If you've recently changed jobs, received a raise, or secured a mortgage, it may be time to revisit your financial goals. Life and financial circumstances may change fast. Factors like promotions, marriage, parenthood, or even big moves can significantly impact your financial goals. So if you haven’t updated your goals recently, here are some ways to start.

Review your existing financial goals

In order to look forward, it’s important to assess where you are and where you’ve been—that means your current finances and previous goals. You may already have met some of them, such as setting up an emergency fund or saving up for a new car or vacation. If not, examine the steps you've taken to meet your goals and think about what you can change to reach them on the timeline you want. For instance, you may want to start setting aside more money for your emergency fund or reduce some of your discretionary spending.

Create new long-, medium-, and short-term goals

Your financial goals may have changed based on your age and circumstances, so it pays to dedicate some time to flesh out any new goals you may have. A long-term goal might be aiming to retire five years earlier than initially planned or retiring overseas. One of your short-term goals may be to get a permanent life insurance policy like whole life insurance or universal life insurance while you’re young so you can protect your loved ones and start building cash value. A medium-term goal might be saving up for a down payment on a mortgage, or you might want to set up a business.

Update your budget

Revisiting your budget whenever you get a raise can help you avoid overspending as well as make the most of your income. Budgeting isn’t necessarily about accounting for every penny or directing all your additional income to a savings account—budgeting can also help you make better decisions when it comes to leisure expenses. You might start putting more toward savings or putting money toward a vacation with friends.

Consider small changes

Sometimes making small changes in the way you approach your financial goals can have a big impact on your life. If you’ve been saving steadily each month, you might decide to try investing some of that money. Or, if you’re paying off debt and recently received a raise, you might decide to put more toward getting rid of that debt. This can be a way to reduce debt faster and save on interest in the long run.