When it comes to the finances, it is always important to periodically check your progress against your goals. Yes, its good you are balancing the checkbook regularly. Yes, awesome job on keeping track of what you are spending and what you are bringing in. Even better, you probably see the balances on your debts decreasing and maybe you can even see the amount of money in savings increasing. But have you checked your current status to the goals we set back in weeks #1, #2 and #3?
Well, that is what we want you to do this week – we want you to revisit some of those goals that we set at the beginning! We are over halfway done with the tasks now, so it is time to just check-in at this point. And while we are at it, we also want to encourage you to also revisit the task from #15 and see how this is going as well.
So, what goals were set from weeks #1, #2, #3 and #15? Here we go!
First, week #1 was starting us all off on the right financial foot this year by starting a fun little savings game. This was the idea of saving $1 for the number of the week you are currently in for the year. For example, week #1, you put in $1, week #2, $2, week #10 $10…and so on until week #52 where you put in….you guessed it…$52. At the end of the year, you should have an extra $1,378 to use it for whatever purpose you want! We call it the Progressive Savings Account.
Well, we are up to week #36. How is this going? Have you been contributing to your special fund? Have you been on track? If it is working – GREAT! If not, do you need to make adjustments? Can you change it up with one of these 7 Progressive Savings Account Modifications suggestions to ensure that you have continual success the rest of the year?
Second, back in week#2, we encouraged you to develop some financial goals, along with a free printable download to facilitate in this process. Well, it’s time to pull that out and review it! Are you on track? Have your short or long term goals changed at all. How is progress going? Review this as a couple and as a family!
Third, it’s time to review and update your original budget. Remember, we take a little bit of a different approach to setting a budget. It is designed to actually set you up for success. Well, as time goes on, your budget should be getting increasingly better with the 2% monthly budget cuts that we have been doing every month for the past 7 months. Not to mention that we’ve been also encouraging finding ways of bringing in 2% extra income each month. So we want to encourage you to now utilize the free printables or computer program to update and set a new budget and see just how far you have come!
Finally and fourthly this week, we want you to review the spending threshold. Yes, this is where we encourage you as a family and as a couple to set an amount of money that you could spend without consulting or checking in with one another. Anything above this amount, we advised to consult with each other. Really, it’s best to re-read the original article and then review this and discuss it with one another or even evaluate yourself. Is this amount still working? Does it need to be less? Could it be more now?
Now that you know this week’s task, we just want to mention that this is a fun week because, if you have been following our weekly plan, you will see some big changes, be encouraged and hopefully get even more reinvigorated to keep going and continue making these small and gradual changes! Just imagine where you will be at the end of this challenge, next year and even years beyond!
Need to catch up? Come join us on this challenge from the very beginning by clicking on the 52-Week Take Back Your Finances Challenge and sign up to start receiving your automated challenge from the very beginning!
One final thing…we also have a Facebook Group where you can engage in discussions, receive encouragement and talk to others that are participating in the challenges too for more ideas! Head to the Be Intentional with The Thrifty Couple Facebook Page HERE and ask to join us there! You can also invite friends and spouses too!
Disclaimer: We are not licenses financial planners. We are only a couple that have been just a hair-breadth away from bankruptcy and found our way out of debt with a goal to now help others. Please make sure to consider any advice given on our site and in this challenge as tips we have used ourselves; they may not work for everyone. If you have questions please make sure to contact a licensed professional.