3 savings goals you should prioritize

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“A Penny saved is a penny earned”, Said Benjamin Franklin.

It’s common for people to have some major goals to achieve in life, like getting a car, a mortgage, financing education and so on. And in almost all these circumstances, some level of funding, whether big or small is imperative.

If You don’t yet have a priority list for your savings goals, here are some common financial goals you may consider working towards.

#1. Retirement

“All days are not same. Save for a rainy day. When you don't work, savings will work for you.”- M.K. Soni

 

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Retirement is inevitable for everyone, both employees and business owners. Don’t wait till you start misplacing your glasses / bag / key etc. or finding you have no idea what young people are talking about before you realize that retirement has come knocking at the door. Therefore, now is the best time to worry about your retirement, and your retirement savings. Paul Clitheroe said, “Personally, I tend to worry about what I save, not what I spend...”. You should also do the same.

The most part of retirement income comes from what you managed to put aside and accumulate during your active working years. “It is like the seed put in the soil - the more one sows, the greater the harvest”. - Orison Swett Marden

#2. Investing in Your kids

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With the kids, it's almost like garbage in garbage out. Remember that you may one day in the future depend on them. Therefore investing in your kids will always turn out to be beneficial for you and them. One of such investments however, is education. You may want to get your children a college education and that is no small financial project. This takes a lot of long term saving and planning.

#3. Being your own boss

In a recent Mercer survey of 30,000 workers Worldwide, it was shown that between 28% and 56% of employees in 17 places around the globe wanted to quit their jobs. So of every 30,000 employees Worldwide, at least 10,000 are sick of their jobs. Unfortunately, this rate is likely to remain the same, if not rise, at least for some time.

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With these alarming statistics, it's not surprising to find employees who dream of days when they rule their own destiny, be the boss, call the shots and run their own show. For most people however, these lofty dreams never go beyond just being dreams, as they lack the needed funds to take the leap and grow from seed to start-up.

Since startups are not likely to generate piles of cash from the opening day, reduction in your income in the early stage won't be out of place. At this stage, the business will rely on cash from your savings.

Now you have 3 savings goals you should consider placing at the top of your priority list. Remember that in accomplishing these goals, saving money is crucial and as John Poole said, "you must learn to save first and spend afterwards".