The beginning of the year is buzzing with that motivational new year energy – but what about when summer hits?
For most people, their new year’s resolutions are forgotten by February. By the middle of the year, you might find yourself running on autopilot instead of planning and acting with intention.
Infuse your summer with some of that Jan. 1 energy, and you can still finish out the year with achievements to be proud of.
Summer Financial Goals: Where are you now?
If you still remember your new year’s goals, compare what you set out to do with what you’ve actually done. Have you stayed on track, or fallen behind? Do your goals still make sense for you and your family?
There’s a reason you chose the goals you did, so if you’re not sticking to those goals, now is a great time to analyze why.
Ask yourself how you feel about where you are now, and whether or not you want to continue on the path you’re on.
Remember that there are always setbacks
A calendar year may be linear, but your actual life definitely isn’t. Your financial goals won’t be, either. Your life might look simple and straightforward when you’re planning out the year ahead, but your day-to-day life will have a lot more curveballs.
You might end up paying for a new roof, a car repair or a last-minute weekend excursion – whatever it is, you can’t foresee everything that’s going to come up in the year ahead.
That’s why, after assessing your year so far, now is a prime opportunity to set some summer financial goals.
Focus on your habits
The way to hit big goals is to repeatedly do the small actions that will get you there. Building good habits is the most effective way to make sustainable progress.
If you didn’t stick to the best financial habits at the beginning of the year, think of the summer as a fresh start. What habits can you implement now that will get you closer to your goals by December?
Plan for regular check-ins
It’s going to be easy to get off track if you only revisit your financial goals once or twice a year. Ideally, you should aim to review your budget and your goals at least once per month. Involve your whole family for even more accountability and support.
This doesn’t have to be a long, stressful process. You could even add some wine and turn it into a date night. Whatever you do, the point is to just get into the habit of having frequent, honest reviews of your finances and goals.
Now that you’re ready to revisit your goals for the year, it’s time to take action. Here are a few things you can do right now to get started:
- Find an app or software to help you budget better. Solutions like Mint, You Need a Budget and Personal Capital can help you stay on track.
- Hold yourself accountable. You can work with a friend, spouse or a financial planner to help you get focused and stay accountable. Or, if you want a digital option, apps like StickK and Beeminder can keep you in line.
- Celebrate your progress! Don’t forget to pay attention to what’s working and what you’re doing well. That will give you the motivation to keep going.
About Your Richest Life
At Your Richest Life, Katie Brewer, CFP®, believes everyone should have access to financial resources and coaching. For more information on the services offered, contact Katie today.