The start of the new year is the prime time to set goals. Financial goals should be at the top of the list!
The holidays are over, and while I’m still reminiscing about baking cookies with my girls, watching them open their three intentional gifts from me and the hubs, and worshipping together with our church family on Christmas morning, I’m fully aware of now being the time to set goals for the new year.
Because of several big changes with our family in 2017, financial goals are the top of that list!
Not sure where to get started when it comes to setting financial goals?
Here are some potential financial goals for a new year:
1. Set up a budgeting system that works for your family.
Each family is unique, and what works for one won’t work for all. Are you more of a pen-and-paper type, or do you prefer computer spreadsheets? Or maybe you’re a techie who geeks out at the budgeting apps available to our generation today. Choose one that works for you and your spouse, set it up, and resolve to stick with it this year.
2. Schedule monthly budgeting meetings with your spouse.
I will admit that we have let this one fall by the wayside during busy seasons, and we always regret it! Ideally, we strive to meet at the start of each month and explore our budget for the weeks to come. This goes a long way toward communication, and spouses seeing eye-to-eye about money can be half the battle!
Some people take this a step further and set up weekly budgeting check-ups. I don’t think that’s a bad idea!
3. Strive to live on less than you earn.
I know this is not possible for those living on a very low income. I know that because we lived that. But when you are middle income or higher, it is possible to live at or below your means. It might be that you need to wait to make some purchases. It could even mean that you need to downsize your home, so your mortgage isn’t eating the majority of your income. But living on less than you earn will make a big difference in your journey to financial freedom.
4. Make a plan to pay off debts.
Debt is a heavy burden. Even when you are earning a good income, it’s always there, taunting you in the background. The start of a new year is the perfect time to sit down with your spouse and hammer out a plan to pay off your debt–as fast as possible! April’s story of paying off nearly $90,000 in consumer debt is an inspiring place to start.
Right now, our only debt is our mortgage–and you better believe I want to make a plan to pay it off too!
5. Seek to save for something big.
In the past, our “big thing” has been tuition for our girls’ school. They attend a hybrid Christian-homeschool academy, and we’ve paid for tuition in cash at the start of each year for the past three years. In 2015, we also saved for our summer trip to Costa Rica. Whether’s it’s paying for education, a down payment for a new home, a big vacation, or even a way to bless another family generously, seeking to save for something big can be so much fun.
What are your financial goals?
Everyone’s situation is different, so while I hope my five financial goals will get you thinking, keep in mind your family’s unique make-up as you are setting yours.
Talking about money can be stressful, so figuring out your “money personality” can be helpful.
What’s your money personality? Take this Mental Wealth Quiz to help measure your family’s financial health. You can also check out my ebook Your Personal Retreat to help you meet your financial goals for the new year!