Short-term goals are goals to be achieved within the next year
or so, such as saving for a vacation or paying off small debts.
Intermediate goals have a time frame of two to five years. Long-
term goals involve financial plans that are more than five years
off, such as retirement savings, money for children’s college
education, or the purchase of a vacation home. Goal frequency is
another ingredient in the financial planning Some goals, such as
vacations or money for gifts, may be set annually. Other goals,
such as a college education, a car, or a house, occur less
frequently. Goals for Different Financial Needs Consumable-
product goals usually occur on a periodic basis and involve
items that are used up relatively quickly, such as food,
clothing, and entertainment. Such purchases, if made unwisely,
can have a negative effect on your financial situation. Durable-
product goals usually involve infrequently purchased, expensive
items such as appliances, cars, and sporting equipment; these
consist of tangible item