We have just hit that time of the year where we are in full transition. Happy June. Not only is this the month of reflection – mainly because we are passing from the 1st half of the year into the remaining 6 months – but it’s also the month of the reboot; and yes, that includes your finances. We’re a few months past spring cleaning but it’s now time for a midyear financial checkup.
Money is one of those topics that does not improve (or go away) if ignored. Before any more time gets away from you, let’s evaluate those annual goals and see if you’re exceeding expectations, right on track, or in need of a little help to get back on the road to financial security. Don’t worry, if you’re not sure where to start, I’ve made it easy for you. Keep reading for my top tips to a painless mid-year financial checkup!
We live in a constant state of busy. A chaotic blend of responsibility and overwhelm, where virtually no one feels like they can catch a break or see a clear path towards achieving their life goals. In fact, many of us aren’t just struggling with finding simplicity and direction when it comes to the “big picture”, but even just in terms of getting our heads around the day-to-day demands placed on us by work and life.
Luckily, it’s possible to radically simplify your life and find the time to focus on the things that really count.
Sunday can easily be the most important day of the week.
Okay, maybe that’s a stretch… but it is the one day that’s generally dedicated to personal improvement, spirituality, and relaxation – which I am convinced is behind the designation ‘Self-care Sunday’.
For most of us, the other (6) days of the week are hectic, full of responsibility, normal day-to-day activities, and unexpected situations. We often accept this as normal… but I knew that there had to be a better way. Over time, I learned about Sunday rituals – and not just any rituals – the ones that have proved to be game-changers for successful women. Once I developed my own Sunday ritual, it was like someone had given me another secret to success. I began to understand how setting the tone for the days to come, could completely transform my effectiveness, my focus, and my blood pressure.
Learning from your mistakes and rebuilding after a bad decision. It’s possible. You just have to be open to shoring yourself up, learning lessons, and moving on.
Which means you will surely make a few poor choices and mistakes throughout your life. You may be beating yourself up over them and feeling like you’ll carry regret with you forever. However, you can turn bad decisions around by learning from them and being intentional about rebuilding your life.
How many times have you decided that you were going to get your money right? We generally think about how we handle money when we go through a financial setback or are about to make a major purchase. What if you changed the way you interacted with money, not out of desperation but because it was a priority for you?
Waiting until you have a need for a good credit score or substantial savings is like working backward. The goal is to prepare yourself so that unexpected expenses or opportunities, don’t turn into financial emergencies. We generally think about improving how we interact with money in 3 steps: saving, budgeting and paying down debt. While the first two mean a change in behavior and creating new habits, with consistency they can be mastered. Getting out of debt, or developing a debt-free lifestyle can take a bit more effort.
Because debt for most is a safety net of sorts. When you can’t make ends meet or have a financial crisis, it’s the go-to solution. Once it spirals out of control, it becomes a pay-the-minimum and deal with it later situation. The problem with this thinking is that until you develop a plan to eliminate debt, it doesn’t go away.