Finance is the source of many conflicts in relationships. If you can manage your family's finances then you are on your way to having a healthier relationship.
16. Goal Setting Example
Goal #1: Emergency Fund (a sample)
Target Date Total Cost Amount Already Saved Amount to Save Each Month
(25 months
from today)
March 5, 2015
$150,000.00
3 months’ expenses
(up to 6 months’
expenses desirable)
$10,000.00 $150,000 – $10,000 = $140,000
$140,000 ÷ 25 months = $5,600per
month
Obstacles to overcome:
• other demands for current expenses
• other goals and priorities
• current spending habits
• limited amount of money coming in each month
• an emergency fund has not been a priority before
• defining what is an emergency
Step 1: Save all loose change for the emergency fund.
Step 2: Buy items on sale and put savings into emergency fund.
Step 3: Pack lunch at least twice each week and put savings in fund.
Step 4: Direct deposit $3,000/month into savings account.