Financial goals are classified into 3 types-
1. Short-term goals consist of smaller financial targets that could be achieved within a year. For example, getting a new computer or planning a marriage, or home renovation.
2. Mid-term goals could take about 5 years to achieve. These are the types of goals that you have planned later down the road. For example, getting a car or saving for a home loan down payment.
3. Long-term goals require proper planning and determination as the duration increases by 5+ years. Since you won’t need the money right away, consider investing the money you are saving for a long-term financial goal. For example, saving for a child’s education investing for your retirement, etc.