Set goals

Goal setting includes assessing your family’s personal and financial wants and needs, and then working to make those wants and needs a reality.

	Identify and record the specific financial goals of all the members of your family, such as saving for a house or car, taking a holiday, sending your children to university, paying off debt or planning for retirement.
	Figure out the goals you need to achieve versus the ones you simply want. This will help you prioritize your cash flow and realize what you can afford now versus what should be put on hold.
	Determine whether each goal is short-term (under 1 year), medium-term (within 5 years) or long-term (10 to 15 years or longer). Consider where you and your family want to be 5, 10 and 20 years from now.

Make a plan

The largest financial challenge faced by most Indians is buying a house. But there are many other goals and dreams to plan for. Once you, your spouse or partner, and your children decide what you want to achieve for your family, you need to develop a plan to see things through.

	Write down any major purchases you want to make and any other financial goals you have.
	Determine the specific steps you need to take in order to achieve your goals.
	Rank the steps that need to happen first, last and in-between.
	Start saving now. The sooner you save, the sooner you will reach your goal.