Easy Goal-Setting Money Strategies for Big Families: You Can Do It!10:58 AM
|Six children... and a lot of goals!|
We are a goal-setting family. We have notebooks upon notebooks, whiteboards, and even calendars where we write and track goals that are important to our family. Many of these goals are short-terms (like getting my oven installed!). The most important ones, however, are long-term, and will take years of steady planning to make sure they get done right.
With the New Year right around the corner, I'm already looking ahead to see if we are on track for some of the most important long-term goals for our family, such as retirement, college, and saving for home remodeling plans. These goals might need a few moving pieces to make sure everything goes correctly. Things that I ask myself when setting up a new goal include:
- Will I need to make changes to my budget to fund this goal?
- Will I need to set up a new account or financial product to ensure it happens?
- What does the family need to know or do so that we can make this goal a seamless part of our lives?
One way that I can make sure that I don't overspend during the holidays and that my New Year's goals are on track is to find the perfect savings vehicle -- one that answers all of these questions for me! I'm happy to report that, for the past 6 years, I have been using Capital One 360 Savings for so many of our goals, and it is a one-stop shop for the features I value in a savings vehicle.
Did you know? Only 1/3 of Americans felt that they accomplished their financial goals in 2015! This news, from a recent Capital One survey, feels discouraging, right? But it doesn't have to be. One goal that I thought would never happen for us was to set up a small savings account for each of our children to put their gift and job money into. It would be used as a savings plan for each of them that we could then easily use to fund projects (such as summer camps) and even college savings!
We have Capital One 360 Savings accounts for our children. Even though we have six kids, it was simple to set up and fund regularly from my checking account using the "Automatic Savings Plan" tool. (We even get a higher interest rate!) It's a very hands off process, and I just check in once a month to see how their funds have grown and to let them know their progress. They've become quite proud of their little nest eggs, which they can see easily with the "My Savings Goals" tools; the information is presented in a simple way that my kids can understand.
Once the children get a bit older (10 or so) we also look into other Capital One products that can help them save even more. We have investing custodial accounts through Capital One for three of our kids, and I even have my own retirement account through them, too! All of this was set up by making simple goals, answering the questions above, and taking a few minutes at the end of the year to set up accounts and savings goals through the easy online interface. Capital One 360 can be accessed, viewed, and contributed to from my laptop or phone, too. It goes everywhere I do!
What new, big goals do you have for 2016? Whether it's a kitchen update, an emergency fund, or getting Junior started with a chunk of change for college, there's a savings goal inside you that Capital One 360 can help you achieve. (I wouldn't have believed it was so easy, if I hadn't been a loyal customer myself for over 6 years!)
Learn more about 360 Savings from Capital One, and check out their Capital One Venture Card, too!
I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.