Now that we’re more than halfway through the year, it is a good time to stop and take stock in your financial progress. How are you doing? Are you reaching your goals? Maybe you’re even surpassing them. Whatever is going on in your life, now is a good time to look at your progress and adjust your plans accordingly.
The first thing you’ll want to do is determine if you’re getting any closer to your goals. Was your plan to build an emergency fund? Take a look at how your savings account has grown this year. Were you hoping to eliminate debt from your life in 2009? Examine your financial records to see how much debt you’ve paid off so far. Measuring your progress will help you with the rest of your evaluation.
Next, you should start working out your next steps. Are you on track to meeting your goals by the end of the year? If you’re not, you should determine what changes you will need to make to get back on track. Do you need to cut your budget drastically in order to make higher debt payments? Remember that it’s not too late to get yourself back on your chosen financial path.
Finally, now is the time to decide if you need to make any changes to your financial plans. Have your circumstances changed over the year? Maybe you or your spouse lost a job. If that’s the case, you may not want anything more than to keep afloat until you find a new job.
Improving circumstances could cause a change in your plans, too. Maybe an unexpected windfall allowed you to pay all of your debt off earlier this year. In this case, you’re going to need to develop new plans and goals. You might start saving for a new car or increasing your retirement plan contributions.
A quick financial checkup will help you assess your financial position and get a real sense of how you are doing. Who knows? You may even find a reason to celebrate.
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2 responses so far ↓
1 fern // Aug 19, 2009 at 9:15 am
My 2009 goals:
1. Fully fund $6,000 in Roth IRA + catchup: I’ve funded $5,000, with $1,000 left to go.
2. Max out 401k + catchup: done
3. Build up emergency fund to $24,000. Umm, this has been put on hold since i’m building a sun room on my house. YTD balance is $6,500. Will resume next month.
4. Continue prepaying mortgage $425/month to pay off in 6 years. ON TARGET.
2 David // Aug 19, 2009 at 6:06 pm
I also use the mid-point in the year to make sure I’m setting myself up for next year’s taxes.
Are my charitable contributions on track for the year??
And are any other of my “tax plans” lagging behind?
It doesn’t take me long, but it keeps me on track.
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