Accomplish your goals

No one is cognizant of his future. The book of future is hidden from us always. But, no matter whichever stage of life you are, you have a future ahead, though unseen, you just can’t leave it to chance. Therefore it is very necessary to plan for a bright future and set goals.

Maybe making money is not that difficult for you but the most important is to look ahead and think of when you would incur major expenditures. While planning goals, take yours and your family’s hopes and dreams into consideration. What do you hope to achieve in life? Possibly buy a home and send your children to college? Or maybe you'd like to retire early and travel the world? Now see how many steps your future dream is away from the current reality and strive to get close to it with every single step.

Here are a few tips for planning for a secure future:

1. Allocating your income

The first step in allocating your income is to find out how much income you can allocate. It is important that you know your net worth. Your net worth, what accountants call a balance sheet, compares your assets (what you own) with your liabilities (what you owe).

When you know your net worth, you will know how much you are left with after paying all the expenses and this will tell you how much you can afford to contribute to your financial goals each month.

2. Identify your goals

List your goals and strive to achieve them. This will help give meaning to your life and you will create the best plan to reach those goals along the way.

3. Save to reach the goal

As soon as you decide your goals and how much you need to reach them, start saving. Start putting some money aside on a regular basis. Saving on a regular basis is the key to reaching your goals; no matter how little the amount you start saving with.

Don’t lose heart if the goal seems large and unreachable- remember that even a leaky spigot can fill your sink with water, drop by drop.

In today’s world of expenses, many people find it difficult to save money for long term goals. Setting aside a small amount for your long-term investing plan each week or each month before you pay any other bills or expenses is all you have to do.

4. Invest money in different investment options

It is always better to spread your money. Depending on your goals and attitude to risk, invest your money over different investment options such as Stocks, Mutual Funds and Bonds.

5. Money growth

Saving the money is not sufficient. You have to make sure that your money grows. Make sure you invest your hard earned money in instruments which will make it grow over time and thereby build capital for your future.

Fixed Deposits, PPF, NSC, etc. is simply not enough as they have a low rate of interest. Therefore, search for better options where your seed grows into a huge tree.

6. regular track on your investments

After you invest your money, keep a good track on how your investments do. Establish a regular timeframe for checking your investments to see if they are matching your goals.

7. Think your work is done? Not quite

If you think that after doing the above things your work is done, then you are wrong. You should still sit down periodically- such as once a year and review your goals, finances and asset allocation. After all, goals can change. Time and circumstances can shift your priorities.

Major life change, such as getting married, having children, changing jobs or retiring should also be taken into consideration while reviewing your goals.

Just keep these seven steps in mind and you should be able to attain all your goals. Happy saving!

While planning goals, take yours and your family’s hopes and dreams into consideration. What do you hope to achieve in life? Possibly buy a home and send your children to college? Or maybe you'd like to retire early and travel the world? Now see how many steps your future dream is away from the current reality and strive to get close to it with every single step.