Are You on Track to Reach Your Financial Goals?
Learn how to tweak the key variables to put a sensible plan into action.
Note: This article is part of Morningstar's November 2013 Investor Starter Kit special report.
If you're saving for a near-term goal--such as buying a new car or finishing your basement--getting your arms around whether and how to achieve it is pretty straightforward. You simply have to determine whether your current savings--plus additional contributions to the kitty during your short time frame--are enough to get you there. If they're not, you can either nudge up your savings rate or scale back your goal.