- Did you set any financial goals at the beginning of the year? If so, how have you measured up? Are you saving as much as you hoped for? Conduct an assessment of your spending for 2016 thus far, and see where you can cut back, if possible. If cutting back isn’t possible, what do you need to do to bring in more income?
- If you did not set any financial goals at the beginning of the year, why? It is not too late to set some now. Take a look at your finances and decide what you’d like to achieve over the next six months, one year and five years. Now is a good time to map out some financial goals.
Whether or not you set financial goals at the beginning of the year, June is also a good time to conduct a personal financial assessment to see how your finances calculate. You may already do something similar to this when you conduct your monthly budget, however, it can be beneficial to look at your finances again, because things can change.
On a piece of paper or spreadsheet, make note of your monthly income and expenditures. Income is any source of money you receive. Expenditures are any payments that need to be made – this can include living expenses like rent/mortgage, food, monthly installment payments (car loan and student loan) and daycare. Once you calculate all of your income vs expenditures, you’ll be able to see your remaining dollar amount. Once you know this number, take some time to decide what you’d like to do with this money that will be beneficial to your goals.