We are half-way through the year, can you believe it? There is no better time like right now to check on your progress with those financial goals.
In This Episode We Will:
- Take a look at a sample situation
- Review the progress of this sample situation
- Learn the 8 steps you can take to check your progress
In this situation, you are budgeting, and mainly focused on paying off your credit card debt. A large part of your biweekly paychecks goes towards your credit card. Your main motivation is that your debt will be paid off in October. After your credit card debt is paid, your next goal is to tackle your student loans. The problem here is you’re using most of your paychecks toward your credit card, and don’t have much left for actual living (you might not be setting enough aside for necessities).
In order to improve your situation, follow these 8 essential steps to check your financial progress.
8 Essential Steps
Step 1: Look at progress. Your focus has been paying off your credit card debt. How many months have you been consistent? You’re three months away from reaching your financial goal.
Step 2: Write down any new implementations. Have you used a program or system to track your money or automatically pay your bills?
Step 3: Make a list of what has worked and what has not. Take note of the things you’ve implemented that may or may not be working. In this situation, what has worked is the progress of paying off the debt consistently, and being close to completion. What hasn’t worked is not having enough money for extras.
Step 4: Take the list of what hasn’t worked and ask, “Why hasn’t it worked?” For this situation, consider revising all of your expenses, and make sure you have not forgotten any. Then make sure that all the expenses are plugged into you budget sheet. Have you included those non-monthly expenses (gifts, travel, etc.)? To do so, estimate how much you’ve paid towards these expenses during the month using past receipts, or memory. This is the monthly budget for those extra expenses; add it to your monthly overall budget. By doing so you are determining your true bottom line number.
What to also consider: You have been focused on your debt. If your bottom line is still not enough, consider paying a little less each month to your debt. Make sure to consider your true bottom line number.
Step 5: Compile all your wins. Wins can be things such as paying more towards the credit card. Make sure to find a win, big or small; acknowledge the progress you’ve made.
Step 6: Review your recurring money thoughts. What has improved? What is still lingering in your thoughts? What has come to your mind consistently concerning money? Write down these thoughts. If nothing comes to you, challenge yourself to be more in tune with these thoughts throughout the next week and write them down. Are they helping you, or not serving you?
Step 7: Take a look at your goals. Are there any changes you want to make? Or are there any new goals you want to implement? For this situation you might want to pay off your debt in November or December, rather then October.
Step 8: Give yourself a pat on the back. Take a moment to feel good and acknowledge that you’re putting effort into your finances. You want to check your money on a weekly basis. You need patience, confidence, and flexibility and you will make it through.
Resources From This Episode:
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Abrazos + Much Love,
P.S. THANK YOU for listening!
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The post, HMM 145: Mid-Year Shake Out, 8 Essential Steps to Check Your Progress appeared first on the Her Money Matters Podcast.