Planner . It’ll help you create and track your goals and stay focused along the journey.
• Finally, get moving on those six steps I mentioned to setting and reaching your financial goals.
• Go ahead and start your free budget today with EveryDollar.

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About the author

Rachel Cruze

Rachel Cruze is a #1 New York Times bestselling author, financial expert, host of The Rachel Cruze Show, and co-host of Smart Money Happy Hour. Rachel writes and speaks on personal finance, budgeting, investing and money trends. As a co-host of The Ramsey Show, America’s second-largest talk radio show, Rachel reaches millions of weekly listeners with her personal finance advice. She’s appeared on Good Morning America and Fox News and been featured in TIME, REAL SIMPLE and Women’s Health, among others. Through her shows, books, syndicated columns and speaking events, Rachel shares fun, practical ways to take control of your money and create a life you love. Learn More.

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What Is a Financial Goal?

Why is it important to set financial goals early, types of financial goals, 7 financial goals for students, what is a common financial goal, what are 5 long-term goals for students, what is the best financial goal, the bottom line.

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Financial Goals for Students: How and Why to Set Them

Yarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism. She has worked in multiple cities covering breaking news, politics, education, and more. Her expertise is in personal finance and investing, and real estate.

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With some background knowledge and financial education, a student can set up the groundwork for a successful financial future or even financial independence. Often, this right financial start requires a road map. Understanding how to set financial goals, and the types of goals to reach for, can help students create that road map and keep them on track.

Let’s take a look at financial goals, how to set them, and ways to increase the chances of success down the road.

Key Takeaways

• No matter your financial background, setting financial goals early can help establish effective money habits, which are key to securing your financial well-being in adulthood.
• Financial goals can be broken into three primary types based on time frame: short-term, medium-term, and longer-term.
• Solid financial goals for students include creating a budget, opening a savings account, beginning to invest for retirement, establishing an emergency fund, applying for financial aid, beginning to build credit, and using debt as little as possible.
• While it's important to set financial goals, creating a financial path for oneself does not guarantee a successful financial future, rather it's a stepping stone in the right direction.

A financial goal is a money objective that you hope to achieve. This might be to build a million-dollar nest egg or save enough for a week-long trip next year. Your financial goals can help guide you as you build up savings, decide to invest, or become debt free. Your financial goals are milestones on the road map to living the kind of life you want.

Setting financial goals early can help establish effective money habits that can provide you with a greater chance of achieving financial well-being later in life. Plus, the earlier you start setting goals like saving and investing, the more money you’re likely to have when it’s time to retire.

While setting financial goals is a key step in laying down the groundwork for a strong financial future, it ultimately does not guarantee success, as everyone's personal financial situation is different. For example, an individual with disabilities who set financial goals as a young adult still may end up with excess medical debt in the future. Remember to adjust your goals regularly and seek help from a financial professional or mentor if needed and possible.

As you set financial goals, consider the three main types of goals, which can be broken down by time frame:

• Short-term : These are goals that you expect to accomplish within a year. Items might include taking a small vacation, moving to a new apartment, or making a major purchase, such as a new computer or furniture.
• Medium-term : In this case, you know that you probably won’t accomplish this goal for one to five years. Perhaps you plan to take a bigger trip or study abroad, or maybe you’re saving up for graduate school , a wedding , or a home down payment .
• Long-term : Goals that you know will take more than five years, such as saving for retirement or getting a bigger down payment for a home, are considered long-term.

Be realistic about what you hope to accomplish and a potential time line.

When setting financial goals , Alissa Krasner Maizes , the founder of Amplify My Wealth , and a licensed attorney and registered investment advisor , suggests that you start with your values.

“Your list of what you value most can guide you in making the best decisions for you, making you more successful at reaching your goals,” Maizes says. “Next, decide what financial goals you want to achieve that align with your values, starting with smaller achievable and measurable goals that you can track, knowing you can always revisit and tweak them.”

Here are some potential goals for students.

Create a Budget

Your budget helps you visualize your income and expenses. No mater how much money you have on hand to start with, outlining what you have, spend, and save (where applicable) is essential. You can use your budget to see how much money is coming in and list your most common costs.

