In today’s fast paced world, we don’t usually get enough time to spend with our loved ones on a day-to-day basis, and often overlook the importance of planning activities and setting family goals that involve the participation of everyone in the family as one whole unit. However, owing to the fight against COVID-19, the nation-wide lockdown and work from home mandate, a rare scenario has been created where the whole family is at home, and together for an extended period of time. This offers the perfect opportunity to get started on working towards developing some family goals.

The Importance of Setting Family Goals

Family goals are extremely important because they help to bring your family closer together, give all the family members something to look forward to and help you keep each other accountable. Setting goals helps the family grow together as a whole unit and independently. Another extremely important outcome of having goals as a family is that, when done right, it can set a positive example for your children and help them in the future, when they might have kids of their own! 

Different Types of Family Goals

There are several different kinds of goals you can set as a family. Typical examples of family goals include,

• Spending time on connecting more with your extended family.
• Reducing the amount of time spent in front of screens or having ‘screen-free’ days.
• Participating in an event together; like a marathon.
• A weekly family dinner or outing – like a movie, or a trip to the beach, and so on. 
• Ensuring that your children can get educated abroad.
• Contributing towards a family savings plan; helping your children understand the importance of saving, and the basics of money management. 
• Setting aside time to volunteer with a charity, orphanage, old-age home, animal shelter, etc.
• Starting a family garden to grow fruits, vegetables, etc.
• Making the decision to eat healthier and be more active; making time for a family workout session.

… and the list goes on. You should develop goals that work for you and everyone in your family the best.

The Basic Steps of Developing Goals for The Family

While the nuances of approaching goal setting will be unique to your family, here are some of the basic factors to keep in mind during the process of developing your family goals.

1. Set SMART goals: In addition to breaking down your goals at work, SMART is an excellent framework that can be used when it comes to setting family goals as well. It stands for specific, measurable, achievable, results-focused, and timely. The SMART guidelines will ensure that your goals are realistic, while focusing on the process of achieving them at the same time. You should also differentiate between short-term and long-term goals at this stage.
2. Get everyone’s input: The whole family needs to be able to take ownership of the goals, otherwise it’s not a constructive process. Make sure that everyone has a say when it comes to deciding on what goals to set, and how to go about achieving them. Just as in the world of finance, the process is as important as the outcome when it comes to being successful. You could hold a family meeting to discuss different ideas.
3. Put your goals down in writing: So that these commitments don’t get lost in a sea of other responsibilities like school work, office work, chores and so on, keep them penned down on a white-board where everyone can see them. This acts as a reminder and makes you feel more accountable. Keeping your goals written down is particularly useful when it comes to planning for the long-term.
4. Evaluate your progress: Just as important as deciding on goals is ensuring that you’re actually moving towards achieving them. So when you do set particular goals, it would also be good to follow-up on their progress over time. Choose particular timelines for when you can evaluate your progress and simultaneously identify tangible measures for the same. 

Setting family goals will not only see your loved ones working together as a team, but if planned well, can also be an extremely important lesson in finance for your children. Research shows that families who set goals manage their overall finances better than families who don’t; they also communicate better with each other. So don’t let this time that you have to spend with your family go to waste, invest it  in the possibilities of growing together!