You can create your own financial plan by following these five simple steps:
Evaluate Your Current Financial Situation Start by analyzing your current life and financial conditions. Consider factors such as: Marital status, Number of dependents or family members, Employment situation, Age, Health status, Other relevant personal circumstances
Set Your Financial Goals Identify the financial goals you want to achieve—both short-term and long-term. Examples might include:
Saving IDR 20 million in the next 2 years
Buying a house in 10 years
Owning a car in 3 years
Going on a pilgrimage (Hajj) in 15 years
Create a Financial Plan and Alternatives Map out the steps and financial products needed to achieve your goals, adjusted to the time frame of each goal. For example:
Paying IDR 350,000/month for your child’s education insurance for the next 10 years
Saving IDR 500,000/month for Hajj funds over 15 years
Paying a monthly installment of IDR 1.5 million for a car loan over 10 years
Implement the Plan with Discipline Stick to your plan and stay committed. Discipline is key to achieving your financial goals. Avoid impulsive spending and stay focused on what you’ve planned.
Review and Adjust Your Financial Plan Regularly Life changes, and so might your financial situation. For instance: A new baby in the family, Unexpected medical expenses, Job loss or a major change in income, A significant salary increase