“Creating a budget is an essential step toward financial stability,” Markia Brown, a Certified Financial Education Instructor and Registered Financial Associate at  The Money Plug LLC , said. “It helps you track your income and expenses, prioritize your spending, and identify areas where you can cut back. It’s a short-term goal that you can achieve within a few hours or days.”

Brown suggests listing all sources of income and then reviewing your spending. Then, she recommends determining whether your expenses are needs or wants. This can help you determine what to cut back on when things get tight. It can also help you figure out how much money to direct toward other goals, such as paying off debt or saving for retirement.

“Review and adjust your budget regularly to reflect changes in your income and expenses,” Brown says.

Open a Savings Account

Build a habit of saving now, and you’ll feel more comfortable with it later. Brown points out that many financial institutions will let you start an account with as little as $5 or $10. Set up recurring transfers so that money automatically goes into your savings account. Even $5 a week can help you start a good savings habit.

“Although opening a savings account is usually as easy as going online and entering your information, first consider whether you prefer a brick-and-mortar location near school,” Maizes said. “Consider the interest rate they will pay you for money in your account, or whether they have student accounts offering bonuses, fewer fees, no ATM fees, and lower minimums.”

Compare two to four choices and choose an account that works with your lifestyle.

Start Investing for Retirement

No matter how much money you make, investing for retirement can be a major goal for you, according to Jeff DeMaso , Chartered Financial Analyst, a former portfolio manager, and editor and founder of  The Independent Vanguard Adviser .

“ Compounding may be the eighth wonder of the world, but it takes time to see the results,” DeMaso said. “So, you want to start investing as early as possible, even if you are starting out small.”

If you have an employer that offers a plan, such as a 401(k), have a portion of your paycheck deducted each period and set aside for the future. You can also open a roth individual retirement account (Roth IRA) , Maizes points out. With this approach, you can take advantage of your current low tax rate to start building a nest egg for the future.  

DeMaso recommends looking for low-cost index funds and making sure you automatically invest, whether you’re using an employer-sponsored plan or opening your own account. Over time, as your income increases, boost the amount of money you set aside in your retirement account.

Not every person will be able to save for retirement from a young age, and not every individual has access to an employer-sponsored retirement account. In March 2022, 69% percent of private industry workers had access to employer-provided retirement plans. If able to do so though, experts recommend investing in your retirement to be one of the first key money moves to make.

Establish an Emergency Fund

Maizes points out that an emergency fund can help you prepare to live independently, once you finish school. You might have help from your parents or some other source, such as scholarships and grants, to cover most costs. Once you graduate, though, dealing with unexpected costs can be more difficult.

Starting an emergency fund today can help you build over time. Similar to a savings account, an emergency fund can be started with just a few dollars. Consider setting a goal to eventually save at least six months’ worth of expenses. Start small, with perhaps $10 a week, and then increase as your income and financial situation improves.

“Your emergency fund is your safety net in the event you ever run out of money,” Maizes said. “An emergency fund is an excellent lifetime goal whether you are a student or not.”

Apply for Financial Aid to Reduce Student Loan Debt

Student loan debt can feel like a millstone when you graduate. Maizes suggests investigating scholarships and grants to reduce what you borrow.

“Consider applying for scholarships and grants that do not mandate you to pay back any money,” Maizes said. “These opportunities are open to students to apply for within and outside your school throughout your educational journey.”

If you go to a higher education institution, consult with your financial aid office and your academic department head to find out what’s available. Fill out your Free Application for Federal Student Aid (FAFSA) each year to determine what aid you might qualify for.

You can also look for opportunities through federal work-study programs to earn money for expenses, rather than using student loan debt.

Start Building Credit

As a student and young adult, building credit as soon as you can is recommended.

“You’ll need a loan to buy a new car or house,” DeMaso said. “Your credit score will impact the interest rate you have to pay for those loans. So start building a good credit history now.”

One of the easiest ways to build credit is by getting and using a credit card . Choose one or two items to pay for with your credit card, and pay off the balance each month. Use your credit card as part of your regular spending plan, and make sure you only buy what you can afford.

DeMaso warns that the high interest rate charged by a credit card can hold you back. Use your card strategically so that you aren’t losing ground to debt .

