Mid-year check in: How are your financial goals?

We are already approaching the halfway point of 2024! The year has gone by quickly, and it may be hard to believe we only have seven months left. This also means that if you set financial goals for yourself back in January for 2024, you are nearly halfway through the 12-month time period to meet them. With that in mind, now is a great time to complete a mid-year check in. This gives you a chance to see where you stand, and what you need to do before the year ends!

Do some more research

When, and if, you created financial goals for yourself at the beginning of the year, you likely did some research on how to go about achieving them. For example, you might have been determined to pay off credit card debt, save for a down payment, or improve your credit score. To do any of these things, it would have been important to get a handle on your next best steps. This would include the amount of money you wanted to save or pay off, your current debt levels, average housing prices, etc. Now that we are almost halfway through the year, it is a good time to revisit the results of your earlier research. You might have different debt levels today, housing prices in your area may have changed, or your credit score might have fluctuated. In these cases, your approach moving forward will likely look a little different. This ties in with the importance of checking in on your progress as you work towards your goals.

Revisit your timeline

Another important checkpoint this time of year relates to the anticipated timelines of your goals. Depending on what you wanted to achieve, you would have had different target timelines. Paying off credit card debt can sometimes be done within months, but saving for a down payment from scratch often takes years. Now is a good opportunity to evaluate whether you are still on track to meet your goals timewise. You may find you are hitting all your marks and are well on your way to achieving your goals on time. However, you might also realize your timeline was too ambitious, or didn’t put enough pressure on you. If it looks like you need more time than expected to complete your goals, that’s fine! The important thing is to realize this now so you can adjust your timeline accordingly. On the other hand, you might realize you can meet your goals faster. As long as you can do so in a way that doesn’t compromise your financial well-being, you can move up your timeline as well.

Are your financial goals still realistic?

One of the hardest parts about setting financial goals is knowing whether or not they are attainable. This is especially true if you are new to creating targets for yourself. You might not have much past experience to draw from! As we approach the halfway point of 2024, take some time to evaluate your progress. Have an honest look at whether you can meet your goals, and if anything needs to change. It’s totally fine if you realize some of your goals aren’t realistic for you. That doesn’t mean you will never achieve them! It just means you may need to be a bit more realistic about what you can do in the present. For example, perhaps you wanted to pay off all your credit card debt by the end of June, but you are only halfway there. You are still making progress! You can readjust your goal and aim to be debt-free by the end of the year instead. This way, you are giving yourself a more realistic timeline, and a better chance of success.

Have your circumstances changed?

It’s important to consider whether your situation has changed at all since setting your financial goals. Circumstances certainly matter when it comes to your finances! Things like your income, credit, and employment can all impact your finances, and therefore your ability to meet any goals. If your situation has changed for the better, that is great! It likely means you are well on track to achieve your objectives. However, if you have experienced a negative event related to your financial situation, you might have to reconsider your current goals. This isn’t the end of the world, but you should keep it in mind so you can adjust accordingly. This will help you avoid frustration and disappointment down the road if you aren’t able to meet the goals you set for yourself earlier in the year.

Financial goals aren’t always easy to achieve! There will be ups and downs along the way, and it can be tempting to abandon your progress at some points. However, it’s important to keep your end goals in mind, and remind yourself how you will benefit from meeting the targets you have set. If homeownership is on your radar, you should think about reaching out to a mortgage broker! We can help you find the right mortgage lender and product, and ensure you achieve any of your goals as a home buyer.

If you have any questions about your mortgage, get in touch with us at Clinton Wilkins Mortgage Team! You can call us at (902) 482-2770 or contact us here.