03.23.2012 / 2012 Financial Goal Checkup

When getting ready for the New Year, we make a lot of goals. We resolve to spend less, shop less, save more and maybe get our retirement savings in order. One of the challenges of our New Years resolutions is that once they are made, we do not often think about them until it is time to make them again the next year!

"The best way to keep your goals on track is to review your progress once in a while."

The best way to keep your goals on track is to review your progress once in a while.  Now that we are reaching the end of the first quarter of 2012, we wanted to share a few review questions that can help you stay on track, course correct or even change your goals.

First, get out your financial information since January – this includes your budget, credit card statements, checking and savings account information, and anything else you think is applicable.  Then, take a look at the last few months and ask yourself these questions:

1. How close have you stuck to your budget?
2. Did you have any unexpected expenses?
3. Did you over or underestimate on how much you need to spend on certain items each month?
4. Have you been hitting your savings goals, or have you missed the mark?
5. Upon review, how realistic were the goals you set earlier in the year?

Chances are, you’ve done well in some areas, but not so great in others.  While everyone has unexpected expenses from time to time, the thing that often trip people up on the road to hitting financial goals can be the little things – you start off the year planning to take lunch every day, but poor planning results in purchasing lunch 3 times a week. 

If you find that you’re on the right track with your goals – congratulations!  If you aren’t, take a look at how you might adjust your budget, your savings plan or your spending habits to course correct or change your goals to be more realistic. Then check back again on how you’re doing in July to keep your goals on track!

Posted at 10:31 AM | Permalink
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