Setting specific longer-term financial goals takes monthly/yearly budgeting to the next level of sophistication. For example, are you still driving that 1999 Toyota Corolla with 187,000 miles on it? Someday that tired car (with no intended offense to the Corolla!) will have to be replaced. Your choices: save and pay all or a portion in cash; or finance a newer car. In either case, setting a goal will help ease your mind as you work toward achieving your goal over time. Developing written goals in financial and other areas of life facilitates success.