Goal Setting – Know Where You’re Headed
Goal Setting – Know Where You’re Headed
I have always been a very goal-oriented person and making sure to set long-term, short-term, and near-term financial goals has helped me on my journey of financial stability and savings. The biggest way I’ve done this is to have to the conversation with my spouse and actually writing these goals down together. We currently have goals ranging all the way from our son’s birthday (near-term), buying the kids a nice play set at our next duty station (short-term), to detailed retirement goals (long-term). By being on the same page to reach these goals we can come up with cheap (or free!) activities for us to do as a family to allow us to save for these goals, while still enjoying time together. In this picture we are hiking along the Pacific Ocean at Wilder Ranch State Park in CA, the only cost was the nominal parking fee.
MilSpouse Money
Mission Response:
What a beautiful place for a family hike, thanks for sharing your tips, Dulce! Setting goals is an important part of a financial plan. Like planning a hike, taking small steps toward your financial goals over time can help you reach the summit. Dulce provided great examples of short- and long-term goals. It is important to remember that every family’s situation is unique, so your financial goals will likely be different than your friends and family. As you think about the goals that are important to you and your family, remember to set SMART goals, meaning they are Specific, Measurable, Attainable, Relevant and Time-bound. Check out our Money Ready – Setting Goals section and blog for more on ideas for getting started. Make sure to include your goals in your monthly spending plan to stay on track.
Open communication between you and your spouse is key when it comes to financial matters. Make sure you are on the same page and working together toward achieving your goals. Discussions about money can be uncomfortable at first, but we have two worksheets that can help you and your spouse start the conversation. See the Personal Financial Values and Money Manager worksheets for more.
