Life is what happens to us while we are busy making other plans.
Statistically speaking, a normal person goes through 3 to 5 life events individually. The more of these events occur in your life, the more you have to plan your financial status in conformity to them.
There are many ways to plan a life event efficiently but the ones which are mentioned below will give you a clear idea.
1.Make a Budget
The first and foremost part is to know how much money you can spend on an event and proceed with in respect to it. Fixing a budget is vital and a logical way to start a plan. As the header suggests, you have to work with theory of efficiency in mind i.e. most output with least cost.
As it has been established earlier, events are not a one person job. So, you must decide what tasks can be done by whom and divide them wisely i.e. departmentalize them. Once it is done, you can allocate the financial budget on each of the departments formed. Doing this will not only break the burden, but also prevent you from unforeseen losses that could've happened if you tried to handle the work all alone.
3.Keep a List
With such a long list of tasks, it can get a handful of a situation. But if you don’t calculate the expenses of every small task, your records might not convey the exact overall expenditure. At this point, making a list of all the work and its expenses can be a smart move; it’ll help in rechecking as well. All you have to do is make a list of things to be done with the money needed on it.
“A penny saved is a penny earned.” says Benjamin Franklin.
Throughout life, your events are jeopardizing your financial status. For times like these, you’ll require funding or loans. Alternatively, you can make a rule in your life to invest some amount every year out of your income, no matter what. This way you’ll have enough saved-up for any unexpected event.
It’s easier to give all your responsibilities to someone else and then just pay for their assistance. For example, when you invest your hard-earned money, you look for a return in it. Besides, if you try to do the same task by yourself, you might end up spending more than what was optimally required. To handle the situation smartly, you need to appoint professionals for the critical tasks in hand. Taking an example: for an event like marriage, elders in our house always go for the most renowned caterer who has the best reputation.
Life is full of uncertainties and whenever a big celebration or a get-together is knocking the door, you can handle things financially well by following these tips.
As Brain Tracy suggested, “A clear vision, backed by definite plans, gives you a tremendous feeling of confidence and personal power.”
Food 4 Thought
“A good financial plan is a road map that shows us exactly how the choices we make today will affect our future.
- Alexa Von Tobel ”
DID YOU KNOW
87% of adults say they are not confident about having money for a comfortable retirement.