How can I set effective financial goals?
Start by identifying your short-term and long-term goals. What do you want to achieve in the next year and in the next five years?
I want to save for a house and also for retirement.
Great! For the house, determine how much you need for a down payment. For retirement, consider how much you want to live on and when you want to retire.
What percentage of my income should I save for these goals?
A common recommendation is to save at least 20% of your income. You can adjust this based on your specific goals and timeline.
How can I track my progress towards these goals?
You can use budgeting apps or spreadsheets to monitor your savings. Regularly review your progress and adjust your plans as needed.
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