Not all financial decisions are equal. It’s important to understand the difference between each financial decision and how it can affect your future.
Let’s start with short-term decisions. These are things like buying food and gas and paying rent. These decisions should be easy as you require them to live. Yes, it’s true, you can choose which food to buy, but in the end, you still need food!
Next come your fun things, your mid-term decisions. These include going on vacation, buying a new car, maybe even a new wardrobe. Typically these decisions require you to save and plan but they are not necessary to sustain life.
They should never trump your short-term decisions. However, these decisions can help you build good savings skills and habits to help you achieve your long-term decisions in the future. They can help you acquire new skills and avoid bad habits as you progress because these decisions have a clear end date; they tend to take six months to a year.
And finally come your long-term decisions. These require a lot of planning and discipline so your heart really has to be in them. Buy a new home. Start a new business. Travel or live abroad. And pay back your student loans early. Frequently, we are faced with saying “no” to our mid-term decisions in order to have our long-term decisions come true.
You have to consider all three decision levels so your money works for you instead of against you. Taking the time to think about both your short-term and long-term decisions will allow you to spend on your mid-term decisions without feeling guilty and without breaking the bank!
Still have questions? Stop in our Office—we’re always here to help!
Location: Aquinas Hall, Room 107
Hours: Monday: 8:30 a.m. – 4:30 p.m.
Tuesday, Wednesday and Thursday: 8:30 a.m. – 7:00 p.m.
Friday: 8:30a.m. – 4:30p.m.
Phone: (203) 773-8508
Fax: (203) 773-8972
Email: financial_aid@albertus.edu