Financial goals are specific objectives to be achieved through financial planning and management. These can include short-term goals like saving for a vacation or a new car, mid-term goals such as buying a house or paying for college education, and long-term goals like retirement savings or building wealth for future generations. These goals necessitate strategic planning and ongoing review to ensure that money is being managed effectively to achieve them. Factors like income, expenses, savings, investments, and timelines are all considered when setting financial goals. Achieving financial goals can lead to financial stability, freedom and a good credit rating.