Let’s start with a simple example of Goal Visualization. I belong to a middle class family. As a kid, I used to save Rs 50/month from my pocket money (Rs 100/month) to buy Music CDs and Cassettes (Yes, I was a kid that long ago!).
My mother, then working, used to put aside Rs 1,000 a month in a secret stash. And then used to buy cool stuff for my younger brother and me. Such as our cricket kit or a musical instrument, a big music system. We got to know of this stash only after we got older, moved out and got married etc. This is the story of many households across India with money put aside in a piggy bank (‘Gullak”), or a kitchen container or in the cupboard’s secret pockets. Sometimes, it’s just the small change that adds up to a lot over time.
The goals in the above examples can be “Children Progress fund” or a “Vehicle Purchase fund” or even an “Emergency Fund”. The above examples are a reflection of how we think and create mental accounts. By putting money aside in different mental accounts, bring in the discipline to save towards and achieve the objective. The bottom line, once you set a goal, you start to plan and do all that’s necessary to achieve it.
It’s easy when you know how
Goal Visualization is the first step of planning and can be broken down into the following components:
1 What do you want to achieve?
2 How much will you need?
3 And by when will you need it?
Visualization helps to move goals from the sub-conscious to the conscious and acts almost like a promise to oneself.
Try Goal Visualization for yourself
So set yourself some goals today and see how it works wonders. If you are just starting out, it’s even more important as even good habits die hard. Some goals that you can plan for include Studying Abroad, Marriage, Buying a Car, Buying a House, Foreign vacations, Kids’ Education, Kids’ Marriage etc.
This is Part 1 of a 4 part series on Goal Visualization and Planning.
Coming up Next: The House Goal
Visit www.kuvera.in to invest in “Direct Plans” of Mutual Funds and save BIG on commissions!!!