New Financial Goals: Planning the Future in a Changing Reality

The loss of a loved one impacts the lives of the entire family and changes the reality of life in every aspect. One of the areas that requires new adjustments after the tragedy is the family's financial goals and aspirations. What seemed important and worthwhile before - such as a bigger house or an expensive renovation - may appear different after the loss. In many cases, priorities shift towards financial security, stability, and peace of mind. This is completely natural and legitimate, and recognizing this is the first step towards financial planning that suits the new reality.

In this article, we will offer you practical and simple assistance in setting new financial goals after the loss. Financial planning may feel like an overwhelming task right now, but it is important to remember that you have full and available support from us at the department - every bereaved family is entitled to personal financial guidance and counseling.

Important to remember: There is no right or wrong when it comes to financial goals. There are only goals that fit the new reality and current needs. 

Financial goals are objectives, dreams, and aspirations that require financial planning to achieve. These can be short-term goals, such as building an emergency fund, or long-term goals like purchasing a home after the children have grown, ensuring a comfortable retirement, funding the grandchildren's education, creating savings for a big trip, and more. Each family has different goals depending on the situation, the ages of the family members, and personal desires. The common denominator is that every financial goal requires prior planning and calculated action, so you can turn a dream into reality.

Setting goals in advance helps define the direction and build confidence. If goals are not defined precisely, it will be more difficult to achieve the desired outcome.

The best way is to break the goal into clear components. Addressing each component of the goal can help understand whether it is realistic, whether it is the right time, and what you need to do to achieve it - how much to save each month, whether income needs to be increased, and more.

For example: Building an emergency fund. 

Once you break down the goal into clear numbers, it becomes clear exactly how much you need to save each month to reach the target by the set deadline.

We understand that financial planning during such a complex time may feel like just another task on the list of things to deal with - but there is no need to solve all financial dilemmas or try to achieve all goals at once. You can start with one small goal that provides a sense of security - such as understanding your new rights or building a small emergency fund. Once one goal progresses, additional goals can be added. Moreover, goals may change along the way as you adjust to the new life - and that is perfectly fine.

The first step: Think about one financial goal that is important today. Write it down clearly - with a specific amount and a deadline. This is the foundation for a plan that will move you forward. 

For additional help and financial counseling, you can contact the welfare worker who accompanies you, and review the financial entitlements available to you on the website, as they can assist in achieving your goals.

This article is based on a lecture delivered by Bar Naamani from SMART Pilat, as part of the "Alumot Or" project.