Many people have a habit of planning every year with the desire to accomplish great goals that make life happier. In that money is indispensable for every family, so how should we do?
Financial planning is essential for every family
Most people’s annual plans often revolve around issues related to finance and health. It can be to give up bad habits (smoking, drinking soft drinks, social networking or shopping for bluffs) or practice good habits (saving, insurance, …). However, not everyone knows how to set up a smart plan, especially in the financial sector. You can refer to Generali’s recommendations for a better financial future.
Identify financial goals
Identifying the financial goals of yourself and your family is the first step. You need to know what you want in the coming year to get the right plan. For example, you want a $ 100 million savings book, a family trip of 60 million, etc. When it comes to goals, you can ask “How do you achieve that?” The answer will be your whole year plan.
Sorting financial goals in priority order is the next step you need to take. The arrangement will help you assess the importance of the revenue / expenditure, so that you can arrange the time to accumulate to get this amount.
You should identify specific financial goals and sort them by importance
Another important factor is the vision. You should set long-term financial goals instead of serving short-term needs because our desire is to have a safe and sustainable future in terms of money.
Be careful when making a spending decision
Anyone can stick to a consumer trap if they are not careful when making a spending decision. Brands, business units always have a thousand ways to spend your money with promotions, special offers or discounts.
You should calm down and always ask yourself, “Is this necessary?”, “Is it necessary to buy at this time?” Determining the level of necessity will help you avoid Take home unnecessary items.
Increase your savings
Everyone needs a savings to accumulate for the future or to anticipate uncertainty. Raising a budget is a wise decision if you do not want to worry financially and feel secure in your life.
Set a goal of saving 15-20% of your monthly income, and you will be amazed at how much money you have earned after several years of work and financial resources for big goals such as buying a home, getting married or born a baby,…
Savings are long term accruals for the good future
Invest in insurance
You feel that just accumulating savings is not enough because life has health risks that cost you a pile of money for medical services. Then investing in insurance is a wise move.
With a package you have just accrued money at attractive interest rates, have been guaranteed for long-term health, even lifetime. Based on your personal financial situation, you can choose a premium package that is affordable and flexible.
Smart when borrowing money
Loans are an indispensable part of modern life and part of it. You will have consumer loans, business or education services.
Banks, credit unions are now supporting many types of loans at different interest rates and times. You need to calculate the loan carefully and compare it with your financial ability before signing the contract. Nobody wants to spend all their money to pay off debt, right? You should only spend 20 – 30% of your income on these loans, because your life has a lot to spend.
Teach children about money
Many Vietnamese families do not attach importance to educating their children about money. In fact, from 6 to 10 years old, she has the ability to receive basic financial concepts such as the value of money, how to use the money to buy products, identify their needs, … Early recognition and understanding of the value of money will help your baby manage his or her personal expenses while initially planning for his or her own finances.
Basically, to have a happy long life you need good health, financial stability, comfortable spirit and warm family. Hopefully, with these steps, you will have an important foundation to build a sustainable life that suits your needs and your family.