As parents, we are often do-it-yourself experts. We can fix broken toys and appliances, clean up spilt milk and patch back together torn clothing and broken friendships. But amidst the day-to-day chaos that is family life, one thing that we often don't get around to DIY-ing is our money.

"Daily life with kids can be exhausting – something I know from experience because our second child was born three weeks ago," says financial planner and Financial Planning DIY Guide author Sam Henderson.

“Finding the time to sit down and work on your finances can seem almost impossible and mums are renowned for always putting their own needs last. But taking the time to set some smart money goals can make a world of difference both to your finances and your peace of mind.”

Spell it out! When creating your finance goals, make sure that they are:

The difference between a goal and a dream is specificity. For example, instead of saying, “I want to spend less”, your goal might be to find a way of reducing your grocery bill by $40 a week. Having that specific goal means that you can then work out menu plans, compare cheaper products at the supermarket and find a way to meet your target. Being specific gives you a sense of purpose!

"Your goal needs to be measurable, otherwise you can't be sure whether [or when] you've achieved it," says Sam. "And just as deciding to lose five kilos depends on knowing what you currently weigh, deciding to find a credit card with a lower interest rate, for example, means knowing what you currently pay."

Being a busy, multi-tasking parent means that you need to be kind to yourself and set goals that you are comfortable with. Vowing to pay off your credit card, switch your superannuation, redo your estate planning, start a savings plan and learn about shares all by Christmas might sound wonderfully organised… but you could well have a stress meltdown in the meantime! Choose one goal at a time to focus on.

Even if a goal is achievable there will likely still be some type of personal trade-off involved in achieving it. Whether it's forgoing some extra-curricular activities to pay off your credit card or cutting back on evening relaxation time in order to shop around online for a new mortgage, goals will, most often than not, involve a sacrifice. Being realistic about what you are willing to sacrifice will help you to keep you on track.

"Next to setting a goal, the most important thing that will help you achieve it is having a timeline," encourages Sam. "So no matter what the goal is – whether it's starting a new diet or saving for a weekend away, set a due date. If you know, for example, that you need to pay $500 for accommodation by the start of November, you can work out a week-by-week plan to achieve this."

At the end of the day we all have at least one money area that needs a bit of DIY work. Whether it's your credit cards, b a future holiday, Christmas or your mortgage, why not choose one DIY money focus for this month and set some SMART goals to get it under control. You'll feel great once it's done!

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