Real talk: a LOT can change in six months. So if you’re feeling like the financial goals you started with this year have pretty much gone out the window, don’t be hard on yourself!
It’s time to re-evaluate where you’re at and get yourself set for the last half of the year.
Read on for 5 tips that will help you learn how to tweak or fully refresh your financial goals.
1. Re-calculate your income
If you’ve changed jobs, started a side hustle or if anything else has impacted the income you started with this year, you need to become familiar with these new figures.
We recommend breaking this calculation down into how much you make each month. This will put things into perspective and come in super handy when it comes to adjusting your monthly budget (which we’ll get to a little further down the list!).
2. Calculate how much money you owe
Afterpay will be the end of us all…
But really, any new debt or even debt that’s been paid off can change the direction of your financial goals.
Maybe it’ll mean that you need to put some other financial goals on pause to focus on paying off your debts first. Or if you’ve already paid said debts off, that could give you more money to put towards other, more exciting goals (like saving for a house deposit!).
3. Refresh your goals for the rest of the year
Now that you know what you’re working with, keep putting pen to paper and write out what you realistically think you can achieve in the last half of the year.
The best thing to remember is that nothing is set in stone just yet! If your budget ends up making you realise something here needs to wait until the new year, or that you actually have more room to play with, that’s when you can make the final calls.
On that note…
4. Make or update your budget
If you already have a budget, take points 1 and 2 into consideration to potentially update your game plan. The likes of new income or debt may call for changes in this space.
If you don’t have a budget, this is us telling you how much budgeting will change your life!! You can start with something as simple as tracking your expenses, but since we love putting numbers in their place, we have some handy helpers for you that will guide you on your way.
Our range of Budget Planners have been designed to help you keep track of things that are often overlooked (e.g. how much money you need for celebrations, an emergency fund) as well as other must-haves to keep your bank account healthy and happy. Take a look and pick your favourite design here.
5. Hold yourself accountable
Just like having a buddy at the gym, having someone (yep, even yourself!) hold you accountable for your financial goals can be the motivation you need to kick them.
If you want someone else to hold you accountable, tell them your goals, your timeline, and have them check in with you on a weekly or monthly basis to see how you’re going.
If you want to hold yourself accountable, write down your goals (we have the PERFECT dedicated section in our Budget Planners for this!!) and keep referring to it as a reminder of your goals and why you want to and can achieve them.
Need a little bit of both? Start a social media account dedicated to the progress of your financial goals! You can post updates and your followers can hype you up/check in on you as you go (it can absolutely be private and just shared with family and friends!).
And just like that, you’re about to get back on track!
We wish you all the best on your financial journey and hope the tax man is kind to you this year!!