With the new year underway, it may be time to come up with a list of goals and that could make 2024 the most financially rewarding year for your entire family. Your motivation can be nearly anything, from saving for retirement or paying for college. Consider these resolutions that can also provide a financial boost:
- Declutter for cash. Go through every room of the house as a family and collect items that nobody uses or needs anymore. Sell these items through sales platforms, then use the cash to pay down debt or add to your emergency fund.
- Work together to reduce food waste. With inflation running high over the last few years and grocery prices on the rise, everyone in the family can to do their part to reduce food spending. This means creating meal plans and shopping for groceries based on those plans, but it also means eating leftovers and cooking more at home instead of dining out.
- Set up automatic savings. Setting up automatic savings is another great way to make progress toward financial goals. You can set up your bank account to automatically transfer money to a dedicated savings account on a certain day each month, or on each payday.
- Save for something fun. Set a family savings goal for something to work toward, whether that’s saving for a family vacation or the building cash to purchase a backyard playground. Having a goal can help family members part with items they don’t need but can sell, or to cut their spending to help reach a common goal.
- Develop investing basics. Set up online access for your own retirement accounts or taxable investment accounts so you can show your family the power of compound interest firsthand. You can even consider setting up investments for your kids. If they have earned income, for example, they can start investing with a Roth IRA.
Financial goals can be a family affair if everyone in your crew understands what you’re working toward and what’s at stake. By keeping communication open and getting your entire family on the same page, you can all work together toward the lifestyle you want.
Contact Gilliland & Associates for more information.