Date Night Club (May 2021): Making Big Financial Goals a Reality

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Do you have a big financial goal that you’d like to make a reality? Maybe it’s saving up for your child’s education, buying your first home, starting your own business, or moving across the country? Too often we dream big, but we neglect to create a path to get there. It’s as if we believe if we just keep hoping these goals will just happen. This month let’s create a plan to make those big, audacious goals a reality.

Take a Bite:

What’s one big financial goal that you’d like to make a reality? Describe your dream in detail to your partner. How will your life (or the lives of those you love) be different once this goal is met?

DATE NIGHT MATERIALS LIST:

  • Copy of your budget

  • Computer/Smartphone

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15 MINUTE SNACK: NUMBERS DON’T LIE

If you each have different big goals you’re trying to meet, it may be helpful to tackle one this month and then come back to tackle another next month. Choose which goal you’re going to tackle today and then answer the following questions.

NOTE: You may need to do some research. If you run out of time, take the extra research items as a “to do” before next month’s date night.

  1. What’s your timeline (in months) to meet this goal? 

  2. What financial progress have you made toward this goal already? 

  3. How much money do you need to make this goal a reality? Be as specific as possible. I know some of you are working toward paying for your child’s education. I provide some good tips for figuring out the number you need in this blog post.

  4. Are there any projected windfalls (tax refunds, bonuses, inheritance money, etc.) that you can put toward this goal?

Do the Math: 

  • Add together the answers to questions number 2 and 4. We’ll call this total A.

  • Subtract A from the answer to question number 3. We’ll call this total B.

  • Divide B by the answer to question number 1 to get the amount you’d need to save each month to meet this goal.

Is this an amount you can realistically save per month?

  • If “yes”, great! Get started on this plan to make this goal a reality.

  • If “no”, that’s ok. Ask yourself the following questions and adapt your “math” accordingly until you find a solution that’s financially realistic (and still dream worthy):

    • Are there other income sources you could utilize? Is this just the push you need to take on an extra shift, start that side hustle, or ask for a raise?

    • Are there other goals you could let go of to make this goal a reality that might leave you with more income to make this happen?

    • Are there ways you could reduce your monthly budget to make this goal a reality? What specific expenses could you cut?

    • If you can’t make the big audacious goal happen, are there ways you could cut down the cost a bit without ruining all of the fun?

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If you like, you can take this month's topic deeper ...

MAKE IT A MEAL: APPLY WHAT YOU'VE LEARNED

Now that you’ve worked out the math. Use these questions to set you on the road to sustainable success:

  • What barriers are standing in the way of you meeting this goal? Get serious about the things that might get in your way - how will you address these barriers as they arise?

  • What type of savings/debt repayment vehicle will you use to maximize your savings? For some goals an investment account might be helpful, but for others (particularly those under five years away) a high-yield savings account might be a better solution.

  • How will you celebrate your goal attainment? Are there any milestones along the way you want to celebrate?

  • What’s going to help you stay on track?

    • Find a picture that represents your goal? Put it in an important place (background on your phone/computer, fridge, bathroom mirror, wallet, etc.) along with the goal completion date

    • Write a little note to yourself reminding you why this goal is important and what your life will look like once this goal is attained - read it whenever you’re struggling to stay on track

    • How will you hold each other accountable?

MONTHLY BUDGET CHECK-IN

Take a moment to look back at last month's budget together.

  • Did you stay on track?

  • If you got off track, what 1-2 steps can you each take to get back on track again?

  • Did any surprises come up - positive or negative?

  • Take a look over the expenses, did the way you used your money align with your values?

  • What changes will you make for next month?