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.

Plan a money date to assess your finances

Doing 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. Examples may include moves, job changes, pay increases or emergency expenses. Be honest about your financial habits in 2024 and what drove them.

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.

Replenish your emergency fund

If the cost of living has been tough for you or you’ve had to put out several financial fires this year, 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. For example, my emergency fund amount will look different next year considering my monthly expenses have changed with my son attending a private school.

“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 (meaning you can access your savings quickly with limited consequences) and you can earn passive income on your money via interest.

“That interest will compound over time and is very beneficial,” Dorsainvil says.

Evaluate your money management systems

Think about whether your approach to saving money this year was effective. Did your budgeting system help you spend within your means? Did the accounts you used to save money help you earn interest and get you closer to your goals?

Brianna Jackson, a school counselor and travel agent in Pearland, Texas, can answer yes to both questions. Jackson is a mom of one and has a money management system that effectively supports her family savings. She automates her savings so a portion of her income goes into her son’s Uniform Transfer to Minors Act (UTMA) account and other amounts go directly into retirement accounts like an IRA. Since it’s working for her, she doesn’t plan to fix what isn’t broken come 2025.

However, Jackson is considering putting some of her money in a high-yield savings account — many still offer interest rates over 4% despite Fed rate cuts this year.

If you need help developing a money management system, consider using a fee-only financial advisor to help you lay the groundwork.

Set a hierarchy for your family savings goals

All of your saving goals are important, but it can be helpful to prioritize them. It’s usually a good idea for your emergency fund to be at the top of the list so an unexpected expense doesn’t derail the rest of your finances. Next, ensure you’re getting any retirement saving matches from your employer like a 401(k) match, for instance.

“You have to put your financial oxygen mask on first so while there could be goals for saving for a vacation or a home, I would not want you to take off the table prioritizing and saving for your retirement,” Dorsainvil said.

Next in line of priorities may be paying down high-interest debt while saving. If your debt has snowballed, you could consider a balance transfer, which involves moving your debt from a high-interest credit card to one with a lower APR. This is a way to save money on interest and hopefully pay down debt faster.

If you’ve gotten to the end of these tips and still feel overwhelmed about mapping out your family savings goals, remember it’s better to get started with what you have than to not start at all.

“The earlier that you begin, the easier it will be,” says McGruder. “The longer that you push off saving for your retirement, the longer that you push off saving for your kids and their college education or whatever your goals are, the more difficult that you’re going to make it for yourself to save for that particular goal.”