Time for a Financial Check-In
The last quarter of the year is approaching, and you know what that means. You should touch base with your budget!
Regular check-ins are an important step towards keeping your economic goals on-track. It’s especially crucial to do one before the end of the year. That way, you can measure your financial progress and make necessary adjustments to your budget in preparation for the holidays. So, let’s roll up our sleeves, bust out the ol’ budgeting apps and get started.
Adjust for Inflation
You probably noticed an increase in prices recently. Everything from gas to groceries has gone up and everyone is feeling the pinch. If you’ve been saving a little every month for a bigger goal, now is the time to raise that amount to account for inflation. So, if you’ve been putting away $20 a month, make it $22 instead and alter your budget accordingly. That way, you won’t end up falling short of your goal.
You should also fine-tune your everyday budget for inflation. For instance, if you need more money for groceries or gas, consider trimming spending in other areas, such as going out.
Go Through Your Credit Cards and Debt
When checking in on your finances, make sure you look over your credit cards and debt. Double-check how much you owe and how much progress you’ve made towards paying off your debt. If you have extra and can afford to make an additional payment, do so in order to lower your debt.
Prepare for the Holidays
The holidays are often a time for overspending. Between gifts, food and sometimes travel, the costs can add up quickly. Rather than winging it and hoping you don’t break the bank, spend some time budgeting for the holidays. Put aside money specifically for gifts, food and travel. That way, you’ll know you’ll have funds when you need them and you can spend without worrying.
It’s All About Progress
Remember, when you do a financial check-in, it’s about the progress you’ve made, not perfection. If you had the goal of saving $20 a month, but you were only able to save $15, you still saved $15. That’s more than if you had saved nothing at all! Celebrate your victories, learn from what works or doesn’t work and then make changes for future financial success.
Check-In with Heights Finance
Now that you’ve completed a financial check-in, you’re primed for the remainder of the year. Feels pretty good, doesn’t it? With the right tools, anyone can keep their finances on-track and achieve their goals. And at Heights, we’re here to assist you in achieving financial freedom. Through education, personal loans and debt consolidation, we provide you with the means to thrive. Have a question? Contact us today and we’ll steer you in the right direction.