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This is a sponsored post on behalf of Bloggin’ Mamas & the Florida Prepaid College Board. All opinions expressed are my own.

How to Reach The most important Savings Goals For Families

The kitchen table is covered with papers. It’s been years since we last used it as a dinner table. Between the kids’ school papers, art work covered with glitter and dried clumps of glue and of course the endless piles of “mom’s papers,” the poor table doesn’t stand a chance of ever seeing day light again.

It’s the end of December, the end of yet another year. It’s time to get organized and ready for all the newness, hope and possibility January 1st brings.

My new notebook is out, front and center. The first several pages are covered with notes and lists of things I need to organize before New Year’s Eve.

Every January it’s the same. I make lofty promises of better health, more exercise, a balanced diet with less wine and more fibre (since I am officially WELL into my 40s), and a plan to immediate financial needs, like an adult.

Thankfully, both my husband and I are natural planners. There’s not a thing in our lives that isn’t carefully thought out, considered and reviewed before it’s executed. (Thank you universe, for arranging this marriage between two Capricorns, we are bound to plan, plan, plan… and then plan to plan – it’s simply in our nature!)

This year, as we plan… the keyword is “savings.” Like little squirrels before the first fallen snow of the season, we will gather all of our nuts and tuck them far away in small burrows. We have a number of financial goals we wish to reach, but none of them will be reached unless we stop spending and start saving.

Sign up for Florida Prepaid college plan during the open enrollment period, which ends on February 28, 2018.

Use code MAMA1718 for $25 off the application fee!

As I look at my mile long to-do list, or rather, should I call it the “to-don’t” list, I realize that reaching our family’s savings goals will not only require a change in spending habits, but also a complete overhaul of our savings strategy. As a family with young kids and lots of unforeseen expenses, saving often takes a backseat to meeting immediate financial needs.

Does that at all sound familiar to you?

Following are the top 4 savings goals families need to consider when making their savings and spending plans for the new year.

How to reach the most important savings goals for families:

Savings nest egg:

Every family should have a savings nest egg for the unexpected financial emergencies life tends to throw at you once in a while.
A nest egg is considered sufficient when there is enough cash to cover living expenses for one to two months. However, don’t let this goal intimidate you so much that you don’t start saving. Every deposit matters and gets you closer to the end-goal.
There are several ways to grow your nest egg, even if you are starting from scratch. Check out my best tips on how to start a savings nest egg today. These strategies are great for families who are living paycheck to paycheck.
The funds in a savings nest egg should be kept in a separate account and only be accessed in case of a financial emergency.

Christmas/ vacation fund:

Whether you are planning a big family vacation or preparing for the annual expense of buying Christmas presents, a little planning goes a long way.
Stashing away $50 – $100 per month throughout the year leaves you with a nice chunk of cash when the expenses start to roll in.
The best way to plan for large future expenses, is to set aside a set amount each month, have the funds automatically debited from your paycheck or checking account and transferred into a separate account.
Imagine being so financially prepared for Christmas that you don’t have to put any purchases on credit cards. In the long run, being prepared will free up cash to pay down old credit card balances. It’s truly the gift that keeps on giving, long after Christmas is over.

Sign up for Florida Prepaid college plan during the open enrollment period, which ends on February 28, 2018.

Use code MAMA1718 for $25 off the application fee!

College planning:

When you have young kids, college seems to be as far away as your retirement. However, as with most financial objectives, a little planning goes a long way
The cost of college tuition increases every year, which makes college planning an overwhelming task for many families. Thankfully, there’s a safe way for parents (and/ or loving relatives) to ensure your child’s education without racking up student loans, by locking today’s plan prices..
Florida Prepaid is a trusted name in college planning for Florida families. The program offers five different college plan structures and payment plans, so there is something for every budget and every family.
Join their program today during the Open Enrollment period, which is open now until February 28, 2018. Use code: MAMA1718 for $25 off their application fee.
Remember: The monthly payment will be lower if you lock in the plan price this year instead of waiting another year or two.
One of the innovative plans they offer is called the “2+2 Florida College Plan”:
- Your child is guaranteed admission to a State university once he has earned his associate’s degree at one of Florida’s 28 colleges.
- You save money by having your child take lower-level courses at a Florida college, which may also save on room and board, if there’s a college close to home.
- Your child will receive a degree from a Florida university for less than a typical four-year university degree.
Your investment in your child’s future is never lost. Your investment can be applied to an out of state school and unused funds may even be transferred to benefit a sibling’s college education expenses.
Sign up for a Florida Prepaid College plan with confidence and feel great knowing that one of your major future life expenses is checked off the list.

Retirement planning:

Yes, although your retirement seems to be light years away, it is NOW you need to start good savings habits that you can keep up for the next 20-30 years. You WILL thank me later.
Take advantage of every retirement benefit offered by your employer:
- Example: If your employer offers a 401(k), contribute enough for you to get the full employer match. (If the plan states that your employer will match half of your contribution up to 6%, make sure you contribute at least 6% of your paycheck.)
- Participate in pension plans and profit sharing plans if they are made available by your employer.
If you don’t work, set up an Individual Retirement Account (“IRA”) and make a tax deductible contribution before April 15th. Make sure you don’t exceed the maximum allowed contribution.
Sign up for Florida Prepaid college plan during the open enrollment period, which ends on February 28, 2018.
Use code MAMA1718 for $25 off the application fee!

What type of year-end/ new year’s financial planning do you do for your family? What are your main objectives?