It’s that time of year again! The time where we reflect on the past year and begin making plans for the one ahead of us. For some that includes new year resolutions, vision boards, and weight loss goals. And while these are all great things to set our minds on, these are often thought of from an individual or personal mindset. It’s time to be intentional about setting goals as a couple. So, today I want to specifically discuss setting financial goals as a couple.
It is imperative that we place financial goals on our list. So often, the other visions we create for our new year fail because we do not take the time to set financial parameters around the plan. I know that looking at our finances can be confusing, tough, and down right embarrassing at times. But it is necessary in order to live a life of financial freedom and create the life that we want to live.
Even though my husband and I have regular marriage meetings, taking the time at the end of the year to review our finances and get clear about the upcoming year is one thing we are sure to accomplish during December. Here is how:
Review the previous years goals and finances…
This is the first step that we take when we begin setting our financial goals as a couple for the upcoming year. You truly have to see “where you’ve been” before deciding on the future. This helps to evaluate spending trends that worked well for you all versus those that should be eliminated from your routine. Even if you and your spouse do not have a formal budget or plan for the previous year, this step can still be accomplished by reviewing bank statements.
Our banking app even allows us to see multiple different trends such as how much we made each month vs. how much we spent, different categories of spending, and the average amount we traditionally spend each month. These are great things to look at in order to make financial goals that make sense for your life.
Actually write out your goals and budget…
I am big on writing things out. It gives it more of a sense of permanency (even though your budget will change throughout the year) and I am honestly at that age where I need things written down in order to remember. Writing out your financial goals also allows you to hold yourself accountable for those things. Creating a spreadsheet, using a planner, or even keeping track in a notebook are all ways in which this step can be accomplished.
Break year goals into smaller goals…
Focusing on all of your financial goals at once can ultimately lead to disappointment. Breaking the larger goals into smaller ones, makes them more attainable and gives us a better chance at actually achieving them. For instance, if you want to save an extra $5,000 this year, you should calculate how much that amounts to for each paycheck. The same is true for the big purchases that will be made for the upcoming year.
My husband and I broke down these purchases by each quarter of the year which allows us to focus on a few items at a time instead of being overwhelmed with all that needs to happen. For example, we know that we need to buy new windows for our house. Our goal is to have them by the end of the 3rd quarter. Therefore, we wrote down in our plan that we need to have them priced by the first quarter so that we can have time to adequately save up for them. Yes, your plan should be that detailed!
Find your accountability strategy…
Holding yourself accountable can be tough, but it is necessary. For my husband and me, frequent check-ins are the best way for us to stay on top of our goals. We achieve this through our weekly marriage meetings. This year we determined that we will meet weekly on Sundays at 5pm. Again, it needs to be that specific or it won’t happen! Other accountability strategies include updating bank notifications, using an app like personal capital, or even hiring a financial coach. No matter what you choose, it is important to be honest and consistent in order to see the financial success you desire.
Pray over your plan…
The final step in our financial goal setting process is praying over our finances. We want to always make sure we are in alignment with what God needs and desires of us. Therefore, we know that we have to be flexible with our goals in order to be obedient with where God wants to take us. We also incorporate prayer in our weekly marriage meetings.
If you need help setting financial goals as a couple, reach out to my husband Lawrence Cain, Jr. He is the CEO of Abundance University and will gladly work with you and your significant other with all things finances.
What are some of your financial goals this year? Let me know in the comments.
