I loved my family growing up, and while my family has grown over the years, so has my love for them. Personally, nothing can prepare you for the ups and downs of life quite like family does. If your family was anything like mine, you can close your eyes and go back to one moment in time where everything life has to throw at you, happens.
For me, I was 7 years old, and it was the middle of summer. My family and I were all crammed into the car, late for another t-ball game. Mom had worked all day and her hair was a mess, rear-view mirror makeup on, and wearing one brown shoe and one black one (because naturally, we were late getting up in the morning). We had broken the sound barrier flying into the ONLY drive-thru restaurant that my brother and I liked, and of course, there is a line.
The summer heat was just beating down on us, and we saw the sweat forming on Mom’s brow and not because of the outrageous heat, but because she could literally count the minutes before the car was completely out of gas. We pulled up to the speaker and the car radio was blaring, I was hitting my brother, and the employee running the drive-thru ripped their headset off as Mom screamed at my brother and me to quit fighting. We order, and when we finally pull up to get our food, the vehicle in front of us saw (and heard) the whole fiasco and was kind enough to pay for our meal, bringing a much-needed smile and peace to all of us in the car, at least until we got to the bottom of the French fry box.
Now I don’t know about you, but for me, that’s a perfect picture of life. If you can relate to that situation, then how in the world do you actually begin to PLAN for chaotic events like life? Believe it or not, it can be easier than you think. It just requires a little time, effort, planning, and the people by your side.
Goal Setting -- Where to Begin?
I don’t know who said it first, but one of the best quotes regarding goal setting that I ever heard was,
“The only difference between a dream and a goal is a pen and a piece of paper”.
With financial planning for your family, you begin by standing still and evaluating exactly where you are today. This can be done by re-evaluating your family’s budget, or in the case that you don’t have one, determining where you and your family have spent their money in the last 3 months. A thorough review of your financial statements can help with this task. Use your past financial behaviors as a template to build that budget for you and your family.
We Know What Today Looks Like – What About Tomorrow?
Next, begin to dream a little. What are your family goals? What do you want to achieve in the next few months? Years? Decades? Get your entire family involved! What does everyone want to achieve together? Just like an Olympic rowing team, your family can’t go anywhere unless you are all rowing in the same direction.
Make those goals SMART goals – Specific, Measurable, Achievable, Relevant, and Time-Specific. Once written, organize them into short-term, mid-term, and long-term goals. It’s easy to skip writing these goals down, but it is critical to have them recorded. Once written, post your goals in a location where the entire family can see them, perhaps on the fridge or tape them to a mirror. Posting your goals front and center where everyone can see them will help keep your eye on the prize.
The Starting Line and Finish Line are Set – How Do We Get There?
A common issue I have seen and experienced myself as I went through this process, is that we all try to do everything at the same time with our income. We end up throwing money everywhere, then sit around and wonder why we aren’t getting anywhere financially. It is important to prioritize your goals and the main step is to list them in order of priority.
Focus everything you can on your #1 goal, and get your family involved as well. No matter if your family goals are saving for a dream wedding, kids' college, retirement, or even legacy planning, it's crucial to have a road map to follow to ensure you and your family are progressing towards that ever-important finish line you’ve set for yourselves.
Need Some Help? Perhaps Look for A Financial Goal-Setting Travel Agent
Let’s face it, finances aren’t always easy. On top of that, we may find ourselves and our emotions can be the worst thing to ever happen to our pocketbooks. So, if you feel stuck or need some assistance with your financial goals, it may be worth looking into a trusted financial adviser. Allow them to help you by being the GPS on your financial journey. That way should you veer off on the wrong path, they can help you “recalculate” your position and help you get back on track.
You and Your Family Can Achieve Your Goals
No matter what your family’s financial goals are, with some leg work, you can begin your journey toward achieving those dreams. Take a moment to evaluate your family’s financial position today.
Lastly, if you need some guidance you may want to work with a financial adviser to help guide you on your way.