The new year gives the opportunity to start all over, correct the mistakes of the previous year, and chart new courses for life ahead. Three hundred and sixty-five days is no joke, hence people and even an insurance company like us, are right to take our goals and resolutions seriously. This article discusses why having a personal financial management plan is necessary to achieve one’s personal savings goals for the year.
Financial Planning and Budgeting
If you take a peek into the new year resolutions people set for themselves this year, you will see plans like buying a new house or car, starting a new business, getting married, going for a vacation, completing an ongoing building project, and so on. However, there is one thing that cuts across all these plans — finance.
If you have set your goals for the year just as we have done, you will agree that to achieve them, you need finance. The fact is, goals come true, but not without the goal setter taking crucial steps to achieve them.
Having a Personal Savings Plan
One of the key steps towards achieving your goals is having a personal savings plan —a savings target that involves setting financial goals and putting money aside periodically from your income. Over time, this money accumulates to a large sum that will be enough to fund your dreams.
We get it. Saving is not easy. Without proper financial planning and budgeting, you will probably end the year without having the financial power to do anything worthwhile. This is why you need a personal financial management plan to help you manage your savings.
Long-term Financial Planning and Savings
Here are some facts you need to know about Long-term savings:
- Long-term savings ensure that you don’t put all your eggs in one basket. Saving gives you a backup plan and ensures you don’t get stranded in the future.
- Humans tend to be bad at prioritizing the distant future over today’s enjoyments, must-have technology, or a weekend getaway. So, long-term savings takes determination.
- Saving should come before spending. The rule is, “spend what is left, after saving”.
How to save money each month – The Leadway Target Plan
The Leadway Target Plan is designed just for you, allowing you to see your dreams become reality. Whether you want to study abroad, buy a car, build a house, get married, or whatever your future goal may be, our target plan helps you achieve your financial goals.
FAQs about Leadway Target Plan
- How much should I contribute, and how often can I access my saved money?
Contributions into the plan and the payment frequency will be specified by the policyholder.
- How long can I save my money?
The minimum policy term is 3 years, while the maximum policy term is 20 years or such that maturity age must not exceed 65 years.
- Can I get this plan for my 15 years old child?
The minimum entry age is 18 years, while the policy ceases at age 65.
Ready to take steps towards achieving your new year savings goals? Begin your financial target plan journey.