A new Fidelity Investment study found that more than half of people who want to increase their savings in 2023 plan to focus on short-term intentions rather than long-term goals.
Some of these short term goals include things, such as big ticket purchases, mortgages and emergency savings in comparison with setting goals that may apply years down the line. This is the first time in more than 10 years that investors have prioritized short term goals over long term ones. It’s believed that the pandemic may be the reason for many people deciding to do things like taking vacations, which may not have been an option in previous years.
Some people have chosen to pay down mortgages, or put off buying new vehicles in the midst of inventory supply and demand challenges. If that aligns with what you’re setting in the near future, now may be the perfect time to meet with our team of qualified financial professionals to talk through these options and make sure that they match up with your current financial strategies as well as any long term goals you’re also saving towards at the same time.
The good news is that you’re not limited to only short term or long term financial goals. You can use both. Most people are saving towards short term events while also forecasting into their future with retirement savings strategies, for example. At Shah Total Planning, we’ll work with you to create a plan that matches your needs.