Mid-Year Financial Goal Check-in

How often do you check in on your financial goals? I like to check in once a month at least, but I choose to do a more in-depth review about halfway through the year.

This is so helpful when it comes to:

• Holding myself accountable
• Recognizing any necessary changes I need to my plan
• Narrowing down specific areas I can improve in

Earlier this year, I posted my financial goals on Instagram but I’ll be sharing them below in this post as I review my progress. If you haven’t already, I highly encourage you to do a mid-year financial goal check-in. Months can go by so fast and before you know it, another year is starting. Luckily, it’s never too late to get back on track.

Here’s how my 2021 financial goals are shaping up.

Remodel Bathroom

This was a big goal I had this year as I felt like one of our bathrooms could have really used a facelift. Last year, we completed a ton of house projects so I wanted to slow down this year and just focus on the bathroom as our main thing.

We were able to get this entire project done in January of this year. Yay! Below is a before and after. I just loved how it turned out.

Our budget for this project was right around $5,000 and we were right on target. Yup, it’s a lot of money but it also helps to know that bathrooms and kitchens are key features when a buyer is considering a new home. Since we don’t plan on staying here forever, I’m pleased to see that bathroom remodels usually generate an ROI of 70% and add tons of value to your home.

Top Off Emergency Fund

I decided to take a slower approach with this goal and make monthly steady contributions. Yet, I’m still on target to reach this goal in just a few months. To be fair, our emergency fund was already pretty healthy at the start of this year and I just wanted to grow it a little more.

If you’re looking for specific strategies to help you grow your emergency fund, I’d highly recommend checking out my Emergency Fund Masterclass. This 4-part video class teaches you how to build a full emergency fund to learn on during unexpected times.

I don’t beat around the bush and instead get straight to the point when it comes to determining how much you’ll need, how to cut expenses, unique ways to boost your income, and how to streamline your progress so you can finally reach your savings goal once and for all.

Related: Why Do You Need a Full Emergency Fund?

Contribute $6,000 to IRA

This is another goal that I’m basically putting on autopilot so I can coast to the finish line. I’ve been contributing $500 per month to my IRA in order to max it out by the end of the year. Last month was my biggest challenge because it was an expensive month. However, I made sacrifices and still transferred my regular $500.

My hope is just to stay on track with this goal. With me turning 30 next year, I really don’t want to give myself any more breaks with investing or push off these goals.

If you haven’t opened an IRA yet, I’d highly recommend using Betterment. It’s a robo-advisor (with super low fees) that makes investing easy and I’ve been using this site for years.

Related: Have Debt But Want to Invest? Here’s What You Need to Know

Save $5,000 For Vanguard Account

After reading the book, The Simple Path to Wealth, I knew I wanted to invest in the Vanguard VTSAX which is a high-performing, low-fee index fund. After focusing on paying off debt and improving other areas of my finances, I was finally ready to deposit the minimum $3,000 to open my account.

I haven’t invested much more than that to date. So, to meet this goal, I’d need to contribute another $2,000 this year. There’s still plenty of time to do that so I’m hopeful. My account has already earned $30 and that’s just in a few months and without me making any extra deposits so I’m grateful for that!

Related: How to Start Investing in Stocks With No Regrets

Pay For Both Vacations in Cash

Done! I booked a spring break road trip with my family and it was so much fun. Then, my husband and I went to Gatlinburg, TN for our 5-year anniversary. Both trips were paid for in full and we didn’t accumulate any debt.

I don’t know if I’ll do any other traveling this year but perhaps a few smaller camping weekends or day trips are in the works.

Related: 10 Ways to Afford a $1,000 Vacation

How to Do a Mid-Year Check In On Your Financial Goals

A mid-year financial goals check-in doesn’t have to be solely about your goals. You can assess your overall financial health to get a full picture. Below are some steps I highly recommend taking if you’re looking to do a mid-year check-up and refocus.

• Review your budget history – Which months were harder than others to stay on track and why? Do you need to readjust some categories to better fit your current lifestyle?
• Check your subscriptions – Be honest about what you’re not using and what you may need to cancel to free up more money. Consider using a service like Billshark to help you cut unwanted subscriptions with no effort on your part
• Review savings and retirement accounts – Get up-to-date with tracking what you saved or invested. Review reports from your brokerage to see what your investments earned, what fees were charged, and if you need to make any adjustments to meet your goal for the year.
• Tweak your debt plan – Carefully assess your debt plan and consider what’s been working vs. what’s not working. Don’t ever be afraid to change things up or shift your focus from one debt to another.
• See how you feel about your emergency fund – Do you have enough emergency savings? Or do you need to add more to your savings account? Remember to check out my Emergency Fund masterclass if you’re serious about growing a full emergency fund ASAP.

Summary

Setting financial goals is just half of the battle. It takes a lot of discipline and accountability to be able to consistently work toward your goals and make process. Even then, life is unexpected and you never know what the future holds.

I’d love to learn more about what your financial goals are this year and how I can support you. Sometimes, just sharing your goals out loud with someone else who understands is so helpful. So drop me a line in the comments below!