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home › Life Events & Financial Decisions › Major Life Events › Marriage › Joint Goal Setting

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Joint Goal Setting

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  • Take the time to make a list of short-term and longer-term needs and wants. For example, one spouse may need a new car within a year and, together, a couple wants to buy a house within three years. Determine the cost of each goal and the amount that needs to be saved each month to achieve it on time. For example, if you want $10,000 for the down payment and closing costs on a house in three years, you need to save $278 a month ($10,000 divided by 36).
  • As an initial financial goal, plan to save at least three months’ worth of living expenses for emergencies, such as unemployment or car repairs.
  • Develop a spending plan or budget that includes regular savings for financial goals.
  • Remember to look back on your goals every once in a while to make sure they're still relevant. Add new goals and calculate amounts that need to be saved to reach them.
 
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