Final answer:
The two primary categories for financial goals are spending/saving decisions and investment choices. Goals should be framed within the SMART criteria and account for various financial considerations such as taxes, housing, education, and retirement.
Step-by-step explanation:
The two major categories where most financial goals fall are spending and saving decisions, and investment choices. When deciding how to manage finances, it's essential to think about both immediate expenses and long-term financial security. For spending and saving, goals often include making decisions about your paycheck and taxes, whether to buy or rent, understanding total bills with tips and taxes, and taking on the budget challenge. On the investment side, financial goals involve choosing how much to save, how to divide savings among different investment vehicles like stocks, bonds, and mutual funds, as well as considering risk and diversification strategies.
It's also helpful to follow the SMART goals framework which ensures goals are Specific, Measurable, Attainable, Realistic, and Timely to effectively guide your financial decisions. Additionally, considering factors like loans, interest rates, credit cards, and planning for significant expenditures such as education and home purchasing are important elements of setting financial goals.