It’s not too late: How to Set Financial Goals for the Rest of the Year

We may be well on our way to Spring, but that doesn’t mean it is too late to set financial goals to get ahead this year. Having a plan is so important in meeting your financial goals, if you don’t lay out your plan you will likely be asking yourself in December where the year went.

Here are a few simple steps to take to set financial goals for the year:

1.      Review of your current budget & finances:

You will want to write out a budget including all your expenses. This will help you understand how much of your income is going to non-negotiables

 i.e. Rent, insurance, phone, internet, car payments, credit card payments, groceries & gas. It is important you have a bigger picture of what your monthly spending looks like.

2.      Set short term financial goals for the next 6-12 months:

Are you wanting to pay down your credit card balances? Set up an emergency fund?

And Long Term financial goals: 

Start a college fund for your children or a retirement fund for yourself? Save for a down payment?

Write out these goals and make sure they are measurable by being specific with how much you would like to have in these funds by the end of the year.

3.      Tracking

You will want to track your spending using any various financial goal tracking tools. Such as an app, bank statements or financial journal. This will give you a better idea of where money is going throughout the month and how you can adjust your unnecessary expenses to better meet your goals.

4.      Accountability

When financial planning it is important to have a way to hold yourself accountable to your budget. Whether this be your partner, a friend, financial planner, you want to be able to have conversations surrounding your budget and where you may be struggling as it can be difficult at times.

 ifficult at times.