Setting Financial Goals As A Couple, All About Couples and Money: Part 3
Perhaps you’ve read on convincing your partner to change for you to be both on the same track in aligning your finances. Besides, in the argument between a spender vs. a saver, one way to agree on something is to know the goals of each party.
Hence, a couple needs to be on the same board and enthusiasm towards fulfilling their goals. Moreover, if you are in struggle to pay off your obligations, sustaining your job, and on how you can acquires assets, setting a financial goals as a couple is can make it possible to transform your dream into reality.
The Importance Of Goals
According to the motivational author named Zig Ziglar: “If you aim nothing , you’ll hit it every time”. Looking back on your achievements, for sure you’ve realized that you worked for it to attain it. This means, you’re able to picture out your success before you get to taste it. This portrays the importance of having goals. If you know where you want to be heading, it can be easy for you to determine which path to take.
Furthermore, as a couple you must share common goals in terms of your financial life. You should be open towards money talk and setting your financial goals as a couple. If you’re both on the same page in fulfilling your goals, it will be easier for you to deal with financial challenges when it arise. Moreover, it can motivate and can keep your enthusiasm throughout your journey.
Conversely, dealing with financial infidelity might be an easy fix if your partner was able to recognized failure and is willing to overcome setbacks. Hence, having financial goals will also guide you in making a sound financial decisions and choices as a couple.
Steps To Set Goals
The following steps will guide you on how to set financial goals as a couple. Putting these steps into action will help you achieve the financial freedom that you dreamed of.
Assess Your Current Financial Situation
Before you set your target, you must assess your current financial status. You can start by creating a list of the things that concerns your finances. A few of which are your earnings, all sources of income, all investments and savings as well as all your debts, and other factors that concern your finances.
Set Some Boundaries
Your next step is to set boundaries to make feasible goals. For instance, your goals are to save money and pay off your debt, setting boundaries would mean stop borrowing money or getting into any forms of debt.
This becomes your shared principle, which will guide you in making decisions throughout your journey. Furthermore, it can help you set sound goals and implement action items, like considering frugality, or living a frugal lifestyle.
Plan For Long-term Goals
When you plan for the long-term, you can think of where you want to be 5 or 10 years from now. You may also evaluate if you both are on the same route. It is helpful that you set a financial conversation with your partner at this point and visualize how you want to live your future. You can plan long-term on things involving savings, debt goals, assets that you want to acquire, etc.
Set Short -term and Medium-term Goals
As you plan for your long-term goals, you might perceive it lofty and mountain peak; hence, you can start breaking down your goals to design medium-term and short-term targets. For instance, if you’re long term plan is to pay off all your credit card debt, you might need to start writing down how much you owe and the method of debt repayments. You can design action items on how much you can allocate for each card and organize a budget that will suffice your needs.
Stay Focus on Your Target
Taking the steps mentioned will keep you set and running. Couples sharing the same target are likely to make smart financial moves to reach their goals. Most importantly, bear in mind that it is important to have a financial talk with your partner. By doing so, whether your facing debt problems or whatever goals you have set will surely be attainable, granted you’re both on the same race.
CONSUMER PROPOSAL EXAMPLE
Example Unsecured Debts
|2||Credit card 1||$6,812|
Your Monthly Repayments Would Be
a Consumer proposal $748
(total contractual repayments)
a Consumer proposal $295
(total contractual repayments)
* Subject to creditor acceptance
* Payment subject to individual circumstances
* Credit rating may be affected
* Fees apply, subject to individual's circumstances.