Do you make financial goals every year??? Were you able to reach your financial goals? How do you set your financial goals i.e would it be more on savings perspective / would it be towards what you would like to buy?How often do you revise or revisit your goals? Lets share our experiences!! My experience.... I do set some financial goals at the begining of every year..though it would be more towards what would I like to buy / invest in? like land / gold / silver etc. My husbands goals would be mostly towards how much he would save ...he usually sets monthly goals for himself rather than yearly.
hai, FG's can be short term(like tarvel or buying a car in another 2-3 yrs period), medium term (paying down payment for a house in 5- 7 yrs time) and long term(10-15 yrs,say education and marriage of child). so only short term FG'S can only be changed. regards knsaranya
Thank you Saranya for chipping in....so do you determine your short term goals every year? or as and when you come up with it? My question was does everyone setup few financial goals for a year? or is it more in those buckets as you mentioned above.....:idea
Vidya, Thts a good topic. I believe in a Penny saved is Penny earned and need to save for a rainy day mantra. Thanks to my parents for giving me such wonderful life. If there is no financial goal, I dont think we can make more savings. We need to prioritize our goals and also evaluate our earnings and to be prepared for worst. Initial years of getting job, I bought gold, a two wheeler for me and lots of fashion and fancy stuff,going out and spending money on friends etc. At that time, I didn't know much importance of this as I have all money to spend. But once after marriage, I became moderate in spending and now, I hardly spend anything for myself. So that if I quit my job also, my husband will be able to run family without any issues. We made it in such a way that, what we want in life is the only thing to make us to do more savings - like loan free properties, child's education, Gold, Liquid cash,LIC policies,Health of entire family, car and day to day expenses.Its just three years of our married life, but we found that we are in right track by having this kind of financial goals. Ofcourse on our way to achieve them. Apart from all these, we do some kind of charity like financial help to deserved poor people in our relatives and community, temple reconstruction etc. Because God only is giving us an opportunity to earn so we need to spend for God also. So, finally after retirement, we will get rents from houses,interest on liquid cash, pensionary benefits.
Dear Sri Vidhya, Happy to see you here as a moderator. And you are my guide in my personal financial matters as well)) Ok.. regarding the subject line... I used to earn from my early 20s, and used to save part of my salary for buying gold, and other materials for my marriage and also for any emergency needs. Meanwhile, I spend the rest of my salary for vacations, shoping, gifting, and to celebrate all the parties at home and office (like birth day, anniversary day, first job day, farewell day... etc... you know, I am mad on giving and asking treats on everything!!!) I managed to save a huge amount for my wedding, and managed to buy all the needful jewellaries for the big day. Hence, I organized our grand wedding on my own (i beared all the financial parts, where my parents and sibling helped me to do all the arrangements). But after marriage, things didn't favour me as I expected. I have to leave the country immediately due to work reasons, and the place where I used to work is a remote and war affected area, where no banks, no ATM, no credit cards available.. Hence, we decided to open a joint account in an international bank (at least I could use the money and cards for online shoping, buy e tickets etc..). My long absence, and innability to access/manage my joint account made my DH to decide on his own to take all the money from that bank to make a new account on his name in India. Well, that is a different story! After marriage, I hardly spend any penny on my personal needs... No opportunities to spend here, and at home during all my short vacations, my DH will accompany me and he will influence in all my spending. I think... and partly confirmed that all my salary is safe in his saving account, that will be soon converted as a joint account. Also both have decided to open a separate savings account for our persoanal spendings. Hope we have enough savings now to build a house and furnish it with reasonable luxaries. Then we have decided to plan every year for a new monitory objective.. Such as buying a luxary car, building a swiming pool, vactioning to europe, and the list will continue for sometimes until our new baby comes in... Then we will have to plan everything around him/her.
Dear Nice to see you here in this forum. I agree before marriage, I was working too and I used to spend more than what I am doing now..I guess over time our priorities and goals change...Your gave us some good pointers on the planning part...you have very well planned your finances...thanks for sharing !!
Tugga Dear Super koool to see you here:cheers and dont worry yes once we start making goals and atleast work towards penning them down...slowly we would find a way to execute those goals...Am also on that learning curve
Hi SV, I really don't set goals every year. My short term goals keep changing on an as needed basis, nothing like a yearly plan. Medium to long term goals are already set. We just re-adjust and balance accordingly. I think identifying goals, coming to a mutual consensus and putting them down on paper was the most important step for us in terms of financial control. Once the goals were hashed out, we know how much we need to save on a monthly basis to achieve our goals. Even if our monthly savings don't meet the target, our annual savings are always at par. This is because we keep checking to make sure we are on track(of course the FP does that too). We do revisit our plan every six months and work out any changes. For anything out of the blue we always have the emergency funds etc. Btw, ever since we have moved back, my income is not considered in any of the plans. What I make is an added bonus. We spend it on frills. We decided to do this because I am still not sure if I will continue to work next year or just decide to stay home and spend more time with DD. HTH, Laks
hai all, FG also depends on whether u r salaried or self employed.. if u r salaried then it is easier to predict the inflow of money and set FG accordingly.. but if u r self employed and not sure of each months income its always difficult and needs very flexible FGs.. mean they change every year or either u have to postpone Goals... regards
