SETTING FAMILY FINANCIAL GOALS FOR 2025 By Jo & Carl Violeta
1 GIVE YOUR FINANCES A CHECK-UP Start by knowing where you’re at. It might not be pretty, but it’s crucial.
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et’s face it, the 'new year, new you' mantra doesn’t just apply to gym memberships and wardrobe reorganising; it’s prime time to get those family finances whipped into shape too.
So, how about giving 2025 a big, warm welcome with some rocksolid money goals? Here’s a no-nonsense guide to setting family financial goals.
Gather all your bills and bank statements. What’s coming in? What’s going out? Are there any surprise expenses lurking around the corner? A financial health check-up will help set the scene for goals that are realistic—and actually achievable!
2 DREAM BIG (BUT BE REALISTIC) Alright, now it’s time to decide what you want to save for. Keep it simple. Think about short-term, mid-term, and long-term goals. Maybe you want to save for a family holiday or a home deposit. Perhaps you'd like to pay down debt or start an investment portfolio. These goals don’t have to be fancy or overwhelming; just make sure they fit into your lifestyle and are easy enough to commit to.
3 START AN EMERGENCY FUND We all know that life throws curveballs when you least expect it. (Hello, car breakdowns and lost teeth). That’s why an emergency fund should be non-negotiable. Aim to tuck away three to six months’ worth of essential expenses for those “just-in-case” moments. You don’t want a broken washing machine eating up your holiday fund, right?
4 KEEP IT REAL WITH A FLEXIBLE BUDGET When it comes to budgeting, think realistic, not restrictive. A budget that feels too tight can be hard to stick to, so make sure it aligns with your lifestyle and allows for a little flexibility. Start by setting up a simple spreadsheet or explore online budgeting tools that make tracking expenses easy and visually clear. Remember, budgets aren’t set in stone; you can revisit and adjust them as needed. Aim for a budget that balances your financial goals with everyday life, so that it’s sustainable and keeps you motivated to stay on track.
20 Peninsula Kids – Summer 2024/25
