Family goals will usually be short term goals and long term goals. Like all goals, they are important to write down on paper. It is also important to review them often. Short term goals may need reviewing every week. Long term goals may need reviewing every month. You decide based upon the time or due date of your family goals. If you need help deciding how often to review or how to set family goals, contact a financial coach like Kevin Smith for some professional assistance.
Short Term Family Goals
Short term family goals will be personal to your family and may resemble things like the following:
- We want to move to a two-bedroom & two bathroom apartment in a better neighborhood within six months.
- My family is growing and we want the spare bedroom turned into a nursery before our baby is born.
- One of our cars is really old and we want to replace it by the end of the year.
- My family loves to camp and we want to buy a camper before the camping season.
- Both my sons love golf and we want to join a family golf club so they can enjoy the game of golf before next Spring.
All of these goals are within a year and will require saving money or planning how to pay for your goal. Some will require work or physical effort as with #2 above in creating a baby nursery. Most goals will involve money and therefore need special attention as nearly all of us have limits on our available cash. Once again a serious financial plan is necessary to achieve a short term family goal.
Long Term Family Goals
Long term family goals will also be personalized to your family and may resemble things like the following:
- My wife and I would like a second home at the beach after the kids are gone in about 10 years.
- We want to go on an around the world cruise for our 50th wedding anniversary in 13 years.
- My wife and I want to retire in a small town in the South of France in 23 years.
- We want our daughter’s wedding paid for prior to her 20th birthday (8 years).
- My wife and I want to have our two children’s college expenses available in full in 12 and 16 years respectively.
All of these long term goals are expensive and require the best planning and a consistent lifestyle to make everything come together at the correct time. Going into debt is always an option but not in your best interest. Winning the lottery is possible just not likely. Serious family goals require serious family financial planning. Acquiring help in the financial planning arena is wise. If you have not been trained and educated on how to manage your money it will be very difficult to reach your family goals. Contact Us Today for ideas.