Planning financial goals for the new year

One of the first clients that I worked with in 2009 recently contacted me. Since they had just bought a house and had another child, which completed their family of four children, they needed more guidance on how to cope with their increased expenses.  What was interesting about this family is that they had a clear picture of their financial goals.  They were:

  1.  To live in a house with a garden
  2. To travel abroad with ALL their children
  3. To save for their children
  4. To change their car

MP910216980[1]All of these goals were achieved within 5 years.  They earned an above average income yet how did they succeed in achieving these goals?  The first step was that during the process with me they sat down and discussed their financial goals and then WROTE THEM down on a piece of paper.  This meant that their vision was not a vision any more but a commitment.  On a personal note, every year at Rosh Hashana, I write down my goals for the next year and it is always interesting, when I open the envelope the following year, to see whether these goals were achieved.  90% are always achieved.

The next step was to prioritize the goals, what was the time span they wanted for achieving them.  Changing of the car was placed first on the priority list.  After the fourth child was born the situation dictated that the current family car could not hold the whole family.  Again, they checked their budget and looked for the best deal going and a new car was purchased through a leasing company.  This option worked best for them.

Next was putting aside money as savings for their children, this goal was implemented after we finished working together when they knew how much they could budget for this clause.

Regarding the house and garden: when I met them they were renting and when the fourth child was born they looked around for a bigger flat to rent.  What they found was exorbitant rental prices for rundown flats.  Therefore, they thought out of the box and moved to another town where the flats were newer and rent cheaper!!  How many of us are prepared to move from our comfort zone in order to improve our quality of life?  After they moved they set about looking for their dream house and found a project that was selling a house with a garden which was big enough for their brood and within their budget.  Sounds like a dream, but for them it was reality.

The final goal was a trip with the whole family for a month.  Here they had a bit of help – they waited until they had accumulated enough flight miles in order to pay for the flight tickets and they have just returned from a family vacation of 5 weeks.

Why did this family achieve their goals? Quite simply! They knew where they were going and they mapped out the journey accordingly.  If you don’t know where you are going there is a great likelihood that you will get nowhere.

Write down your long and short term financial goals, put them in an envelope and next year see if you achieved them.  If you want some help in mapping them out please contact me for a free telephone consultation at 054-4217207 or email me at

About the Author
Suzy Kahati was born in London, UK and made Aliyah in 1983. She is divorced with three wonderful daughters and lives in the center of Israel.