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Time is flying by so let’s do a 6 month check-in!
The last twelve months have certainly been challenging at times and it’s been a good reminder how important it is to stay on top of saving goals because not only do we not know what will happen moving forward, but time goes by so very fast. This is why I recommend doing regular check-ins on financial progress because although it can feel like a long time until you achieve your goal of home ownership, it will come around faster than you think and all of a sudden it’ll be time to organise your home loan!
So let’s have a look at the best way to assess your progress so far and make sure you’re on track to hit your home deposit savings goal:
Check your balances: write down the current balance of your home deposit savings, emergency fund account and any lifestyle goal accounts. We’ll be using these in the following steps.
If you’re paying off any debts, you’ll need to grab the amount that was owing on 1st January 2021 and the current amount that is still owing on each debt today.
Open your saved Savings Goal Tracker tool: save a new copy and then update the date to today’s date at the top of the tracker and enter your current savings account balance plus your bond amount. Doing this will readjust the figures and show you if the amount you’re currently saving is enough to reach your home deposit goal.
Note: If the amount stays the same or is less than your current saving amount – continue with your current saving amount. Do not decrease the amount if you’re ahead with your savings as this will be a good buffer should anything happen in the future that will affect your ability to save the same amount or could mean that you’re left with some savings after you purchase your home, which is great.
Note: If the weekly, fortnightly or monthly amount required has increased – you will need to increase the amount you are saving to reach your home deposit goal. Review your budget to determine whether an increase in your savings will affect your ability to cover all other living costs. Consider reducing some expenses to cover the cost of this increase to the new amount.
Make a note of how much you’re going to save moving forward to assist you in completing your ‘My Goals 2021‘ template.
Open your Goals Template from group session 1. Check your ’emergency fund’ goal and review your current ’emergency fund’ account balance. Does this provide you with a feeling of security that you have funds to fall back on? Are you happy with the time it’s taking to build up your ’emergency fund’ or do you want to increase the amount you’re saving? Review your budget to determine the amount you will put towards your ’emergency fund’.
Make a note of how much you’re going to put towards your ’emergency fund’ moving forward to assist you in completing your ‘My Goals 2021‘ template.
When assessing your debts, look at what was owing on 1st January 2021 and subtract the current amount owing today. This will show you what progress you have made on reducing your debts.
Note: If your debt has decreased – continue with your plan as per the Debt Avalanche tool. Review your budget to determine whether you can increase the amount you’re paying off your debts each month. Keep up the great work!
Note: If your debt has increased – Review your plan and determine what has caused the increase. Do you need to reassess your spending habits? Can you cut up the card or put the card in a cup of water in your freezer to prevent any additional amounts being added to the debt? Review your budget to determine what amount you’re going to continue to put onto your debts. Contact the debt company and increase your monthly direct debits to above the minimum repayment amount to ensure they occur.
Make a note of how much you’re going to pay towards your debt moving forward to assist you in completing your ‘My Goals 2021‘ template.
How did you go? Find some paper or your journal and write down the answers to these questions:
Am I happy with my results?
If I am, how will I celebrate my success? It’s important to celebrate the wins.
If I’m not, what are some things that I did do well? What beliefs about myself or my ability to save aren’t supporting my efforts right now? What new beliefs can I focus on moving forward? Write them down now.
When looking at my current finances, do I see any room for improvement over the next 6 months?
What areas do I need some assistance with so I can make those improvements?
Who can I ask to give me that assistance? Ask them now.
What do I commit to doing in the next 6 months that will support me in reaching my goals?
The next step
Complete the ‘My Goals 2021‘ template and set your new goals for the next 3 months and then for the next 6 months.
Remember, where our focus goes, our energy flows, so print your goals and put them somewhere that you can see them every day. Let them be your focus for the months ahead and please be sure to post any money wins in the Facebook group so we can help you celebrate your success along the way.
Let’s do this!
If you would like to discuss your ‘6-month financial check-in’ in more detail, please don’t hesitate to contact me on [email protected] or book a check-in session via the link below.