7 Mamas spill the beans on their top money goals for the new year!

This is Your Goal Setting Master Series, where I take you through a powerful & strategic goal setting component, along with examples and the tools & resources you’ll need along your journey. All so that you can set the most meaningful goals for lasting happiness, and actually achieve them! I am so excited about this series, and after reading it, you will know exactly where to put your time, effort, and energy to live out your best year ever!

– PART ONE:  The 4 Essential Steps for Goal Setting (If You Want to Actually Succeed)
– PART TWO: Your Personal Core Values are the Key to Setting & Reaching Your Goals
– PART THREE: How to Make SMART Goals & be Unstoppable!
– PART FOUR:
31 Days of Financial Goals Examples to Jumpstart Your Bigger Bank Account
– PART FIVE: The Must Have Tools & Strategies to Achieve Your Goals
– PART SIX: Big Money Goals From Mamas Who are Making it Happen

Do you want to make a lot of money? Uhhh, of course? Most of us would love that!

Or, maybe you want to stay at home? Living life on your own schedule, taking care of your littles, they’re only young once, right. *sigh*

For a long time, the two examples above have been mutually exclusive. And we always wondered what it would have been if we chose the other way around. It’s time we got to do both, and I am going to show you how you can have both the career to earn and have the flexibility you need for your family!

Here are 7 real-life Moms who are taking their knowledge, their drive, and their grit (yes, this online world absolutely takes grit) and making their own life, the way they want to live it. All by starting their own business so that they can help other women achieve their money goals.

Money Goals

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Female entrepreneurs are coming on strong

Women-owned businesses are rising at a fantastic rate in the US! Fundera did a recent piece about exactly what the environment for women-owned business looks like, and the statistics are astounding!

  1. The US has 12.3 million women-owned businesses.
  2. US women-owned businesses generate $1.8 trillion a year.
  3. 40% of US businesses are women-owned.
  4. Women started 1,821 net new businesses every day last year. 
  5. 64% of new women-owned businesses were started by women of color last year. 
  6. Latina women-owned businesses grew more than 87%.
  7. There are 114% more women entrepreneurs than there were 20 years ago. 
  8. 62% of women entrepreneurs cite their business as their primary source of income. 

While we still have a ways to go in comparison with men, the rate of our gains is astounding in recent years! So take heart if you have dreams of being an entrepreneur!

Now I’d like you to meet some of the amazing women who are part of these statistics you just read about. They have started their own businesses and are making their own money goals happen! They all started in different spots, and have different financial goals, but their drive & determination with setting goals and crushing them is strong!

I was to reiterate, their financial goals are different, as with every group of people. Your financial goal can be…

  • short term goal – making $1000 a month, getting a savings plan, opening a Roth IRA, etc.
  • long term goal focused – financial independence
  • a monthly goal – covering their household’s monthly expenses with their income, etc.
  • an annual goal – earning $50,000, 100% debt payoff, maxing out their retirement savings, etc.
  • a goal not based on income but to make a financial plan to get different aspects set up and then set financial goals within that plan, etc.
  • a goal based on an outcome – setting up a retirement account, opening a savings account, getting to $500K net worth, dumping your student loan debt, getting a financial advisor, having a fully loaded emergency fund, getting life insurance, etc.

So to all the money-minded Mamas, with an itch to do more, this one is for you! To inspire you, to give you real-life examples that the life you want is possible!

Mamas who are starting out on their money goal journey

I reached out to Mamas, both just starting out on their journey (2yrs or under) and Mamas whose businesses are more established. So you can see that everyone starts out at the beginning, but their potential for growth is limitless!

I am honored to be among those still learning the ropes of the online business world and am so excited for you to meet them! Now starting out at the bottom (which we all do) isn’t bad. Let me assure you, we’ve got nowhere to go but up! We’re bright-eyed, we’re hungry, and we’ve got big money goals!

DeShena from Extravagantly Broke

DeShena

I’m DeShena, wife and working mom to an energetic teenage son and an enterprising newly corporate daughter. I’m the founder of the website Extravagantly Broke, as well as an entrepreneur, Certified Life Coach specializing in debt freedom, and public speaker. My mission is to empower women to crush debt and pursue their passions.

My main financial goal for 2020 is to grow my business enough to replace my W2 income and be able to run my business full-time.

