How can we set financial goals as a family?

How can we set financial goals as a family?

Setting financial goals as a family involves discussing your values, priorities, and future plans together. What specific goals do you have in mind?

We want to save for a family vacation and a new car.

Great! You can start by determining how much you need for each goal and setting a timeline. How much do you think you need to save for the vacation and the car?

We estimate around $5,000 for the vacation and $20,000 for the car.

Perfect! Now, let's break that down. If you want to save for the vacation in a year, you would need to save about $417 a month. For the car, if you aim for two years, that's about $833 a month. Does that sound doable?

Yes, that sounds manageable! What if we want to include an emergency fund?

Including an emergency fund is a smart move! Aim for 3-6 months' worth of expenses. You can adjust your monthly savings to accommodate this. Would you like help calculating that?