A few months ago, in my first Fix My Budget column, I referenced the importance of financial goals. Given the latest events in the U.S. economy and stock market, it’s more important than ever to revisit your financial motivation and goals.
This is an exercise that is best completed as a conversation between both you and your spouse. Goals must be shared – otherwise, your financial plan is going to be doomed from the start. Regardless of what happens in the economy, with your job, with prices, with inflation, or with your savings, your goals should not change. Your plan may change, but the underlying goals and motivation shouldn’t be affected.
Here are some common themes that you and your spouse should have goals and plans on:
- Retirement (at what age do you want to retire, and what type of a retirement do you want to have?)
- College for your children (how much do you want to be able to pay)
- Debt pay-down
- Emergency fund balance
- Fund for large purchases, such as a home
Take some time now to make sure that you are still both clear on your goals, and then you can go back to balancing your budget! Any questions? Post them below!
