Identify short-term and long-term personal financial goals.

Identification should include

• an explanation of SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals
• a definition of short-term financial goals, which require money beyond what is normally allowed by a budget (e.g., for emergencies, vacations, social events, major purchases, gifts, celebrations)
• a definition of medium-term financial goals, which are usually 3 to 10 years in the future (e.g., paying down a debt, buying a car)
• a definition of long-term financial goals, which are usually anticipated major expenditures that require saving (e.g., for home ownership, education, retirement, investments)
• a statement of personal short-term and long-term financial goals and ways to accomplish them, such as the creation of a SMART financial goal