Use Debt as Little as Possible

Finally, even if you need some debt to accomplish your education goals, try to use as little as possible.

“Finding another way to make money towards your expenses can also go a long way, from tutoring, internships, dog walking, babysitting, and retail,” Maizes said.

Once you finish school, Maizes recommends putting together a debt repayment plan that can help you tackle any debt you have as quickly as possible. The most efficient approach is to order your debts from highest interest rate to lowest and put extra money toward the first debt while maintaining minimum payments on others. As you pay off each debt, you can add that extra payment to the next item on your list.

This might be a medium- to long-term goal, depending on how much debt you have and your ability to put extra money toward reducing your debt when you get your first job after graduation. However, you can still put some money toward other goals, even as you attempt to reduce your debt.

Financial goals can be broken up into three time frames: short-term, medium-term, and long-term. One common financial goal is building an emergency fund, which can help reduce the financial impact of unexpected costs.

A few long-term goals for students include building an emergency fund, paying off student loans, saving toward a car down payment, saving toward a mortgage down payment, and investing for retirement. Each of these goals can help a student build healthy money habits and have something to work toward.

Perhaps the biggest long-term financial goal for most people is saving enough for retirement, however there is no "best" financial goal. Financial goals will depend on the individual who sets them. What goal you choose to reach for will differ based on your current lifestyle, desired lifestyle in the future, financial profile, and obligations.

It’s never too early to have a plan for your money . In fact, establishing good financial habits now and learning how to set financial goals can help set you up for a better financial future. However, while it's important to set financial goals, creating a financial path for oneself does not guarantee a successful financial future, rather it's a stepping stone in the right direction.

As you set financial goals and work toward success, Maizes suggests celebrating your milestones and recognizing how far you’ve come.

“Whether you have extra money each month or not, celebrate being mindful of your money,” Maizes said. “This is a huge accomplishment. These steps will always serve you well and help you make better decisions with your money.”

Alice Morgan / Investopedia

U.S. Bureau of Labor Statistics. " Retirement Plans for Workers in Private Industry and State and Local Government in 2022 ."

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How to Write an Essay About My Goal: A Comprehensive Guide

In the ever-evolving journey of life, setting clear objectives and ambitions is crucial. Whether these goals are short-term or stretch into the far reaches of our future, they act as guiding lights in our journey. This guide will assist you in articulating and expressing these ambitions effectively, especially when it comes to writing them down.

Understanding the Importance of Goal Setting

Setting life goals is a combination of introspection and foresight. It demands an understanding of one's current standing and a clear vision for the future. By penning down your goals, you not only provide yourself a clear road map but also make a commitment to yourself to achieve them.

How To Write An Essay About My Life Goals

• Introduction : Initiate with an engaging hook—be it a quote, question, or anecdote—that aligns with your goal.
• State your main goal : Elucidate on what your primary life objective is. Be it professional success, personal achievement, or societal contribution, clarify your aim.
• The 'Why' behind the goal : Delve into your motivations. Discuss the driving forces behind this ambition.
• Steps to achieve : Provide a roadmap. Enumerate the steps you'd undertake to transform this goal into a reality.
• Potential Challenges : Highlight potential obstacles and your strategies to navigate them.
• Conclusion : Summarize and re-emphasize your dedication towards your objective.

Career Goal Essay Definition

It's essential to differentiate between life goals and career goals. While the former encompasses broader objectives, a career goal essay underscores your professional aspirations, detailing why they matter and how you plan to attain them.

How Long is a Professional Goal Statement?

A professional goal statement's length can vary but should be concise. Ranging typically from 500 to 1000 words, it should capture your aspirations succinctly. Always adhere to specific guidelines if provided.

What to Avoid While Writing Your Career Goal Essay

• Ambiguity: Always be specific. • Unsubstantiated lofty goals: Your ambitions should be grounded in reality. • Neglecting personal growth: Showcase how your past has shaped your future. • Reiteration: Stay succinct and steer clear of repetition.

