In this first meeting, we will analyze the important aspects that are part of the foundation of financial education.
See below for some information that you should take into account in the process of education or financial re-education.
Financial Education,
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Financial Goals
The best way to make dreams come true is to turn them into concrete goals. An objective is something that you need in order to achieve your goals for the future. It is what will move any individual towards making a decision or chasing their aspirations. Your goals/objectives should be:
- Specific
- Measurable
- Possible to be reached
- Realistic
- Timely
Determining what you want to achieve is essential both for the control, as well as for the good execution of the financial planning and, consequently, to reach the desired financial situation.
- You can more easily achieve goals when you know the goals;
- It is necessary to know how to readjust and/or change the objectives according to the cost and to have some flexibility in the readjustments (in the event of a change in the financial and economic situation);
- It is essential to assess how much your goals cost. For this reason, it is necessary to research, collect information from suppliers,you also need to determine the expected duration for its realization (short, medium and long term).
This information is important to have at the back of our readers’ minds so that they have a smoother sailing when it comes to the rest of the information. All this is in pursuit of a healthier financial life, with properly defined goals.
In the previous chapter, we talked about the financial objectives that must be set at the beginning of a project that aims at a better relationship with money.
However, it is not enough to just have goals that families/people can achieve. It is crucial that these are aligned with the routine of the family members or the person. Everyone's involvement in this process is fundamental to its success.
Follow below:
Having family goals and drawing up a common plan to achieve them is one of the basic concepts of personal finances. This is because achieving a financial objective requires planning and organization of all involved.
The goals of family members can be different. The important thing is to make them compatible. Financial goals must be known to the whole family. After all, to achieve them, everyone's approval and collaboration are needed.
When sharing them, it is essential to be open to a discussion about what the priority objectives are - in addition to having the flexibility to include a goal defined by children or spouse.
For those who have children, sharing the family's financial goals becomes even more important, as it is an opportunity for them to see the importance of saving and taking care of the budget.
Even though they may not yet be able to contribute financially, children can help with solutions in how to save.
Life is not static. Unforeseen events happen and may require a revision of the family's goals.
The financial success is closely linked to flexibility and an active stance towards finance.
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- Talk honestly with your family about your goals;
- The goals of each individual can be modified throughout life, and differ among each family member. The important thing is to make your goals and those of your family compatible;
- It is important to maintain good communication within the family. You can improve it by using simple principles, such as listening to each other, being calm and being flexible;
- It is easier to achieve your goals with the support of your family, but this is not a necessary condition. You can achieve them without family support.
Put these tips into practice so that we can continue to build a happy budget together with short, medium and long term achievements.