3 Steps To Achieving Financial Goals For Your Family

If you are a parent, do you agree that financial planning and budgeting have become part of your family life?

In my parenting coaching workshop, almost everyone has told me that living in Singapore will be more expensive. Food prices have risen. Public transport is no longer cheap. Petrol prices never fall. If you are unfamiliar with the economic situation in Singapore, inflation was 5.4% in April 2012. I know that having a family in Singapore is full of challenges.

Aside from sharing with my participants how to manage their family finances, I also work with them on how to set their family financial goals. Here is an interesting observation. Some parents shared with me that they had no financial goals because their household income had always been close to their household expenses. With a little saving, they found it a waste of time to set financial goals. In my opinion, this mindset should change because whether a family should have a financial goal should not depend on how much saving the family has. Instead, it is the financial goal that helps determine how much household income is required and how much the family can afford to spend. Therefore, it is important to set financial goals for all families. In this article, I will share with you three steps to help you set the financial goals for your family.

Step 1: Create a vision for success in achieving goals

When setting financial goals, I feel that it is important for us to create our vision of what it is like to achieve those goals. Suppose that one of your goals is to create a monthly passive income of $ 10,000 for your family. You can visualize how you and other family members feel when this goal is reached. Are you all excited? Do you see anyone in this picture? If so, what do they say to you?

You may be wondering why this is important. To me, there is a saying that "success gets success". We need to allow our minds to enjoy success before it knows why it is important to reach a certain goal. Do not underestimate the power of visualization in this goal setting exercise.