The month of July marks the halfway point of the year. Did you set financial goals for 2019? How close are you towards reaching the goals you set for this year? How often are you assessing the progress towards your goals? The frequency of assessing the progress is based on an individual’s financial situation. To truly monitor your progress and to make necessary adjustments, it is recommended to assess your short-term goals monthly, intermediate goals quarterly and long-term goals yearly.
Some may get disappointed that they are nowhere near the goals that were set. Too often, we make a laundry list of things we want to accomplish. Take this time to reassess your list and make sure the goals listed are still appropriate to your needs as well as beneficial to your desired lifestyle. Keep in mind, the top three financial goals are saving for retirement, saving for emergency funds and paying off debt. As these goals should already be included in your monthly lifestyle plan, brainstorm and write down a list of other financial goals that you desire. Your desired list may include goals such as a down payment for a home, a car for the teenagers, a 10-day family Mediterranean cruise, a kitchen remodel, a backyard pool or a vacation home. If there are several items on your list, you will have to prioritize the desired goals.
Here are 4 steps that will help you reassess and prioritize your financial goals:
If you only have a few desired goals, there may not be a need to eliminate any goals. The financial commitment is straight forward and all you must do is start saving for the specific goals. If you have several desired goals, look at the list with the desired timeframe and costs to determine if you need to extend the timeframe or remove that desired goal completely. Instead of taking the cruise in 24 months, look at extending it to 30 or 36 months. There is no need to set yourself up for failure. If you see that you will not be able to save the specific amount each month, extend the timeframe or remove it from your list. Focus on the items that are attainable and start achieving your desired goals.
Although we are just over halfway through the year, do not be discouraged. If you set goals earlier this year, take time to reassess your progress and determine if prioritization is needed to help reach your financial goals. If you did not set goals for this year, use these steps to get started and set your desired financial goals for the remaining of the year. It is never too late to start!