Creating mid-year financial goals

As we approach the midway point of 2023, it’s time to look back on how your finances have performed so far. Do you feel financially confident, or could you use a boost to help you through the rest of the year? Now is a great time to create some mid-year financial goals that you can carry with you to December and beyond. However, it might be tricky to know what you should be aiming for. Here are some tips to help you form the most effective financial goals right now!

What time frame do you want to work with?

Mid-year financial goals can take the form of any range of time. They can be short-term, medium-term, or long-term. A short-term goal is generally something you hope to meet within one year. For example, paying off credit card debt, starting a rainy day fund, or saving up for a home repair are all shorter-term goals. These are meant to straighten out your immediate, pressing financial needs. 

Medium-term goals are things you are targeting within the next two to five years. While they are not a lifetime away, they are close enough that it’s time to start planning. Goals that fall within this range are usually larger financial commitments that you cannot achieve within one year. This might include paying off a car purchase, or ridding yourself of remaining student debt. During this time, you are basically shedding yourself of financial ties from the past so you can look towards the future.

Finally, we have long-term goals. These will take more than five years to achieve, and they focus on big financial commitments. For example, saving a down payment for a home, or building your retirement fund, are long-term goals. These might not be immediate needs, but they will take time to save, so they are worth thinking about now.

Make sure your goals are attainable

Now, how can you ensure your mid-year financial goals are realistic? Setting your goals is one thing, but they won’t be of much use to you if you can’t actually achieve them. One of the best places to start is by calculating your income and your expenses. This gives you a good starting point and tells you where there might be opportunities to save. You should also be sure not to shoot for things that are simply beyond what you can do. That’s not to say you shouldn’t push yourself, but if you aim too high, you will only face disappointment which might lower your confidence. It’s best to focus on things that might be a challenge, but are still within your reach. Finally, don’t feel pressured to save for things that don’t suit you! Even if all your friends are buying new homes or renovating their properties, that doesn’t mean you have to do that as well. The only goals worth pursuing are the ones that match your situation.

How can you help yourself achieve your goals?

Do your research

Once you know what you want to achieve, you will need to find out how long it will take, and how much you need to save. For example, if one of your mid-year financial goals focuses on paying off credit card debt, the obvious first step is to determine how much debt you have. From there, you will need to calculate what you can afford to pay off each month, and therefore how much time you require to meet this goal. Anything related to your finances deserves some commitment on your part to ensure you have done your research.

Check in with your progress

Accountability is essential when it comes to meeting your goals! Since your finances are personal to you, you are the one who is responsible for checking in on your progress. This doesn’t have to be a huge process. Every week, or month, take a look at how you’re doing with your goals. This could involve checking your bank account, debt levels, or savings fund, for example. If you are on track with what you’re hoping to achieve, you can keep on doing what you’re doing! If not, that just means you might need to make some adjustments. It can take a few tries to get on the right track, and that’s okay. The more you check in with yourself, the quicker you’ll be able to achieve your goals.

Contact a mortgage broker

Finally, if any of your mid-year financial goals involve buying a home, be sure to reach out to a broker! Mortgage brokers can provide you with the quickest route to homeownership. We will meet with you to discuss your current situation, your timeline, and your buying goals. We can help you secure a pre-approval, save for your down payment, and find the right mortgage lender and product. When you have a broker on your team, you’re setting yourself up for the smoothest path to homeownership.

Finances can seem scary, but we’re here to help you manage them. 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.