The two most important things I’m doing to reach my goals are; first, I step outside my comfort zone. Doing new things is scary, but I don’t get hung up on waiting until the stars align or trying to be perfect. And that leads to the second thing, which is, I take action, and I try it! If I screw it up…thankfully, the world won’t end! So I learn from my mistakes and try it again!

My secret hack that gives me motivation can be perfectly summed up with this quote by Jack Canfield…” Everything you want is on the other side of fear.” So I stopped letting fear and doubt hold me back and realized that in order to ever move ahead, I have to take a step forward.

Everything you want is on the other side of fear quote

Jack Canfield

Minda from Cents and Family

Minda

I’m Minda! I’m a mother of 3 kids (ages 4, 6 & 9). I work full time as an oncology pharmacist and also run Cents and Family. Every day that I work at the cancer center, I’m reminded that life can be too short and that we must make the most of it. I strive to help others improve their finances and family life to live life to its fullest.

My main money goal for 2020 is to focus on my investments. I want to learn more about investing and put the learning into practice! I believe investing is one way to achieve many of the 10-year goals that I have set.

When asking Minda about some tips that she uses to help her reach her goals, she says that “Every day during my commute, I listen to podcasts about self-improvement, business, blogging, and finance. I consider the people on these podcasts to be my mentors, and they motivate me every day! My two favorite podcasters are Rachel Hollis (Rise) and Pat Flynn (Smart Passive Income).”

I can definitely attest to podcasts being an amazing way to learn, as I too listen to them on my commute. Now that stereotypically “wasted time” commuting gets turned into valuable learning time!

Nadia from Speaking of Cents

Nadia

I am a Personal Finance blogger and a mom of 3. My family has been living debt free for more than seven years, and 2020 will actually mark the 8th year! We did it with a single income as I decided to become a stay-at-home parent when my first child was born. The reason for my blog is to teach people how they can manage their money better and live a fuller and happier life. I share frugal tips and budgeting tricks that help my readers to maintain a good standard of living on a minimal income. I believe if we as a family of 5 have done it, others can do it too!

My money goal for 2020 is to diversify my income streams and to invest my money in more than one place where it can start generating income on its own. Plus, I am also planning to invest some money in learning new skills to improve my online presence. The successful launch of my digital product is also something I am seriously working on to create a stronger financial future.

If I am honest, I lose my motivation if I don’t see myself progressing, and it is pretty common when you are blogging, mommying, and doing everything in between! I need to see results to keep me going. I have learned that it is important to step back sometimes and re-think the strategy. If something is not bringing me results, I need to change my direction in order to avoid frustration. I struggled with balancing my mom duties and blogging, but I am hoping 2020 is going to be better when it comes to time management and productivity.

I asked Nadia if she has a secret hack/tip that helps you when times get rough (because honestly, it can). “As I have mentioned above, I have had ups and downs over the past couple of years with my online business. There are good days, and then there are not-so-good days when it comes to blogging. Being an entrepreneur can also make you feel lonely at times. I try to stay active on Facebook in order to feel a sense of belonging. I am lucky to be a part of some awesome Facebook Groups where I find motivation and advice all the time. If I am too frustrated, I just take a break and come back with new motivation.”

Rebecca from Boss Single Mama

Rebecca

I’m a freelance writer specializing in financial planning, and a homeschooling single parent of two. I’m also growing two blogs; one focused on money and time-saving hacks for busy moms, and another site that teaches freelance writers how to make a six-figure income.

Since I’ve paid off all my consumer debt except my mortgage, my main financial goal for 2020 is keeping my freelancing income level at around $30,000 per month and growing my blogging income. I love blogging, but I’m definitely ready for it to become a money-maker!

To achieve this, visualization has always worked well for me. I create a specific goal, then build a mantra around it. I use that mantra as the password to all of my online accounts, so I get a reminder of my goal every time I log in. It sounds corny, but it works!

I also make SMART goals – specific, measurable, actionable, realistic, and time-bound. It helps me to visualize a clear path to reaching my goals. (If you’re looking to make a SMART financial goal then read about the top 5 here!

