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How to Reset Your Finances

We’re now over halfway through the year. With recession fears mounting, many companies have started hiring freezes or job cuts. The pandemic created an opportunity for many people to slow down with spending and put themselves in a stronger financial position by saving more and paying off debt. If you feel you’re at risk for a layoff and you’re not prepared for a temporary loss of income, it’s not too late to turn things around. Here are some quick tips for how to reset your finances.

  • Review Your Cash Flow: When was the last time you took a hard look at your spending? Pull the transactions from your checking accounts and credit cards over the last six months and review your expenses in detail. Are you surprised to see where your money went? How much were you able to save? Think about what purchases are important to you or bring you joy. Your priorities may have shifted so you want to align your spending and savings with your goals and values. Be honest with yourself about bad habits you may have developed and what adjustments you need to make to get back on track.
  • Set New Goals: Now that you’ve identified your priorities, create a new list of goals for the rest of the year. Be realistic about any upcoming expenses, whether one-time or recurring, and plan accordingly. For example, if you know that your car will need repairs or you feel you’ll spend more around the holidays, build these expenses into your budget now so they don’t wreck your plan. Be specific about how much you want to save or how much debt you want to pay off. After you have your big list of goals set smaller, achievable tasks that you can do each week or month to stay on track.
  • Track Your Progress: Make sure you have a way to track your goals - what gets measured gets managed. You can use an app, a spreadsheet, or good old-fashioned pen and paper. Either way, schedule time to review your progress on a regular basis. Also, think of those small achievable tasks as a system of good habits. What steps can you take to consistently make better choices and stay on track? Are there potential roadblocks that you need to work around? Developing a foundation of good habits gives you the discipline you need to weather future storms.

In addition to resetting your financial goals, think about ways to improve other areas of your life. Did you fall out of our workout routine? Commit to talking regular walks. Have you disconnected from friends and family? Commit to contacting a loved one each week. Do you feel overwhelmed by all the news and social media? Take regular technology breaks and commit to reading or meditating.
 
Finally, stay motivated by celebrating the small wins. Take a few minutes each week to reflect on your progress, no matter how small. We all have our bad days, and sometimes we will fail. The ability to think positive and bounce back is what leads to long term success.
 
It’s never too late to adjust your financial goals so you can finish 2022 stronger than ever. You’ve got this!

Listen Now!
Worth Listening Podcast Episode 111: 3 Expenses
Impacting Your Ability to Build Wealth
You’ve probably heard when it comes to budgeting it’s the little expenses that add up. While this is true, many times the big expenses are causing more harm to your budget. Last year, Lauryn and I talked about three big expenses that impact your ability to build wealth. Check out the episode here. You can also listen to the Worth Listening Podcast on Apple Podcasts, Google Play, and Stitcher.
5 Things That Are Always Worth the Money
Conventional wisdom tells us that in order to be "good" with money, we have to spend less. While this can be true, you should also consider the value of the items you're purchasing and how certain expenses affect your overall quality of life. I discuss five areas of your life where you can spend money guilt-free, regardless of your budget, in my most recent Business Insider article.
Need help prioritizing your financial goals? Let's chat!
 
Cheers,

Chloé A. Moore, CFP®
Founder, Financial Staples

 
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