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STEP TWO: SETTING BUDGET GOALS

Published by sam - 05/10/07 - 02:10:37 am

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Cash flow analysis gives u a picture of where you are; a budget gives u a picture of where you are going—the goals you want to achieve.  To make a true budget, you must set goals for growth and establish plans with specific targets that will help you meet  your goals.

Goals should be broad sweeps of the brush—purchasing a home planning for education, trips to Europe, or early retirement: or even just making ends meet.  Every family who spends money should participate.  These goals, once committed to paper, become guide points.  If your goal is to retire in five years, you can analyze your cash flow to see whether sufficient funds are being—or can be set aside to reach the projected amount needed.

 The department of Agriculture’s Guide To Budgeting for the Family suggest listing goals in three categories: long term goals, goals for the next five years, and goals for this year.  To a certain extent, the kinds of goals set will reflect you life stage.  In general, goals at specific life stages tend to run as follows:

Young Single.  Start a savings habit; begin to build investments consider purchasing property.

Young Couple.    Plan for wedding expenses; work to save for a home. Save for purchases of furniture.

Family with young children.  Establish plans to ensure that enough money is available for food, clothing, day care, and other expenses of having a child or children in the home, obtain life insurance to ensure income in case of loss of one or both income earners.

Family with children in school.  Establish college funds for the children; begin retirement funds.

Couple with children nearly grown.  Complete financial arrangements for retirement years; plan for the children’s wedding; help children to buy a first house; plan for early retirement or a career change.

Retired persons.  Budget for reduced and often fixed incomes; allow for travel or other pleasures and unexpected medical expenses; provide help for children or grandchildren.

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