Having a Financial Goal is A MUST!!!

On this Article We will start to learn all the needs and importance of the having a Money Management and getting a Financial Goal. It will also explain here what is the benefits of having one and what you can achieve by having it.

What is Financial Goal means?

• Financial Goal is a goal of individual or group of people who want to achieve a specific set of value of assets and savings.

• Its also a set of goal for individual to achieve a higher value of Income.

What is the advantage of having a financial goal?

• For Individual person it will help oneself to make her/his not only improving his/her daily life situation but also improve his/her career and family living.

• For Group it will help one organization or group to be much more organize and taking initiative to grow much more better than its yesterday result.

• It will improve the set of mind of individual or group to carry a duty and responsibility since it has a set of goal to achieve.

• Get a feeling of happiness from sense of achievements and being a successful person once it reach the goal.

Why it needs to have a Financial goal in Money Management?

It was because having a set of goal for individual or group to achieve in a specific time or deadline will give the individual or the group to discipline it oneself and take a course of action just to achieve that set of goal in there preferred date and time.

Example:

Mr. Diego Santiago a 16 years old and fresh high school graduate have a dream of becoming an owner of restaurant. but having to own a restaurant is not easy task since it not only needs a massive load of money for capital but it also needs a sufficient knowledge how to manage it. At first he ask anyone and do a research if how much a capital he needs to Invest to have his own restaurant. So HE SET HIS FINANCIAL GOAL of 300,000$ for his initial investment to own his restaurant.

Mr. DIEGO SANTIAGO Restaurant needs:

a. Manpower First Quarter year Salary (5,082$ x3 = 15,246$)

• 1 Manager (470$/month)

• 2 Supervisor (420$/month)

• 2-6 crew (544$ - 1632$/month)

• 2 cashier (544$/month)

• 3 Safety Officer (816$/month)

• 2 - 4 cooks (600$-1200$/month)

b. Location and Buildings(100,000$)

c. Tools & Utensils (40,000$)

d. Supply (25,000$)

e. Misc. expenses (20,000$)

TAKE NOTE: Above Value is only an estimation and not true base of expenses

So Mr Diego Santiago will now have a A goal to save about 300,000$ search an idea for what he needs to know how to achieve his Financial Goal. and only by taking a Money Management he can achieve it by savings at least 500 - 1670$ a month. so he can achieve his goal to own a restaurant from after minimum of 15 years savings until maximum of 50 years savings. From this very point Mr. Diego already know how long years he need to save just to get his goal that's why his mind set will going to start to be discipline and he need to use the Money management process.

What Is Money Management?

Money Management is an individual or organization process to manage there very own daily expenses and income. It was a set of notes how much one individual or organization will be allocate to spend in one thing he or they needs for there daily expenses. Its also a way of controlling the flow of money for each periodic time. which make one unnecessary spend will be off away and save some for each individual or group Futures Finance.

Example of Money Management:

Mr Diego Santiago Money management While in his college years.

Since Diego is trying to save a 500$ above per month as a College student his allowance is not enough so he decide to work part time so he can at least minimize the total value he needs to save. if he succeed he can save at least 5,280$ from his 4 college years time.

He was trying to Manage his 315$ monthly Income by allocating on the following :

• 25% for his transportation expenses.

• 15% for his Foods expenses.

• 10% for his school Project.

• 10% for his misc. expenses

• 5% for his entertainment

• 35% for his savings

Managing money by allocating some portion of your funds on specific expenses for your daily life and will help you grow your financial status and giving you a variety of choice to improve your daily life. it will also help you manage your relations in your society since you are allocating some funds for specific thing which you need for your daily life, family and career.

How to Create a Money Management ?

To create the money Management you must need first need to know your Financial Goal by setting the equivalent total money you need for your goal and check the minimum and maximum time you need to save. Divide your Total value of Financial goal to the times of month in your minimum and maximum timeline for savings.

and Set your mind to save that no matter what. by taking some course of action if needed just to get hit barely the minimum value you need to save for a month.

Also try to check your monthly Income flow and try to manage it wisely by allocating it 4 important parts such as

a. needs like foods, shelter , family expenses. transportation etc.

b. misc. like emergency, health , education etc.

c. Improvement such as gadget you need to minimize your monthly expenses like motorcycle for transportation, cellphone for communication.

d. savings.

once you made a money managements you will start to see not only your daily life but also your career and relations in your society will improve drastically since having a money management will take you learn how to be disciplined, good consumer and friendly citizen, responsible and successful.

Disciplined - money management will need a massive self disciplined since you will only allocate a funds from your income to the important one which where oneself needs to stay focus in his goal and not going to do some random thing.

good Consumer - due to the fact that money management is a management of your expenses where it only spend on most important and your needs which is also make you consume only the things that you need.

Friendly Citizen - once you made a budget you will gain a drastically improvements on how to socialized since you are already had funds that allocated in a specific situation where you can tell to others if your free and have some for that celebration.

Responsible - Money management is taking a lot of being a responsible since to get your specific income goal to set your savings you need to be a responsible in your job, career and family.

Successful - Money management will make you 100% successful since it only take your time to save to reach your Financial Goal and reaching your goal is already a step one to be a successful not only in life but in different aspect.