Assessing Your Financial Resolutions: Q1 Check-in

It's easy to start a new year filled with ambition and resolve, especially when it comes to your financial health. The end of the first quarter of the year is approaching fast, and now is a prime time to assess your progress. Checking in on your financial resolutions at this point can provide you with valuable insights, help you identify hurdles, and allow you to tweak your plans as necessary. Let’s start by checking in on your progress, and then discuss how you can overcome obstacles and make the proper adjustments so you can see your success through to the end of the year. 

Understanding Your Financial Resolution Progress

Gauging your financial resolution progress requires an honest in-depth analysis of your current financial status. Ask yourself some important questions: Are you adhering to the restrictions outlined in your budget? Have you made strides toward eliminating debt? Are you beefing up your savings accounts? Be honest with yourself about those secret Starbucks runs and spur-of-the-moment ski trips!  Whatever your resolution was in January, it’s important to follow up and ask the tough questions a few months later. The responses to these questions will paint the most accurate picture of where you stand financially.

Remember, understanding your progress is not solely about patting yourself on the back for achievements made. It's also about acknowledging areas where you might be trailing behind. Do not shy away from these areas. Embrace them as opportunities for learning and growth and use this knowledge to power through the next quarters of the year. Go into the process of tracking your progress by understanding that you will more than likely see some shortcomings. And that’s okay!

Identifying Obstacles to Your Financial Resolutions

An integral part of your financial resolution check-in involves recognizing any potential hurdles that may be slowing down your financial growth. Life is full of surprises that we can’t always plan for. So, take inventory: Have there been unforeseen costs that weren't initially part of your budget blueprint? A medical bill? A car repair? Are you encountering problems that are veering you away from your savings targets? Highlighting these obstacles allows you to understand them fully and devise strategies to navigate them and consider these situations for the future.

One way you can prepare is by creating an emergency savings fund so that you’re prepared next time a fender bender gets in the way of your monthly savings goal. By planning and being extra prepared for obstacles that come along, you are already putting yourself in a better position to succeed.

Adjusting Your Financial Goals

Now, you may discover that certain changes to your financial plan are necessary. For example, if your spending has regularly surpassed your budget, a reevaluation of your spending habits could be in order, or alternatively, you could explore options to boost your earnings. Consider a side hustle that you will enjoy while boosting your earnings, like selling crafts or walking dogs!

Financial planning does not have to be a rigid process. In fact, it’s a fluid one that often demands regular changes to better align with your goals. Being introspective about your finances might also reveal that your goals themselves need adjusting. Perhaps you set the bar too high or too low at the beginning of the year, or maybe unexpected life events have altered your financial life. Don’t let that deter you from continuing to strive for your goals. It is better to alter your goals a little than to give up altogether.

Should you realize that your initial goals are unrealistic or are no longer relevant, don't hesitate to redefine them. If an aim is too challenging, break it down into smaller, more achievable targets. Instead of a savings goal of $500 a month, change the plan to saving $125 a week instead. The smaller total will help ease the burden of the larger goal.  On the other hand, if a goal has been met or is on track to be met early, push yourself by setting a new, slightly higher objective.

Do not see modifications as a failure or a setback. Instead, see them as a recalibration to keep you on the path toward financial wellness. Life is unpredictable, and your financial plan should be flexible enough to accommodate that unpredictability. And remember, you can still enjoy your nights out, morning coffees, and weekend hobbies, just in moderation and with a little extra mindfulness. Never get discouraged. You got this!

Looking Forward to the Rest of the Year

Now that you have completed your progress report, identified obstacles, and made the necessary adjustments, you can look forward to a prosperous year ahead. As you turn your gaze towards the remaining quarters of the year, keep in mind the insights from your Q1 check-in. This serves as a compass, guiding you on the path to financial wellness. If you are seeing steady progress in line with your resolutions, congratulate yourself on the positive steps taken and strive to maintain the forward trajectory. Consider rewarding yourself with something you’ve held back on like a new outfit or a special meal out! Remember, financial success does not happen overnight; it is the result of consistent efforts and calculated decisions.

Conquer the Rest of the Year with a Partner Who is Invested in You

You are now armed with a deeper understanding of your financial position, and you are well-equipped to navigate the rest of the year in a way that aligns with your financial objectives. Keep your eyes on the prize and remain committed to the journey towards achieving your financial goals. Is one of your goals this year to save a few hundred dollars per month? If so, consider storing your money in one of our high-yield CDs or savings accounts and watch your smart savings strategies pay off!