SETTING GOALS

Is your family budget a source of conflict for you and your spouse?  Often times, the one who makes the most money has the final decision on what gets spent. This isn't always a welcome approach for the rest of the family.  Families need to work together to reach a happy medium.  Here is a four-step process for achieiving approval from the family, and a way to maintain peace and harmony.   1. Define the family goals.   Goals are specific and measurable conditions.  In setting your goals, establish a target that is both challenging yet achievable.  An example would be "10-15% of the family's income should be put into a savings account for a child's future education: this is attainable." 2. Set family priorities.     Priorities are different from goals.  Priorites are aspects of your goal that your family should focus on, first, second, third and so on; while goals are specific targets that support priorities. As the priorities are set and agreed upon, write them down.  Post the paper where everybody can see them and be reminded of what your family is focused on for the next few years.   3. Work towards your goals.   After setting your goals and priorities, start living by them.  All of the family's activities will be geared towards working at your goals.  Track progress, particularly on financial goals, by using an income and expense-tracking tool.  The simplest way is to get a notebook and list down all expenses and incomes and set a budget for future spending.  There are those that invest in computer software or a family accountant, but, the important thing is to have a system of monitoring the family's performance towards achieving their goals.   4. Evaluate your family life.   At a certain point in time, when you feel like it's time to evaluate your life, check to asure if your family is achieving its goals.  Goals that have been achieved can be checked off the list, and new ones can be formulated.  At times, in major changes, say a career move, or when a family member goes away, it may be time to re-evaluate priorities. When such a time comes, then the cycle begins anew.