This family finance post contains affiliate links at no additional cost to you. Thank you so much for supporting Pennies Into Pearls by using my links!
I know how it feels! The weight of all your financial worries makes you feel like you can barely tread water for one more second before your head goes under! You find it mind baffling that for some unknown TO YOU reason you can not stick to a budget even if your life depended on it.
I have totally felt that! Ugh! We lived that life for way too long! Before hubby and I started having kids we were out of control with our spending. We had zero savings. Overdraft fees looked like a recurring charge on our bank statements. We would set “budgets”. Nope! We didn’t stick to them for more than three days max!
This setting financial goals post contains affiliate links at no additional cost to you. Thank you so much for supporting Pennies Into Pearls by using my links!
Hey Pearl! 2019 is here and it’s a GREAT time to sit down and really get your goals set for this year. We could set all kinds of personal goals, but I am here today to help you set your money goals for 2019.
Let’s reflect on 2018 first, shall we? What were your financial wins and loses last year? Is there something that you are doing particularly well, and areas that could use improvement?
Write them down! Now, let’s dive into the 6 best tips I have for setting financial goals for 2019!
Make sure you also follow me on Instagram where I often share stories talking about creating a budget, like these. 🙂
The Game Changing Tool That Keeps Our Family On Budget Every Month!
$20,000 in debt, one income, overdraft fees every two weeks, and plenty of amazing dreams for our family that felt completely out of reach. Why couldn’t we stick with our budget? What were we doing wrong?
That is where hubby and I found ourselves back in 2011. I wish I could go back in time and give myself a giant hug and tell her that she is about to figure it all out!
Once we got our booties in gear we paid off our debt in less than one year, and immediately started working towards saving to buy our first home. We made that dream a reality almost exactly 12 months later!
Oh! We also celebrated our 10 year anniversary by taking a couples trip to Costa Rica that summer. Fully funded with cash!
What dreams do you have for your family? How are you going to make them actually happen? Do you have a plan? How are you going to stick with it?
The key to sticking to a budget is to use cash! Remember that stuff? Seriously, cash is T-H-E single tool we use that has helped our family cut our food budget from $1,000 to only $400 a month!
It’s a simple idea but using a cash envelope system is exactly what we started using to see immediate results and said goodbye to those overdraft fees!
It is statistically proven that when you use cash you spend less money. It is such a powerful visual reminder that the dollar number you are spending is coming from your pocket and not an imaginary never ending bank account.
Using a cash envelope system is what keeps our family on track with our budget every single day! When using this system every dollar you pull out of your wallet is coming directly from a categorized budget. You visually see money leaving your pocket and that gets you thinking twice about your purchase.
“If I buy this now, I won’t have enough to buy _______ later.” You have to weigh your wants with your priorities.
Want to learn how to start a successful cash envelope system?This week and next week I’ll be doing a free LIVE online training on exactly that! Click here to reserve your spot!
Step by step help on setting up your cash budget. Help you decide how much money you need. How to make it work with your unique pay schedule. How to manage it all between family members. What and what NOT to use cash for because not everything needs a cash budget. I’ll help you and your family switch the mindset from using your cards to using cash!
So, now that we’ve discussed a way to propel your financial goals to success, let’s talk about setting those goals so we have a PLAN! Financial goal setting is so important because if you don’t have a plan in place, you will end up wandering around aimlessly and never end up where you want to go. Valuable time and money wasted! And Pearl, I KNOW you have things to do and places to be, and the last thing you want to do is waste your time and money!
6 Steps to Financial Goal Setting
What do you value?
What is valuable to you in your life right now? It may be spending time with friends, getting outdoors, working out, cooking meals? Once you know what you value, you’ll be better equipped to set your financial goals to help facilitate those values in your life.
Brainstorm Your Dreams
I want you to list out ALL of your dreams, whether they are fiancial or not. Once you know what dreams you have for your future, you can create financial goals that lead you in the right direction! Make a list of 5 dreams you have for the next year, 5 dreams for 5 years from now, and 5 dreams for 10+ years.
Prioritize Those Dreams
Now that you have a big “brain dump” of your dreams, let’s narrow it down. Prioritize and get down to the 3 most important dreams for the next 1, 5 and 10 years. Pick 3 dreams for each time period. From here, we are going to start to make a list of actionable steps to take for each dream you have. Where do your goals and values align? Make sure every goal you choose reflects what you value most.
Top 3 Life Goals
Now we are going to dive in even deeper. Let’s narrow it down to your top 3 goals for your whole life. Don’t focus on anything else but three at a time. I know this is a hard step, but its so important to help drive you towards making financial choices that help you get to your dreams the fastest.
For each of these 3 top goals write down:
What the goal is
Why it’s a priority and why it makes the cut and deserves your attention
Write down any potential obstacles that might stand in your way
What financial baby steps will help you achieve your goal. Write them down.
Give it an ideal due date
Now that we have these goals, and steps to reach them, you’re going to reevaluare every 6 months to see where you’re at with achieving them. You’ll be able to readjust at this time. For example, lets say your top goals were getting better at meal planning, saving for a vacation and spending more time outside, but then you had a baby. Now you may shift to saving for college for that child in the future. Our priorities change from time to time so make sure you’re adjusting as you go.