My Future Goals Essay: 12 Models

• Entrepreneurial Aspirations : Launching a sustainable fashion startup by 2030.
• Technological Goals : Developing an AI-driven community healthcare system.
• Educational Objectives : Attaining a Ph.D. in Quantum Physics.
• Artistic Pursuits : Holding a solo art exhibition in a renowned gallery.
• Societal Contributions : Establishing a foundation for underprivileged children's education.
• Scientific Aspirations : Contributing to renewable energy research.
• Medical Goals : Becoming a pediatric surgeon and researching rare childhood diseases.
• Travel Objectives : Visiting every UNESCO World Heritage site.
• Sports Ambitions : Completing an Ironman Triathlon.
• Literary Goals : Publishing a trilogy of fantasy novels.
• Environmental Aims : Pioneering a city-wide recycling initiative.
• Leadership Aspirations : Becoming the CEO of a Fortune 500 company.

Articulating one's life and career goals requires introspection, clarity, and foresight. This guide offers a structured blueprint to ensure your essay not only adheres to academic standards but genuinely resonates with your aspirations and dreams. Whether you're grappling with questions like "what should I write in my college essay?" or "how to draft a goal statement?", this guide is here to light the way.

Frequently Asked Questions

• What is the ideal structure for a future career essay? Start with an engaging introduction about your aspirations. In the body, detail the steps you plan to take, experiences that have guided you, and why you chose this career. End with a conclusion summarizing your determination and future vision.
• How do I ensure my career goals essay stands out? Incorporate personal stories or experiences that shaped your goals. Be specific about your aspirations and how you plan to achieve them.
• How can I relate my past experiences to my future career in the essay? Highlight skills, lessons, or challenges from your past and demonstrate how they have directed or prepared you for your future career.
• What should I avoid when writing an essay about my career goals? Avoid being too vague about your goals. Steer clear of clichés, and ensure your goals are realistic and grounded.
• How long should my essay about my goal be? This depends on the requirement. Usually, personal statements are between 500-700 words. Always adhere to the specified word limit.
• Can I include short-term and long-term goals in my essay? Absolutely! Detailing both shows planning and vision. Highlight how short-term goals will pave the way for long-term objectives.
• How do I conclude my essay about my goals effectively? Reiterate your dedication to these goals, reflect on the journey ahead, and end with a note of optimism and determination.

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Best Finance Essay Examples

Financial goals.

784 words | 3 page(s)

A household budget is a plan that describes how one spends the income one earns, and how the income will enhance the achievement of the financial goals of a given person. However, a large number of people fail to draft a household budget with the belief that, one knows the necessities that are required in the house. However, failing to plan for the income creates inconvenience. One does not have any idea of how much to spend such that; one tends to spend a lot of money on the household necessities. Also, overspending hinders one the achievement of the set financial goals in that; there is no savings neither any income directed towards the financial goals. When I look at my budget, a lot of changes have been made. The amount of income that I earn is proportional to my household needs hence the probability of achieving my financial goals. Also, the budget has enhanced evaluation of the income allocation such that; the most important needs are given the first priority while the least important are given the least priority. After prioritizing the needs, the budget allows proper allocation of the income to each and every need, hence determination of the amount to be spent and the savings for my financial goals. Also, the budget enhances the understanding of the various needs that can be done away with and still maintain a good living standard that will be consistent with my income. However, the overall reason for the budget is to enhance a skillful s[ending of the income I earn, hence prevent overspending and hence be in a position to achieve my financial goals. Budget analyses Though the budget plays a major role in the income management, budget analysis is a major factor in enhancing responsibility of each and every coin of the income. Sometimes, one tends to think that the budget is balanced with the amount of income while else the budget is above the income that one earns. Also, the amount allocated for different needs tends to be above one’s living standards such that, the amount one saves is very little compared to the capital required for the financial goals. However, the budget analysis enhances the clarity of the money to be spent, hence create a more competent budget. My budget for the first month shows a large amount of money projected towards my needs. Nevertheless, I did no see that as a major problem seeing that the actual amount would be less than the projected amount. However, when it came to the actual amount of money to spend, I realized that I was living beyond my potential. For example, I would spend a lot of money for outside dining, the gym and a lot of money on the house bills. Also, the amount of money I spent on buying household items was too high such that I ended up spending a lot of money. Nevertheless, the budget for the second month should be much favorable. When I compare the amount of income for the two months, the first month shows a large amount of money spent. Also, the amount saved is very little such that to satisfy the household needs; I have to inquire extra costs. However, the second month budget is way better compared to the first month budget. For example, when I look at the amount of money I spend on the household needs, the amount is low and favorable. Also, the amount that I spent in the first month has reduced by half such that I have a large amount of savings for the month. For example, the amount I spent on rent for the first month was very high compared to the amount spent in the second month. The reduction has been triggered by the fact that, the place I was living before was expensive. Also, the cost of living in the area was very high hence the decision to move to a more convenient place that I would spend less for more. Also, I have cut short the amount spent on the vehicle. I have reduced the amount spent on gas by reducing the number of trips I take with the vehicle hence cut down the repair cost and the gas cost. The second month budget has shown progress hence a large amount of savings to help achieve my financial goals.

