We are at the midpoint of 2012. If you believe in the ancient Mayan prophecy, this means we really only have 5 1/2 months to live, so feel free to go ahead and spend up! But, if you’re skeptical about the Mayans, or perhaps believe that you CAN take it with you, let me ask you a few questions.
Did you set any intentions, goals, or resolutions around money in 2012? Maybe you wanted to spend less, or get out of debt, or start contributing to a retirement account?
What actions did you undertake to make those intentions come true? Were they effective? Were they painful to implement (meaning maybe they were too much) or easy (maybe not enough)?
Are you closer to your goal on July 1 than you were on January 1? Further away? Still the same? Or have circumstances changed causing your goals to change?
Of course, you can do check-ins like this at any time, but often the calendar provides us with a great excuse and reminder to think about where we’ve been, where we are, and where we want to go. Take a minute today and do some writing.
Where do you want your finances to be on December 31, 2012? Consider the following areas: income, mortgage debt, student loan debt, credit card debt, other types of debt, retirement accounts, discretionary spending, other assets (investments, savings).
Which goals are the most important to you?
What very concrete steps can you take to get there? Remember to set yourself up for success by crafting realistic goals. “Paying off all my debt in six months” is not a realistic goal if you have $100,000 in debt and make $50,000 a year. “Dropping my discretionary spending by 20% and putting that extra money towards debt” is.
I’d love to hear what you’re planning to work on in the third and fourth quarters of 2012! Please let me know in the comments.
“Money Check up” image by Renjith Krishnan: FreeDigitalPhotos.net