Working Together to Reach Our Goals
Working Together to Reach Our Goals
My husband and I are continually setting goals for how we want our income to work for us. We set fun goals for vacations or new toys, goals for the care of our home, and goals for making sure we’re taken care of in the future. We also make sure we have an emergency fund for those inevitable financial surprises. My husband made a cool spreadsheet that lists all our debts, monthly recurring costs for living, giving goals, and saving goals. It gives either one of us easy access to see our progress or where we need more work. My husband maintains and updates the spreadsheet every couple of weeks. We don’t have set times to sit and talk finances, but most of the time it’s an ongoing discussion. We discuss if we need to curb eating out or stopping for coffee or if we can go ahead and buy that item we’ve been wanting or give to a ministry or someone that’s in need.
Many times, our goals shift or completely change depending on unexpected needs. For example, we had to slow down putting money into goal accounts due to unexpected issues with our son’s car. We’re thankful for that emergency fund in these moments. When these things happen, we talk it out, sigh, and keep pressing on. Building up different categories in our budget helps take pressure off in these unexpected situations.
This is a picture of my husband and me enjoying a trip to Jackson, Wyoming to celebrate 20 years of marriage! Because of managing our money and setting goals, we can enjoy vacations like this with freedom.
MilSpouse Money
Mission Response:
Congratulations! We love this photo of you and your husband celebrating your 20th anniversary with a vacation! There are many common financial goals out there like going on a dream vacation, buying a home, and paying down debt. A great way to achieve them is to make sure your goals are SMART – Specific, Measurable, Attainable, Relevant and Time-bound. Develop your family’s spending plan to cover necessities AND future goals. By following a plan and saving each pay period, you can achieve short and long-term goals. Communicate with your spouse and work together toward your goals!
Janelle’s tip also focuses on the importance of an emergency fund. Most people have experienced an unexpected event requiring money to get back on track. Some examples could be a broken-down car, unplanned trip back home, or job loss. Having money on hand to get through these times is key and prevents you from paying even more by relying on high-interest credit card debt. Financial experts recommend that you keep three to six months’ worth of living expenses saved in an easily accessible account, like a savings or money market account. And no, your favorite band coming to town is not an emergency! Tap into your emergency fund only when necessary and refill it as soon as possible.
