Financial goals differ from one person to another depending on the social status.
We all have goals and requirements, but they vary depending on the social and financial status. The single would aim to save money to go for vacation, while the married would save money to pay school tuitions or get the different daily family needs.
When you have a goal you are looking to achieve, this helps you to focus on achieving this goal.
If you don’t have a specific and clear goal that enables you to measure your progress, how will you know what to do?
When setting these goals, make sure they are smart, specific, measurable, achievable, realistic and time-bound targets.
Otherwise, you may have difficulty achieving it.
What are the most important financial goals that each parent should set for his family?
Planning for the future
What do we mean by ‘planning for the future’?
Planning for future requirements such as children’s education (schools and universities), buying a house and establishing a business. These are the most important financial goals and events that each family faces over the years, in addition to planning for other unexpected events.
Contingency savings
Each family should have a fund for contingency savings to cover unexpected incidents such as hospital invoices, car repairs or unplanned travel.
Saving expenses for at least 3 to 6 months, if not more, can prevent a negative event from turning into a tragedy.
Getting an insurance
Each family should be covered by an insurance plan for the events that are uncovered by the contingency savings. Make sure you consider life insurance, health insurance, property insurance, car insurance, disability insurance and, in some cases, comprehensive insurance.
Savings for university tuitions
It is important to start saving in order to ensure a good education for the children for a promising employment and future.
The family brings love and joy into your life, yet it brings along too many responsibilities towards oneself and kids.
Make sure you set a well-studied financial plan that ensures a good life in the future.
Retirement savings
It is an important matter for parents to plan for the future and save money for the retirement. Some people may say that it is very important to save for children’s education, however, all parents should set goals for their retirement as well and ensure that saving for this period is as important as saving for children’s education.
