How do you set a financial goal and stick to it?

Write down your goal, the amount and the date. A short-term goal (2 years or less) needs protected, easily accessible money; a long-term one (6 years or more) can use a wider range of options, with some risk.

1. Write your goals down and rank them: retirement, a down payment, children’s education. Give each a dollar amount and a date; a written goal is easier to follow.
2. Sort goals by time: short-term is 2 years or less, medium-term 3 to 5 years, long-term 6 years or more. The timeframe shapes how you save.
3. For a short-term goal such as an emergency fund or a near purchase, keep your money protected and easy to reach, in an account separate from your everyday one.
4. Long-term goals such as retirement or children’s education can use registered accounts such as RRSP, RESP and TFSA. The account is only a container; what matters is the investment inside it.
5. Pay down debt first: the interest on debt is usually more than you can earn by investing. Review your plan from time to time, because your goals change.

Caution: For education only. Some options involve interest, and we do not give a religious ruling on them; ask a qualified scholar.

Bottom line: Write down your goal, the amount and the date. A short-term goal (2 years or less) needs protected, easily accessible money; a long-term one (6 years or more) can use a wider range of options, with some risk.

Last reviewed: 1 October 2026