Picture yourselves in 10 years. Do you hope to have all of your debt paid off?
What about owning a home? Are you planning on having children? Maybe you want to save together for a major expense, such as a wedding, a car or a vacation. Maybe you’re thinking more long-term and want to start saving a nest egg for retirement.
All of these goals cost money and require planning if you want to make them a reality. Write your goals down, plan how much money you’ll need for each, then put them in order of importance. Our financial goals worksheet can help you get started with this.
Once you’ve set your goals together, go back and review them periodically as your financial situation changes. Be sure to set a time every few months to check back on your goals and measure your progress.
With your goals in mind, get started on making your monthly budget so that you can turn them into reality.