How to Save for My Future Goals?

“The future belongs to those who believe in the beauty of their dreams.” You must always live in the present but not without a proper plan for the future. From a toddler to an aged person, everyone will have goals in their life. A 5-year-old child might want chocolates or toys. A 10-year-old child might want a cycle. A 20-year-old person might want a flourishing career. The answers might vary from person to person. But their ultimate destination is their goals.

We all know that the future is uncertain so a little planning would always be helpful. The first step is to understand our financial capability and our cash flow. You can start by monitoring your expenditure. Once you identify the unnecessary expenses, cut them down and set up a monthly budget.

 

First, decide on the goal for which you require savings. It can be for anything from getting your dream car to going on world tour. The next step is to decide the amount of money to be saved for that goal. Start setting aside the required amount monthly.

Next step is to have an emergency fund which can help as a reserve during the shortage of funds. You must always start preparing for your retirement fund once you start getting your salary and not delay. You must try to save some surplus amount from the budget.

There are short term and long term goals. Savings must be done based on the priority of the goals. Mutual funds, bonds and stocks can be used for investments for achieving long term goals like education and marriage.

There may be times when you will have to sacrifice the money you spent on certain luxuries to save for your goals. If you focus only on wants and not on needs, it can cause problems for your retirement funds. But, if you focus only on the future without living in the present, then there will be no enjoyment.

You can invest in various schemes depending on your goal. Mutual funds are a good option for investment for medium and long term goals. Stocks are also a good option because you own a share of the company and will get good returns if their value increases.

Understand your needs and choose the correct tool for investment. For more information and guidance, contact Goodwill at admin@gwcindia.in or give a call at +91 80122 78000.

 

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