Review Your Financial Situation

Take a moment to reflect on the goals you set at the beginning of the year. Review your budget, assess your savings, and evaluate your debt. This will give you a clear picture of where you stand so that you can adjust your plan if necessary, setting realistic targets for the remaining months.

 

Revisit Your Financial Goals

Once you’ve evaluated your current financial standing, take a moment to revisit and reflect upon your goals. Have you made progress on the goals you set out at the beginning of the year? Or have circumstances changed, making your goal too easy or ambitious? Achieving goals is far more likely when we set realistic and achievable goals and milestones, so feel free to make adjustments to your goals if they do not reflect your current reality.

 

Reassess The Next 6 Months

Now that your goals are clear, reassess what you want the next 6 months of this year to look like. The most important step for doing this is to outline a plan. It can feel like you’re creating extra work at that moment, but it’s actually a great process as it enables you to brainstorm about the future, visualise and deduce what’s most important to you at that moment.

When creating your plan, make sure that any goals set within it are Specific, Measurable, Achievable, Relevant, and Time-Bound (SMART). This technique is used often in the professional world, but is great for your personal one too.

Of course, how the next 6 months look will very much depend upon your goals, but here are some tips to help:

 

If you’re saving for a mortgage deposit:

Speak to a Mortgage Broker to understand exactly how much you need to save based on your specific affordability. This will then help you determine how much more you need to save each month. If paying down debt is your priority, decide which debts to tackle first and allocate extra funds accordingly.

 

If you’re saving to manage or reduce debt:

Focus on strategies to pay it down more effectively. This might include consolidating high-interest debts, negotiating lower interest rates with creditors, or prioritising payments to the highest-interest debts first.

 

If you’re saving to reach a savings goal:

Consider ways to increase your savings. This might involve cutting back on non-essential expenses, finding ways to earn extra income, or automating your savings. Even small changes can add up over time, significantly enhancing your financial position by the end of the year.

 

Remind Yourself What You’re Working For

Staying motivated and holding yourself accountable can be hard, which is why it’s so important to regularly remind yourself what you’re working towards. To do this, make sure you celebrate your successes, no matter how small they may feel. If you’re unsure about your financial plan, and need help in creating one, managing it or knowing what to do next, consider seeking advice from a financial advisor. They can provide personalised guidance, help you understand your options, and ensure you’re making the best decisions for your financial future. Or find a friend or community that you can connect with. Achieving our goals is SO much easier when we have the right support system in place.