If you have a family, you likely have multiple savings goals — saving for your kid’s college education, putting money away for retirement and budgeting for your next family vacation.There isn’t one cookie-cutter way to approach family savings, but there are some fundamentals that can help guide your process. Finance professionals and moms share some tips that can help you get started.1. Plan a money date to assess your financesDoing a financial edition of “your year in review” can be a first step to approaching family savings in 2025. Plan a money date with your partner — or a solo date — and bring your statements and account snapshots along. The goal here is to assess your finances from the preceding year so you know how to move forward in 2025.Key things you want to pay attention to during your assessment are your income, expenses and any major life shifts you’ve experienced that may have impacted your finances.While this may not seem like a fun task, it also doesn’t have to be dreadful if you look at the bigger picture, says Victoria McGruder, a certified public accountant and founder of FinPowered Female in Washington, D.C.“People spend a lot of time on the non-fun elements of financial management,” McGruder says.She adds that while it’s important to do more mundane tasks like tracking your money, you should also focus on the bigger picture and your motivators for budgeting. Those bigger-picture goals may be to save for a home, create financial stability or ensure you enjoy a quality retirement.
2. Replenish your emergency fundIf the cost of living has been tough for you or you’ve had to put out several financial fires in 2024, replenishing your emergency fund may be a family savings goal for 2025. Your emergency fund should ideally contain enough to cover three to six months’ worth of expenses.You may also take this opportunity to calculate how much your emergency fund should be in 2025, especially if your financial circumstances have changed. “It’s crucial to prioritize building an emergency fund, because we want to be able to borrow money from ourselves versus a financial institution,” said Rianka Dorsainvil, a certified financial planner and owner of YGC Wealth in Washington, D.C., in an email interview.It’s also worth thinking about where you put your emergency savings. A high-yield savings account can be a good candidate since it’s liquid and you can earn passive income on your money via interest.“That interest will compound over time and is very beneficial,” Dorsainvil says.
3. Evaluate your money-management syste