Redeem the Time: Make 2013 Your Best Financial Year Ever

Sand Glass (Redeem the Time)Subscribe to future posts from Figueroa Financial by e-mail

Can you believe half of 2013 is gone already? Last week at work I had my midyear assessment, and it was a good time to review how my team and I had performed against our objectives for this year. In summary, we are doing well but we can do better.

In addition to my work objectives, I had set personal goals, and goals for Figueroa Financial for 2013.

This past weekend I had the blessing of a long break thanks to the 4th of July Holiday, so I took the opportunity to evaluate how I am doing against those goals. In some cases, I met or exceeded my goals, and in some cases I came up short.

But the important thing is that I took time to stop, do the review, and see how things are going. I know where I am and I know what I need to do for the rest of this year.

You can follow the same process with your money. Did you set some goals back in January for your finances? How are you doing?

I don’t want you to get discouraged if you are not doing as well as you wanted. You still have half of 2013 in front of you. You can still redeem the time and make 2013 the best year for your finances. It’s time to review, reflect, and reset the plan for your money.

Review

What goals have you achieved this year? How are you doing with your monthly budget? Have you completed your beginner’s emergency fund? Did you finish paying some of the debts on your debt snowball?

As you review your results, take a moment to celebrate. Every step you take in the direction of financial wellness is a step in the right direction.

Every victory counts in your battle to get control of your money, so don’t forget to celebrate when you win!

Reflect

As you review your results, there is the danger that you might get discouraged if you are not careful. To avoid that, I want you to do 2 things.

First, I want you to first think about how far you have come since you began. If you have made changes to the way you handle money, you are making progress.  Don’t forget that you are not where you used to be.

Second, try to focus on why you are working hard to get control of your money. Maybe you were tired of living paycheck to paycheck. Maybe you got sick and tired of carrying the debt burden. Perhaps you wanted to change the legacy for your family and leave a great inheritance to your children and their children.

Remembering the “why” will empower you and keep you going even when things get difficult.

Reset

As you look at your results, you might need to reset your strategy. Think about what worked well for you and think about what could have gone better.

Be honest and remember that this is a process, and that implies that it takes time to get it under control

Are there any categories where you can reduce your spending? For example:

  • If you had trouble with certain categories like groceries or restaurants, you might want to start using a cash envelope.
  • Could you get a better cell phone or internet service deal?
  • How about exploring options for reducing your insurance expenses?
  • Or could you reduce your recreation/entertainment expenses by choosing cheaper alternatives?

And what could you do to increase your income? For instance:

  • Is it time to pick up more hours at work?
  • Could you pick up a part time job or do some freelance work?

Your goal is to improve your cash flow by reducing your expenses and increasing your income. Every little improvement can help you to balance your budget and give you great traction.

“All we have to decide is what to do with the time that is given to us.”
J. R. R. Tolkien (The Fellowship of the Ring)

Please leave me a comment and let me know about your financial plans for the last 6 months of 2013.

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