Setting big, lofty goals can be really challenging. I expect this to take you some time to work through. But having these goals laid out is going to give you an excellent starting place for building a goal based budget. Another thing that will help is taking one of my FREE webinars coming up this week and next!
I will be explaining the ins and outs of cash envelopes and how it’s literally saved my family thousands of dollars a year!! Join the FREE webinar now!
This post about our family budget meal plan contains affiliate links at no additional cost to you. Thank you so much for supporting Pennies Into Pearls by using my links!
November is the start of the holiday season! It’s the time when things can get out of control with your meal plan and food budget if you’re not careful. Family gatherings, treats at the kids school, or parties with friends, it can all add up!
This month, I am committed to sharing with you how my family deals with all of these “unforeseen” events and plans for them as much as possible.
If it isn’t already, paying off debt needs to become your number one priority! When you live with debt, you are literally risking the roof being stripped away from your family. Living with debt is making you rely on someone else’s money for survival.
It’s time to become more self reliant and start paying off debt!
You probably don’t even realize it yet, but chances are you are living with a few subtle habits that are eroding the stepping stones for you to start paying off debt. Let’s shine some light on those habits to help you quit!
Our Debt Free Story
Back in 2012 there were two major goals hubby and I wanted more than anything! We wanted desperately for me to be able to quit my job to be a stay at home mom. We wanted to buy our first home in one of the most expensive cities in the country in order stay close to family.
The problem was that we owed over $20,000 in debt and those payments we were making made it impossible to put money into savings.
That’s when we realized we couldn’t move forward with any of our life goals with that debt weighing us down!
After a couple years of trial and error, we realized we had a few bad habits that needed to be broken if we wanted to get ahead of our debt!
3 Habits Holding You Back From Getting Serious About Paying Off Debt
1.Stop fighting about money with your spouse!
First and foremost, you need to get on the same page about finances with your spouse! You both need to have a clear picture of where you want to go. If you don’t know where you want to go then it’s impossible to know which path to take!
That is why so many couples can’t seem to look eye to eye when it comes to their finances. Sit down together and write out all your dreams for the next 1, 5, and 10 years. Then come together to figure out your financial action plan to start making those dreams a reality!
Once you both realize that these financial steps are actually getting you closer to what you both prioritize in life, it’s a lot easier to stay motivated and pay off that debt!
I created a Financial Unity Workbook to help you through this process quickly and painless.
2. Stop eating out and start meal planning!
You’re gonna need to find some extra cash to start suffocating that debt. The fastest way to find that cash is to take a look at how much you are spending on food each month!
CNBC last year reported that the average American household on average spends over $3,000 a year on eating out! Crazy! That doesn’t even include how much food waste (which equals wasted cash!) is happening within the home.
How much faster would you pay off your debt if you had an extra $3,000 this year? And that’s just the start!
Meal planning is the fastest way to cut back on eating out and to save money on groceries!
3.Stop swiping the plastic!
I sure hope I don’t need to tell you this but if you want to start paying off debt, it’s going to help tremendously if you stop building more and more debt. So just stop it!
It has been statistically proven that shoppers spend less money when they use cash. That has turned out to be 100% true for our family.
Before we switched to cash we thought we had a budget in place but every two weeks we would overdraft our bank account! But after we switched to our cash envelope budget it was like magic! We could stick with it!
Sticking to your budget is going to be paramount when it comes to paying off debt for your family! Using cash is going to help you get there!
What is your biggest challenge when paying off debt?
What seems to be your biggest hurdle to face when it comes to getting rid of your debt? Do you feel like it’s even worth it to be debt free? Let’s chat about it in the comments!
Thanks for stopping in and I’ll talk to you soon! Xoxo
Nobody has the time to do any extreme couponing! But is there still a way to make couponing work with a busy schedule and still save any money? There are a few super simple techniques for couponing for beginners that will help you do exactly that!
I found a way to make couponing quick and still help our family save a chunk of money every month and that’s what I want to teach you today!
A lot of money has been moved around in our August family budget! We spent almost $8,000 from our August family budget. The crazy thing is that it doesn’t stress me out at all!
Starting a family budget doesn’t have to be restrictive! Look at it in a way that you are actually telling your money what to do rather than wondering where it went. Then not having enough to pay the bills… Stressful! Continue Reading →
What would your monthly grocery budget look like if you spent it all in one day? That is exactly what I do for our family every single month and I want to teach you how to do the same thing! It’s all part of living the Pearl Life!
Why would you want to do that? Well I guess you wouldn’t be interested in learning this life changing mom strategy if you don’t want to save thousands of dollars each year…
Oh you do!? I kinda thought you might be interested to see what our monthly grocery budget strategy looks like. How about I share some real life numbers with ya?
When it comes to getting started on a budget that you will actually stick with, there are a few budget basics that need to be established. It’s super simple and you can probably get this done in just a few minutes! I’ll show ya how!
Our family has had to learn the hard way with getting our personal finances on track, but that doesn’t mean you have to!
Learn from our mistakes and our wins and skip the hard part! I am sharing our real numbers today in hopes of painting a clearer picture to help you as you are getting started on a budget.
What you need to do is put yourself in the same shoes and ask yourself the same questions. These budget tips for beginners will help you set the basic groundwork for creating a hugely successful family budget that will not fail!