Feeling swamped by your financial situation? As summer recedes, you might be trying to regain focus and align with your financial aspirations. How are those major financial objectives you set at the beginning of the year coming along? Have you established any interim financial targets?
Sounds unbelievable, but there are just about 4.5 months remaining of the year! Even if you’ve strayed from your path, it’s not something to overly fret about. Achieving goals is typically about creating routines and making continual advancements. Besides, no one can foresee the twists and turns of the year; you simply need to adjust to constant changes.
On a practical level, you can segment your objectives or direct your attention to a few immediate financial aims for this year. Let’s discuss some near-term financial targets for you to tackle over the next few months, which will help boost your enthusiasm.
1. REGULARIZE BILLS AND OVERDUE PAYMENTS
People usually have debt payment resolutions for the year, but I have observed that some folks are not yet at that stage and are simply striving to break even. If in arrears, you shouldn’t be overly concerned about debt or anything else.
Your primary concern should be to ensure you’re up-to-date with all your bills. I recall how in the past, our rising winter electricity bills went unpaid in full as we couldn’t afford it.
When spring and summer arrived, paying off the remainder became my key focus, and it was indeed satisfying to finally see a zero balance. Despite tight finances, the comfort of knowing that your bills are paid up can bring significant relief.
2. SQUARE OFF ONE CREDIT CARD
Credit card liabilities can be the scourge of debts, given the ease in accruing a balance once it’s paid off. If credit card debt is a concern, your best bet is to reduce the interest rate and take things one at a time.
You could think about doing a balance transfer or negotiating with your credit card provider for a lower interest rate if you commit to retaining your account with them and paying off the outstanding.
Commit to settling your lowest credit card balance before year-end. Earlier, we managed to clear a small loan, which felt immensely pleasurable. Though the loan was interest-free and came with manageable monthly payments, it was nonetheless a bother to handle for such a long time.
Clearing that loan enabled us to reincorporate that sum back into our budget, which made a noticeable difference.
3. ADHERE TO YOUR MONTHLY FOOD BUDGET
If your grocery shopping or eating out expenses frequently exceed budget, make a determined effort to control this for at least the next 30 days. Set a realistic food budget and strive to stick to it for a month.
One method I employ is using cash envelopes to manage my grocery and dining out expenses. This approach makes me more conscious of my spending and helps me to spot deals and savings opportunities.
Also plan your meals beforehand and look around for deals at local stores before you set out shopping. Going out for meals, keep an eye out for discounted days or make use of coupons that you may find online or in mailers. To save money, consider packing your lunch for work and preparing quick meals at home to avoid needless fast food visits.
4. CONSULT A FINANCIAL COACH
Should you be without a concrete financial plan, a meeting with a financial coach can prove highly beneficial. If you have lofty aspirations that will take some time to reach, a coach can provide customised advice and a blueprint for your strategy.
A coach can furnish you with suggestions, resources, and even a drafted plan to assist you. Plus, many coaches offer one-off calls, allowing you to get your tailored plan in under an hour.
Consulting a coach can keep you inspired and optimistic, especially if you are stepping onto a moderately challenging path.
5. HAVE A NO-SPEND WEEKEND
Long since you’ve had a no-spend weekend, or perhaps never? I like no-spend weekends as they offer an easy way to overhaul your finances and save some money. They are fun and relaxing, and don’t involve spending money.
Activities for a no-spend weekend could include cycling, hiking, camping (if you own the gear), a movie marathon with library rentals, acquiring a new skill through YouTube, reading, and more.
Another option is to accumulate the money usually spent on weekends and set it aside for savings.
6. REVIEW YOUR INSURANCE
In just a few minutes, you can verify that your insurance is up-to-date and you have adequate coverage. Life insurance policies should have up-to-date beneficiaries, especially following major life events like marriage or a new addition to the family.
Explore other insurance options to see if you can find more economical rates that still offer the same benefits and coverage.
Don’t undermine the significance of tracking smaller, near-term financial objectives. This approach can help advance your progress and could bring you closer to a larger future objective.
With a few months to the year-end, take a moment to note down some small financial goals that you can work on and achieve in days or weeks.
