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Setting Financial Goals for Moms | Living Life with HarassedMom
Financial goals give you a roadmap to follow on your journey to financial freedom. They help you stay focused, motivated, and accountable for your financial decisions.

Setting Financial Goals for Moms

Welcome back to my series, “A Mom’s Guide to Financial Freedom.” In this post, I talk about the importance of setting financial goals and how moms can define and prioritize their goals to achieve financial freedom.

Why Set Financial Goals? Financial goals give you a roadmap to follow on your journey to financial freedom. They help you stay focused, motivated, and accountable for your financial decisions. Without clear goals, it’s easy to lose track and spend money impulsively. This is a very important step that took us a long time to actually do. Initially we set small goals – pay off debt with X. We we had achieved those goals and felt more secure, we set bigger goals. 

Types of Financial Goals: There are three main types of financial goals: short-term, medium-term, and long-term. Short-term goals are achievable within a year, such as paying off debt or building an emergency fund. Medium-term goals may take 1-5 years, like saving for a family vacation, a new home or tertiary education for your children. Long-term goals, such as retirement planning, are achieved over 5+ years.

SMART Goals: To ensure your goals are effective, they should be SMART: Specific, Measurable, Achievable, Relevant, and Time-bound. For example, instead of saying “I want to save money,” a SMART goal would be “I will save R5,000 for a family vacation by December 2024.” This works better than saying “I want to save for our holiday in December” because this doesn’t tell you how much you need to save or by when you need to save it. You might think saving R100 000 for a new kitchen seems impossible but by setting up your savings plan, you will start soon start to see you can actually achieve it. Another reason you need to put an actual amount to your goals is so that you can actually achieve them. If you don’t know what your kitchen makeover will cost, how do you know how much you need to save. This is often the reason things don’t get done, you assume something is too expensive and will never be able to do it, but with proper planning you actually will. 

Setting Financial Goals for Moms | Living Life with HarassedMom

Prioritizing Financial Goals: Not all goals are equally important. It’s essential to prioritize your goals based on your values and financial situation. For example, if you have high-interest debt, prioritize that. Once you have all your goals written down, you can then prioritise them. 

Adjusting Goals as Needed: Life is unpredictable, especially when you have kids and your financial goals may need to change over time. We reassess our short term goals every month, often nothing changes but it is good to just check in, see where we are and adjust if we need to. It’s okay to adjust your goals as your circumstances change, as long as you stay focused on your overall financial well-being. Avoid, at all costs, taking money from one saving goal for another. If your car needs to be fixed, don’t take from your kitchen fund, rather hit pause on saving for the kitchen temporarily to be able to afford the car repairs.

Setting financial goals is a crucial step towards achieving financial freedom. By setting clear, achievable goals and staying focused on them, moms can take control of their finances and build a more secure future for themselves and their families.

A moms guide to setting financial goals | Living life with HarassedMom

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