When I feel deflated about my monthly goals, I remind myself that I’m doing everything I can on my own to reach them. Then I ask the universe for help, and more often than not, the universe hears me and responds. A new client will show up in my inbox, or I’ll make another affiliate sale on my blog. Every small step forward adds up!

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Mamas who are rocking their money goals

Here are some Mamas that we all look up to in their online entrepreneur world. Not too long ago, they were just like us, working their days away, dreaming for better. Then they struck out in the online world, slowly but surely they have found great success on the other side!  

Carly from Mommy on Purpose

Carly Campbell

Carly is a Canadian blogger, but firstly a Mom. Her blog is about all creating your best life & mommy like you mean it! She’s focused on figuring out this mommy thing one day at a time. Raising little people while keeping our homes and financial life under control might be a challenge, but it’s one I’m excited to tackle… and I want to encourage you to tackle it too.

Her mom blog also shows others how to start their own blog, so that they too can build a life on their own terms! What kind of life is possible, you ask? Well, on her December income report (for her mom blog only, not the blog teaching side), she had CAN $15,039 in income! Not too shabby huh! 🙂

My money goal for 2020 is to start working towards accepting that earning less money is okay. I don’t want to put so much focus on income, because as long as you have enough and manage it well – money should be one of our least considerations.

To achieve goals, my best tip is just to do it. I mean, I think that when I have a goal, then I don’t set goals unless they are like 100% all of the effort in my mind, in which case I have to think about the steps I need to take to achieve them because they are the only focus I have, which makes it really hard to fail.

money goal

Tracie from Tracie Fobes

Tracie

If you’ve been on the money-saving scene for a while, you are probably familiar with Tracie, as she was the heart & soul of the fantastic site, Penny Pinchin’ Mom! She’s been featured on Good Morning America, The New York Times, US News and World Report, BetterTV, and more! In short, she’s quite the inspiration for us Moms in learning how to budget and save money.

She has recently handed over the reins of Penny Pinchin’ Mom so that she can focus her love & attention on helping people learn how to start their own profitable blog! You can get her exact free profitable blogging roadmap right here so you can get started on your own blog today!

In talking with Tracie about her personal financial goal for 2020, “My money goal is to bring the profits of my newest site up to where I was when I owned Penny Pinchin’ Mom (which is in the five figures). It has taken some time but all of the services, products, and courses being built, but I am starting to see it getting closer and closer!”

I am a visual person. I need to know what I want to accomplish by putting it in writing. My ultimate long term goal is to retire my husband early and for us to have more free time to do what we want. I have a note about this in my planner and see it every single day! It reminds me of why I do what I do and where I want to go!

Suzi from Start A Mom Blog

Suzi

Suzi, fell in love with blogging really & truly when her new baby girl would take naps, it was her creative outlet, a way to channel her energy. She blogged about breastfeeding, motherhood, recipes, and crafts.

Suzi soon began to realize that she loved connecting with other moms and helping them along their own incredible motherhood journey. She found community and purpose while still being home with her little ones (she has three now).

Suzi focuses on providing you with the same efficiency and optimization techniques that worked at Fortune 100 Companies (where she worked for years) to make your blog successful. You can join the other millions of moms who blog and make money from home, and you can start a blog too!

When connecting with Suzi, she says, “My big money goal for 2020 is to double my blog income by growing my team and finding unique ways to help my students. It’s going to be a big year, and I’m super excited for it!”

To help her reach this goal, continually learning is big to her! “I’m reading the 12 week year, I’ve heard such great things about it, I’ll be starting it on January 1st to help me accomplish my goals! 🙂 I’d feel ecstatic when I reach this goal; it would mean I’m helping more people!”

If you want to know the exact steps that Suzi gives to new Moms looking to start a blog then you need to start by checking out her free blog plan right here!

I don’t regret the things I’ve done. I regret the things I didn’t do when I had the chance.”

Harlan Coben

At the end of the day

Whether you have been at it for a while, are just starting out, and especially if you’re in the dreaming phase. Starting your own business can absolutely help you reach your money goals! So many inspiring women here have done, or are on their way to making it happen! If you want to join in and set financial goals to help your financial situation then be sure to check out 5 smart financial goals to aim for!

Yes, it can be scary, slow, and disheartening, but can’t everything be like that? What’s matters is that you take a chance and try!

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What money goals are you going to set for yourself?