Remember back in January, when the air was cold and crisp, and you were strong in your resolve to do better with your money this year? You probably set goals: save for a trip, pay off credit card debt. What a beautiful time.
Now we’re halfway through the year and it’s hard to even remember that was once a time when it wasn’t 90+ degrees outside (#Austinproblems), let alone what your financial goals were. Sounds like a mid-year money check in is just what you need. Also, a cool beverage would be nice.
We’ve got you boo thing. A mid-year money check in is not just for those who might not be hitting their financial goals. It’s for everyone, even (maybe especially) those who have a handle on their money.
Why A Mid-Year Money Check In Is For Everyone
Money check in’s are a great time to look at the numbers and see what they have to tell you. In the immortal words of Jay-Z, ‘Men lie. Women lie. Numbers don’t.’
Whether you’re crushing your goals or you have yet to check anything off the list, a midyear review is your chance to see what those numbers have to tell you.
Are your savings goals realistic? Do you need another income stream? Is there a budget leak you need to plug? These are all great questions to ask yourself occasionally. Money isn’t static. It changes constantly, and you need to adjust your budget to keep up with it.
There’s still half of the year left, and that’s plenty of time to make things happen! So let’s get into the easy-peasy way to conduct your mid-year money check in like the financial rockstar you are.
Three Steps For a Mid-Year Money Check In
- Evaluate Without Judgement
Let’s go back to the goals that you set in the first place. Have you already achieved some of them? Are they even still goals? Bueller?
Since money and life are ever-changing your goals might also change. Now is a good time to be honest with yourself about what you want to achieve this year. So let’s evaluate your goals without judgment. Look at Maybe you started the year with a goal to pay off all your debt but it’s become clear that you can’t swing the student loans AND the credit cards.
I’ve created a lil cheat sheet on how to of how to set goals you’ll actually achieve for you. Click here to get it and use it during your mid-year check in.
Review your goals from the start of the year and see if they still feel right for your life right now. Maybe you started the year with a goal to pay off all your debt but it’s become clear that you can’t swing the student loans AND the credit cards.
That’s totally ok. You do not need to pay off all your debt in order to be a success. Paying off any type of debt is a huge achievement that definitely counts as a win. Adjust goals to fit with your lifestyle and the time left in the year.
So, step one: evaluate your goals and see if you’ve already achieved any, or if you need to reassess them to actually reach them by the end of the year.
- Run The Numbers
Now that we’ve got a shiny new set of goals, let’s figure out what we need to do to reach them. Run the numbers and see how much you need to earn and save each month to reach your goals. Having specific goals is crucial to actually achieving them.
Click here to get your FREE Bravely goal setting work guide. It’s the perfect jumpstart you need to set SMART goals and use the next six months to kick some ass.
- Create a Plan
Now it’s all about implementing! You’ve figured out your goals and the numbers you need to be hitting to make them happen. So how will you hit those numbers?
Here are some strategies you can utilize to change your spending to build the life you love.
Weekly Money Check-Ins
This is an essential habit if you want to create life long money stability. It’s time to get intimate with your money. Tracking where your money comes in and where it goes out is the first step to using money as a tool.
We’ve got a free budget spreadsheet that you can use if you’re an Excel kind of girl. Take half an hour each week to see everything you spent money on. Track expense changes and save up for big expenses. Cut back if you see you’re going into the red.
Short-Term Spending Fasts
Undertaking a short-term spending fast (one week to one month long) can free up extra cash in your budget for short term goals. A spending fast means cutting out any non-essential spending for a certain amount of time.
It may seem like a sacrifice to go without lunch out for a week, or to skip on seeing that concert with friends. Think about it this way: what’s more important to you? What will bring more joy and serenity to your life?
If you truly value your everyday luxuries then you can let go of your January goals. But if your January goals are the things that you really, truly want- like way deep down in your heart- then it’s worth skipping a few treats now to achieve that goal.
Limit Your Debit and Credit Card Use
Studies show that people spend more money when they use credit or debit cards. Limit your use so as not to overspend.