Throughout our lives, we have various desires as individuals and as a family. It is important to set goals together with your partner to ensure that you are aware of each other’s ambitions so that you can work together to achieve them. Not only should your goals be discussed, but you should also set timelines for them. You may realize that you and your partner have different ideas of what you want in the future, or that you have short-term goals that may not align with your long-term goals, which will cause you to rethink and prioritize them. For example, you and your partner may both have unscheduled plans to return to university within 5-years, which you realize may not be feasible at the same time, so you might need to adjust your timeline and stagger the courses or consider other ways to make the goal achievable. Perhaps you are planning to buy your ‘forever’ home within 5 years, but you would also like to move to a different country and work abroad for a few years. You may realize these two goals are not congruent; there is no sense in taking on the cost and hassle of moving to a new home if you plan to leave it shortly after. Another example is that you may realize that you have a short 5-year timeframe to achieve several costly goals – home remodels, family holiday, and upgrading both cars – that will not be possible with your current income, thus necessitating prioritizing goals, extending their timeframes, or exploring ways to increase your income. To make your goals achievable, you need to take a holistic approach and consider your objectives in different categories and across various timeframes. Without considering all your goals, and the goals of your spouse both as an individual and together, you may be working against one another or setting yourself up for failure to accomplish your aspirations.

Once every three years, you and your partner (if applicable) should perform a Financial Family Goal Setting exercise. This exercise will only take an hour or two and you can follow the template provided. In the template you will want to write down responses to the twelve topics for you and your partner individually, and then together as a family for 5-Year, 10-Year, and Lifetime. Although this is intended as a financial planning tool, you may use it for other non-financial goals. For any goal involving a cost, include an estimate. Here are some questions to ask yourself and some examples to help you:

Our Family – What goals do we have for our immediate family?

Examples: We want to have another child within 5 years ($15k/year). Schedule family game nights. Walk our dog twice weekly.

Ext. Family – What goals do we have for our extended family?

Examples: Visit grandmother at least monthly ($50/month). Attend family reunion next year in California ($6k).

Friends – What goals do we have for our friendships?

Examples: Call my best friend monthly. Attend friend’s bachelor party trip in Las Vegas next year ($2k).

Travel & Recreation – What travel and recreational goals do we have?

Examples: Family trip to Disneyland within 5 years ($8k). 25th anniversary trip to Paris ($10k). Go to our favorite beach every summer ($1k/year).

Financial – What financial goals do we have?

Examples: Pay off student loans within 5 years ($10k/year). $1 Million net worth within 10 years (save $25k/year). Fund my child’s university (save $10k/year). Leave an inheritance to my children ($500k).

Personal Growth – How do I want to grow personally?

Examples: Learn Spanish by the age of 30.

Career – What are my career ambitions?

Examples: Manage a team within 10 years. Retire from the company I currently work for. Get the promotion to ## within 5 years. Make over $100,000/year by age 30.

Hobbies & Projects – What hobbies and projects do you want to undertake?

Examples: Knitting projects including making myself a sweater ($500/year). Paint the house ($1200). Build a website ($500/year).

Generosity – How does generosity fit into your goals?

Examples: Begin to tip better at restaurants (extra $500/year). Volunteer regularly at the community center within 5 years.

Home – What goals do you have for your home?

Examples: Move to a larger home within 5 years ($300k more). Downsize within 10 years ($200k less). Move to a different city. Move to a safer neighborhood ($400k more). Complete home renovation ($175k).

Notable Expenditures – What notable expenditures do you plan to make?

Examples: Buy a sports car within 5 years ($125k). Buy recreational property in 10 years ($500k). Remodel kitchen next year ($75k).

Health & Fitness – What health and fitness ambitions do you have?

Examples: Run a marathon by age 50. Quit smoking within 5 years. Walk 5,000 steps per day. Stop eating fast food.