FINANCIAL PLANNING FOR KEY LIFE EVENTS

June 29, 2016

 

In every woman life there are seven key events that she is in control of, that she needs to plan financially for. They are:

  1. Getting a Jobblack woman with tablet
  2. Getting married
  3. Expecting or having Children
  4. Buying a house or property
  5. Retrenchment or Retirement
  6. Dealing with the death of a spouse/Divorcing a spouse
  7. Taking care of an elderly parent/Dealing with the death of a parent

With this at the fore front of your mind you need to acquaint yourself with the requirements of financial success which are as follows

  • Constant review of your financial health.
  • Creation of periodic strategy and financial budgets accordingly.
  • Management of your cash inflows, incomes and credit.
  • Control your debt.
  • Make well-informed and smart consumer decisions.
  • Ensure you have necessary acceptable health, life, property, and liability insurance either from your work place or on your own personal initiative.
  • Learn, understand and facilitate investing principles.
  • Make investment decisions that reflect your goals.
  • Plan for the following a big pay raise or inheritance, retrenchment or/and retirement.
  • Plan for your eventual demise and whatever is left behind. Always have a will.

Now you are ready for each stage as the shoe fits. Get a financial planner and a dream book then as the stages come up, knowing that there is a start and a black lady with atm cardfinish you.

  1. Lay the ground work by understanding your investment and personal finance, stating your estimated start dates and date of delivery, completion or activation and start working towards your savings portfolio
  2. Identify any of the above stated goals, are you planning for marriage, a new baby, that dream house. How much do you need, how much time do you have, how much have you saved, is it a single person goal or shared with your husband/partner.
  3. Once determined begin saving for your goals as they occur
  4. Manage your portfolio and credit balances, tabling them up and reviewing periodically to ensure that you do not exceed or waste the planned resources or income.

It is by no means an easy process but it is a necessary exercise if we are to achieve that stress free easy life we all so love to dream about.

 


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