Conclusion Each and every person wants to see a change in life while one is earning. However, the changes cannot happen if one does not budget for the income earned. A household budget is one of the best ways to trigger changes in one’s standards of living, hence enhance achievement of one’s financial goals.

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Scholarship Essay Writing

Scholarship Essay Examples

Winning Scholarship Essay Examples for Students: Tips Included

37 min read

Published on: Mar 14, 2021

Last updated on: Jul 23, 2024

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Many students face financial barriers when it comes to pursuing higher education. The rising costs of tuition, books, and other educational expenses can be overwhelming. 

This is why the scholarships offer a lifeline by providing financial aid to students, but the competition is fierce. 

That's where CollegeEssay.org comes in. 

In this blog post, we are providing scholarship essay examples that will inspire and guide you in creating your own exceptional essay. 

These examples serve as beacons of success, offering valuable insights into the art of scholarship essay writing. 

So, without further ado, let’s get started. 

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Scholarship Essay Examples Financial Need

Why This Scholarship Essay Worked

This scholarship essay example effectively conveys the applicant's financial need and their determination to overcome the challenges associated with it. Here's why this essay worked:

• Personal Storytelling: The essay begins with a personal anecdote that establishes a connection between the applicant's background and financial constraints. This helps create empathy and demonstrates the genuine impact of financial challenges on their educational journey.
• Resilience and Resourcefulness: The applicant showcases their resilience and resourcefulness in navigating financial hardships. They highlight their proactive approach to seeking part-time employment and actively pursuing scholarships.
• Academic Commitment: Despite the financial strain, the applicant emphasizes their commitment to academic excellence by maintaining a high GPA. This showcases their dedication and ability to prioritize their studies amidst challenging circumstances.
• Community Involvement : The essay also highlights the applicant's involvement in community service. This demonstrates their desire to give back and make a positive impact.
• Connection to Scholarship: The applicant clearly articulates how receiving the scholarship would benefit them. This demonstrates a strong alignment between their goals and the purpose of the scholarship.

Want more examples, check out these winning scholarship essay examples.

Financial Aid Scholarship Essay

Scholarship Essay for Financial Need

Scholarship Essay Examples About Yourself

Why this Essay Worked

This scholarship essay worked for several reasons, such as:

• It effectively showcases the applicant's passion for mathematics, community engagement, and resilience.
• It compellingly conveyed the applicant's dedication, ambition, and potential for making a positive impact. This makes them a deserving candidate for the scholarship.
• Clear connection to the scholarship's goals and how it would further the applicant's educational journey and impact.

Here are some scholarship essay examples about yourself; get an idea from them, and create a successful essay.

Scholarship Essay Example About Yourself

Scholarship Essay About Yourself

Scholarship Essay Examples for Nursing

Why This Essay Worked

This essay worked due to its compelling portrayal of the applicant's genuine passion for nursing, coupled with their unwavering dedication to making a positive impact in patient care.

The essay effectively demonstrates the applicant's well-rounded preparation for a nursing career and their clear alignment with the goals and mission of the scholarship, making them a strong candidate for consideration.

Below are some more examples of scholarship essays for nursing.

