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5 Ways You Can Set and Achieve Money Goals in Family

28-09-2022 |

Money goals in your family demand a disciplined savings policy. And with the pandemic scenario, a savings insurance policy, especially monthly savings plans have become an immediate necessity! So, how do you start achieving your money goals given this scenario? Here are five ways that can help you attain the money goals in your life.

1. Make a financial plan
- The most important aspect while working on money goals in life is to have a well defined financial plan. Primarily, analyse your assets and liabilities to understand your financial conditions. It is important to know the status of your debts and how far your existing assets can help you plan your goals.

As the next step, list down your long term commitments and money goals with an estimate of the funds required and the time scale. Consider inflation to a considerable extent to make the plan more realistic and appropriate. Plan to allocate funds to these goals based on your income source and invest in varied options such as a long term savings plan to achieve them at different stages in your life. Diversify your portfolio to accommodate any unforeseen risk elements that can deteriorate your investment value.

2. Share responsibilities
- You may have many family financial obligations that you cannot afford to manage throughout your life. For example, you may wish to build a dream house and purchase a foreign car for your well-being until the end of your life. However, planning for your child's education and settling them in their life becomes your primary responsibility. And, it might seem impossible for you to accommodate both the commitments completely.
 

For this reason, you can share the responsibilities, for instance, with your spouse. You can work towards establishing a higher education for your child, and your spouse can earn for getting you both settled for a lifetime.

3. Saving in a guaranteed1 return plan
-Saving in a savings plan with a guaranteed1 return can be one ideal option if you are always pre-loaded with excessive family responsibilities. To invest smartly, discuss with your family members and decide on the family commitments in the short term and long term. If your family is completely dependent on your income for their survival, you must ensure that these commitments get fulfilled even in your absence.


In such cases and even otherwise, an assured savings insurance plan is the financial investment to provide a life cover and a guaranteed1 return. Insurers have introduced such plans with flexible features to help you ensure maximum protection at your comfort.
 

Tata AIA life insurance provides savings insurance plan with the regular income option with inbuilt critical illness benefit. Like any other life insurance plan, you will have to pay the premium amount for the entire policy term.
 

In case of your unexpected demise, your family members will get the lump sum death benefit. You are also entitled to receive a regular monthly income as a guaranteed1 return when the policy matures.
 

As the returns are assured during policy inception, you can set and allocate funds for accomplishing your money goals precisely in this monthly savings plan. You can also add the premium option to get a refund of the premium on maturity.

4. Refine goals at different stages in life
- Another important way to set and achieve money goals in life is to keep refining it all based on the changing circumstances. For instance, when your daughter is in primary school, you would have planned for her higher education in one of the leading educational institutions in India.
 

However, with time you might decide to place her in a foreign institution considering the increased demand for job opportunities. Therefore, at that stage, you have to refine your goals, adjust your fund allocations and invest more to accomplish them all as planned.

5. Follow your goals and stay invested
- One of the most important ways to set your goals and achieve them on time is to follow your goals and stay invested in accomplishing them promptly. Many of you take the time to list the goals, prepare a financial plan to achieve them and start well.
 

However, with increasing commitments and emerging uncertain scenarios, you tend to deviate from the planned goals and concentrate more on the current situations. It can affect your goals in the long term if you go off track in the long term.
 

If you start planning your goals early in life, for instance, when you start your career, you can plan well, invest better and develop the discipline to save regularly.


Conclusion
 

Deciding on the money goals and achieving them requires a strong thought process. Smart decision making and effective planning can help you save better for the benefit of your family. Making a financial plan, sharing your responsibilities, saving in a savings insurance plan, refining the goals promptly and staying invested to follow them are some of the best ways to set your money goals and accomplish them. Therefore, start investing early to ensure financial security and independence at different stages in your life!
 

L&C/Advt/2022/Sep/2295

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TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in.

Looking to get a new plan? 

Connect with us now

+91

TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in.

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Read More
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Read More
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Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA), Tata AIA Life Insurance is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

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  • Insurance cover is available under the product.
  • The products are underwritten by Tata AIA Life Insurance Company Ltd.
  • The plans are not guaranteed issuance plans, and they will be subject to Company’s underwriting and acceptance.
  • For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
  • Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.
  • Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.
  • 1Guaranteed Returns/Payouts depend on Plan Option, Policy Term, Premium Payment Term and Age at entry

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