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Book I: Taking Charge of Your Finances
out of debt and establish some savings before that big day arrives. Keeping
your long-term goals in mind will help keep you on track whenever you're
tempted to spend money on extras.
A necessary step toward working together as a financial team is to establish
your life goals and review them with your significant other. Ask yourself the
following questions to help you determine your long-term financial goals:
What hobbies do I want to pursue to add recreation and fun to my life?
What place does education hold in my future or that of others in my
immediate family?
How important is home ownership in my future?
What are my career goals? What further training, if any, do I need to
reach those goals?
How much time, money, and effort do I want to give in the near future to
charity or church-related activities?
What character traits do I value most and want to develop in my own life
and the life of my children? Are my financial goals and decisions in line
with those character traits?
What are my retirement goals?
How will I take care of future healthcare concerns?
How soon do I want to pay off any outstanding consumer debt?
At the end of my life, what things might I regret if I choose to spend my
money on less-important pursuits?
Writing out your goals and the values that are important to your family can
go a long way toward keeping your life and finances on track. But even if you
don't write down your goals, thinking through your priorities and keeping
them in mind as you make decisions (financial and otherwise) is an excellent
habit.
Establishing savings goals
After you've discussed your financial desires and goals for life, set some sav-
ings goals. If you and your partner are not accustomed to working together
toward a financial goal, start with something relatively small like saving for
a new couch or your next short vacation. You can usually reach these goals
within six months to a year, and so you get a fairly quick return on your
savings investment -- and an opportunity to reinforce the value of working
