f you set money goals for 2023 back in January, now can be a smart time to check in on your progress. And if you didn’t, it’s not too late to create goals for the next six months and beyond.
“If you don’t have your goals, everyone is so busy with life that a year will whiz by and you’ll have forgotten to start,” says Dan Casey, owner of Bridgeriver Advisors, a financial firm in Bloomfield Hills, Michigan.hampered by the dual headwinds of inflation and economic uncertainty, it’s easy to get discouraged if you haven’t made as much progress as you’d hoped.
Opening a separate savings account for each specific goal can also help, says Keith Spencer, CFP and owner of Spencer Financial Planning in Spokane, Washington. “Whether it’s saving for a home improvement, vacation or wanting to pay off the mortgage sooner, I find it helpful to set up a dedicated account for that so it’s more tangible,” he says, adding that clients can more easily watch the money saved grow over time and track progress.
Sharing your goals with a friend, coach or financial professional who can help keep you on track can be a natural way to find some extra motivation, Rivera says. “It needs to be someone you would feel a little uncomfortable with if you had to cancel or not give them an update,” she says. A partner can also serve as an accountability buddy, especially if you are working on goals together.
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