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The Big Five Budget items in life – Session 3

Planning for the big budget items in life: Shelter, Tertiary education, retirement, holiday and business. Setting financial goals: Short, Medium and Long term goals which are SMART.

1. Focus on Shelter

  • Should I own or rent a house? What are the cons and pros of each approach?
  • Is it better to build or buy a house? What are the issues to consider?
  • What goes in the buying process? What about the building process?
  • Where can I get the money to own a home and how do I pay it faster and save on interest payments?
  • What is this KUJENGEA CHINI concept? Can it work for me?

2. Education Planning

  • Why our children need quality education for tomorrow which will cost us money.
  • The education choices available from baby class to university and how much it costs. Get to know the current actual fees for each degree course (regular, parallel, private, overseas) as you plan.
  • The duration you have before every child gets to college and the effect of inflation on future costs. How much must you save now for each and what investment vehicles to use?
  • How else do people finance tertiary education?

3. Retirement Planning

  • What is my pre-retirement plan and when will that be? 40s, 50s or 60s?
  • What are the financial issues in retirement that must be addressed to ensure it is enjoyable and worry free?
  • What are the common retirement expenses, how much do they cost today and how much will they cost then?
  • Where will the money to finance retirement come from? Government, Society, Children or Own Investments?
  • What are the proven, dependable investments of financing retirement and how are you fairing in putting them together?
  • What are the advantages of government registered retirement benefit schemes?

4. Financing the holiday

  • Is it necessary or just a drain of resources? Why is it expensive in the long run?
  • How to make it happen at least once annually and how to get maximum value of every trip: Local or foreign.
  • Getting low season deals and how to finance them?

5. Business Funding

  • We discuss business funding in detail in session 7
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