Setting Personal Finance Goals.

ibeeandthemoneytree.com

Since we have already discussed Budgeting and the likes, it is highly imperative that we talk about having personal Finance GOALS as this will be a driver in achieving a savings culture and realizing dreams.

So what are GOALS? Goals are object of a person’s ambition or effort; an aim or desired result. Hence, personal finance goals are those objectives and personal financial ambitions one is aiming to achieve within a desired time frame.

Personal Finance goals therefore can be divided into three parts based on the time frame set for the realization of the Goals. They include: Read more

Identifying (Differentiating) Needs and Wants

 doncooper.com

In the past weeks, I have had to explain to blog readers the concept of Needs and wants, as a result of been a key area were we can cut down on expenses so as to achieve a good savings habit.

Yes Saving Habit, savings is a concept that needs to be learnt and this concept will be extensively addressed in our next post. However, we may not have a full understanding till we have been able to separate and identify our needs from our wants.

Needs can be defined as must have, something you can't do without, they are essentials and without which daily activities can be challenging. While Want are non-essential expenses but make our life more pleasurable, enjoyable and adds comfort to our existence, but we can live without them. Allow me to categorize our Basic Needs into the following headings which are:

1)    Housing, this should not be tacky, but decent and nice.

2)    Food, I recommended a good healthy meal

3)    Clothing, having appropriate cloths for all occasions.

4)    Basic toiletries.

5)    Means of Mobility