Learn the difference between these financial goals, as well as how to budget and save for them.

Short-term and long-term goals might seem self-explanatory, but some cases aren’t exactly clear-cut. Here are a few ways to identify your goals, plus budget and save for them accordingly.

Short-term goals are your more immediate expenses. Although timelines vary, these are the things you’ll spend money on generally within a few months or years.

Short-term goal examples:

• Emergency fund.
• Payments toward rent, insurance or student loans.
• Credit card debt payments.
• Personal goods.
• Travel.
• Wedding.
• Minor repairs and home improvements.

Long-term goals are usually your big-picture costs. These goals may take several years or even decades to reach. Your distant goals typically involve more money and regular attention than short-term goals.

Long-term goal examples:

• Retirement fund.
• Paying off a mortgage.
• Starting a business.
• Saving for a child’s college tuition.

There is often overlap between the two categories that can make things fuzzy. Medium- or mid-term goals fall between short-term and long-term goals and tend to take a few years to achieve.

Mid-term goal examples:

• Buying a car.
• Saving for a down payment.
• Paying off debt.

Other goal periods can be tougher to estimate. For example, you might not need an emergency fund for several years, or you might need it right away.

You’ll likely have a combination of short- and long-term goals to balance.

Work your goals around your usual expenses, focusing on needs like food and shelter first.