Financial goals always seem very daunting, especially if you have never been good with money. If you go a step further and consider “financial goals for your family”, you are probably just feeling like you should give up before you start.
I am here to tell you that not only can financial goals for your family be easy to come up with, but they are extremely important for the financial future of your family!
Just like all categories that you may set goals for yourself in like health, wellness, organization, and relationships, financial goals are important too.
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Take time to really think about the future you want for your family. Think about the next few weeks, months, and especially years.
Setting and meeting financial goals for the present can pave the way for you to meet your long-term financial goals for your family.
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Here are some financial goals for your family you should consider. I listed the “dream big” goals first so that you could start thinking big and work backwards.
Add your own to the list too, the sky’s the limit! But once you decide which ones will work for you, make a plan to start working towards those goals.
If you are not sure where to start when it comes to financial goals because you have never been good with your money, make sure to sign up for my FREE email challenge that will walk you through getting off on the right foot with your money!
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The dream BIG goals.
Live debt free. Once you pay off all debts (including your house), make it a point to never accrue debt again. Think about it, why would you want to owe anyone anything ever again?
Travel with no constraints. Once you have control of your life, you can make your own schedule. Because you will already be great at saving money and paying cash for items, money will no longer be a restraint either.
Leave your children a legacy. When you eventually die, what do you want to leave to your children? Hopefully it is not a bunch of headaches and accounts to settle! Being confident that you will be able to leave your children something that they can hopefully make use of and pass on is something everyone should strive for.
Give without restraint. Once you have mastered the art of controlling your finances and you have paid off all debts and saved money for your future and other large expenses, it is time to begin seeking ways to give back. To be able to do this without thinking about it and demonstrating the benefits of giving freely is a great financial goal for your family and one that will be a lifelong lesson learned.
The “nice to have” financial goals for your family.
Pay for your daughter’s wedding. This is becoming less and less expected today, but wouldn’t it be nice to be able to pay for as much as you wanted to for your childrens’ weddings?
Send kids to private school. While private school is by no means necessary for your children to get a good education, it could be amazing to have that option and not worry how you would pay for it.
Buy a vacation home or second house. Investing in property is usually a smart financial decision, but also comes with a lot of expenses so be sure you can truly afford a second (or third, or fourth!) piece of real estate before purchasing.
Start your own (or a family!) business. For some families, this may fall under a goal that is more urgent than “nice to have”. If that is the case, then figure out what steps you need to take to make it happen earlier. Starting a business does not have to always be expensive, it just depends on what type of business you want to start.
Related: My Favorite Blogging Tools to Start a Blog (which can easily be turned into a small business!)
The “I’m no longer drowning in my financial problems” goals.
Save cash for a vacation. You should never be charging a vacation. Some might argue that you should not be going on vacation while you are struggling financially, but if you are going to go on vacation anyway, at least make sure you save up cash for it!
Pay for a new car with cash. I will never have a car payment again. It is such a waste of money. Go for used and save up CASH!
Put money in college funds. Opening up a college fund for each of your kids is an extremely smart idea. The cost of secondary education is rising ridiculously. Even if one or more of your children do not go to college, the money can be passed along and in some cases used for other things.
Buy a new house. If you are in need of a new house, then this is a good goal to have once you have gained control of your finances.
The meat and potatoes goals – the financial goals everyone should be making.
Start budgeting every month. Just like life changes all the time, so does your financial situation and expenses. You should be creating a budget each and every month to ensure your money is working hard for you.
Pay for groceries with cash. If you are really struggling at sticking to your grocery budget, check out my tips for grocery shopping on a budget, but also consider using cash to buy groceries.
Stick to the budget you create. If you have already been “following” a budget, but feel like this is done very loosely or only when convenient, consider making this your goal for the next few months. If you have never created a budget, then that is an excellent starting point to begin creating financial goals for your family.
Related: How to Plan Your Monthly Budget
Meal plan to save money. Meal planning saves time and money. Once you get in the habit, you will love it!
Stop using credit cards. Just stop. You don’t need them.
Pay off debt. If you have debt, this needs to be on your list for the year! Even if you only plan to pay off a certain amount, getting rid of debt should always be a top priority for your family.
Save money in a Christmas fund. Put money away all year for Christmas. The holidays are so much less stressful if you are able to pay cash and follow a budget for Christmas.
Setting goals is great, but only if you plan on taking action to meet those goals. Financial goals for your family are even better, especially if you can get the family involved in creating them.
Aim big and take the small steps every day. Eventually you may just wake up and realize you made it.
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