Nursing Scholarship Essay

Scholarship Essay for Nursing

Scholarship Essay Examples About Career Goals

This essay worked for the following reasons:

• Clear and Specific Career Goals: The essay effectively outlines the applicant's career goal of becoming a clinical psychologist specializing in mental health support. The clarity and specificity of the goal demonstrate a well-defined path and a strong sense of purpose.
• Demonstrated Preparation and Commitment: The essay showcases the applicant's comprehensive preparation for their career goals. It also demonstrates their readiness and dedication to excel in the field.
• Alignment with Scholarship Objectives: The essay effectively highlights how the scholarship will contribute to the applicant's career aspirations. This includes attending conferences, workshops, and advanced training programs.

If you find difficulty writing the scholarship essay about career goals, get help from the below-mentioned examples, and submit a well-written essay.

Scholarship Essay Examples About Leadership

Three reasons why this essay worked are:

• Demonstrated Leadership Experience : This essay effectively highlights the applicant's practical experience in leadership roles, showcasing their ability to lead teams, organize events, and coordinate volunteers.
• Commitment to Personal Growth : The essay demonstrates the applicant's proactive approach to leadership development by seeking formal training and participating in workshops focused on honing their skills. 
• Emphasis on Collaboration and Empowerment: The essay emphasizes the applicant's belief in collaborative leadership. It promotes inclusivity and empowers team members to contribute their unique perspectives. 

Here we gather some good scholarship essay examples about leadership that help in your writing.

Leadership Scholarship Essay Example

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Scholarship Essay Examples About Community Service

Here are the reasons:

• Genuine Passion and Commitment: The essay effectively conveys the applicant's genuine passion for community service, highlighting their long-standing involvement and the transformative impact it has had on their life. 
• Integration of Service with Education: The essay demonstrates the applicant's proactive approach to integrating their passion for community service with their educational pursuits.
• Aspiration for Social Change: The essay goes beyond personal experiences and highlights the applicant's aspirations for broader social change.

Here is an excellent community service scholarship essa y that can help you write for community college.

Scholarship Essay Example about Community Service

High School Scholarship Essay Examples

• Clear and Convincing Goals: The essay effectively communicates the applicant's strong desire to pursue higher education despite financial constraints.
• Demonstrated Leadership and Well-Roundedness: The essay showcases the applicant's involvement in extracurricular activities. It highlights their ability to balance academic responsibilities with active participation in clubs, sports teams, and community service initiatives.
• Emphasis on Giving Back and Community Engagement: The essay not only focuses on the applicant's personal aspirations but also highlights their commitment to giving back to their community.

The following are the best high school scholarship essay examples, use this for your help, and write an attention-grabbing essay.

Scholarship Essay Example for High School

Scholarship Essay for High School

Scholarship Essay Examples for University

Why This Essay Works

Three reasons why this essay works are:

• Strong Personal Motivation: The essay effectively communicates the applicant's unwavering commitment and determination to pursue a university education.
• Articulation of Long-Term Goals and Social Impact: The essay goes beyond highlighting the applicant's academic achievements and financial needs. It emphasizes the applicant's desire to contribute to their community and make a positive impact on society.
• The connection between Scholarship and Applicant's Potential: The essay effectively illustrates how receiving the scholarship would directly address the financial burden. Plus, it will enable the applicant to fully embrace the university experience.

Here are some excellent scholarship essay examples for university students that help you in writing the essay.

Scholarship Essay Example for University Students

Scholarship Essay Examples for Engineering

This essay worked because of the following reasons:

• Passion and Commitment: The essay effectively conveys the applicant's deep passion for engineering. It also shows their genuine commitment to making a positive impact in this field.
• Alignment with Scholarship Objectives: It clearly establishes the connection between the scholarship and the applicant's goals in engineering.
• Future Impact and Growth: It also communicates the applicant's aspiration to contribute to the field of engineering and make a positive difference in the world.

The following is another scholarship essay example that can help you in creating the perfect essay on your own.

Scholarship Essay Examples for Masters

This essay worked for several reasons:

• Clear Purpose and Goal: The essay effectively conveys the applicant's clear purpose and goal of pursuing a master's degree. It highlights the transformative impact that a master's degree can have on personal and professional growth.
• Financial Need and Scholarship Alignment : The essay addresses the financial challenges associated with pursuing a master's degree. It demonstrates the direct alignment between the scholarship and the applicant's needs.
• Impact and Giving Back : The essay goes beyond personal aspirations and emphasizes the applicant's intention to make a broader impact on their community and society.

Here is an example that you can use as a guide and write a perfect scholarship essay.

Why Should You Receive this Scholarship Essay Examples

Three brief reasons why this essay worked are:

• Clear and Convincing Arguments : The essay presents concise and compelling arguments to support the applicant's case for receiving the scholarship.
• Personal Connection : It demonstrates how receiving the scholarship would directly impact the applicant's academic journey
• Gratitude and Future Commitment : It expresses sincere gratitude for the opportunity and emphasizes the applicant's commitment to making the most of the scholarship.

Here is an example, take help from them for your scholarship essay.

Why Should You Receive this Scholarship Essay Example

Why I Deserve This Scholarship Essay Examples

• Compelling Personal Story: The essay effectively presents the applicant's personal story and highlights their dedication and commitment to their education
• Addressing Academic Excellence and Financial Need : The essay successfully addresses both academic excellence and financial need, which are two crucial aspects considered by scholarship committees.
• Commitment to Making an Impact: The essay goes beyond the applicant's personal goals and emphasizes their dedication to making a positive impact in their community. 

Here’s another example for this scholarship essay below:

Why I Deserve This Scholarship Essay Example

Tips for Writing the Effective Scholarship Essay

When it comes to writing an effective scholarship essay, there are several key tips to keep in mind. 

By following these guidelines, you can maximize your chances of standing out and impressing scholarship selection committees. 

Here are some essential tips to help you craft a compelling scholarship essay:

• Understand the Prompt

Take the time to thoroughly understand the essay prompt or topic provided by the scholarship provider. Pay attention to any specific instructions or guidelines given.

• Research the Scholarship

Familiarize yourself with the organization or institution offering the scholarship. Understand their values, mission, and objectives. This knowledge will help you align your essay with their goals and demonstrate your fit for the scholarship.

• Tell Your Unique Story

Use the essay as an opportunity to showcase your personal experiences, like obstacles you might encounter, achievements, and aspirations. Highlight what sets you apart from other applicants. Be authentic and genuine in conveying your story, like overcoming personal failures.

• Start with a Compelling Introduction

Grab the reader's attention from the beginning with a strong and captivating introduction. Consider starting with a compelling anecdote, a thought-provoking question, or a powerful statement.

• Structure Your Essay

Organize your essay into a clear and logical structure. Start with an introduction, followed by body paragraphs that support your main points, and end with a concise and impactful conclusion.

• Be Concise and Specific

Scholarship essays often have a word or character limits, so make every word count. Be concise in your writing and avoid unnecessary fluff. Focus on providing specific examples and details that support your claims.

• Showcase Your Achievements

Highlight your academic accomplishments, extracurricular involvements, community service, leadership roles, or any other relevant achievements. Link them to the values and goals of the scholarship.

• Address the Selection Criteria

Ensure that your essay addresses the selection criteria specified by the scholarship provider. If they are looking for specific qualities or skills, tailor your essay to showcase how you possess those attributes.

In conclusion, writing an effective scholarship essay is a crucial step in securing the financial aid you need for your education. 

By following the tips outlined here, you can enhance your essay-writing skills and create a compelling narrative that captivates scholarship selection committees.

Be authentic, concise, and specific in your writing. Tailor your essay to align with the values and objectives of the scholarship provider. And above all, believe in yourself and your potential to make a difference through education.

If you're seeking further guidance and support in your scholarship essay writing journey, consider partnering with our AI essay writing tools !

We also have a team of experienced and professional essay writers who can provide personal essay writing service with valuable insights. 

Hire our college paper writing service  today and take the next step towards securing the financial aid you deserve.

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Barbara is a highly educated and qualified author with a Ph.D. in public health from an Ivy League university. She has spent a significant amount of time working in the medical field, conducting a thorough study on a variety of health issues. Her work has been published in several major publications.

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Home — Essay Samples — Life — Personal Goals — Investing To Meet My Financial Goals

Investing to Meet My Financial Goals

• Categories: Investment Nike Personal Goals

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Words: 932 |

Published: Mar 19, 2020

Words: 932 | Pages: 2 | 5 min read

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