Keep your savings on track: 6 budget-boosting tips
Many of us set savings goals each year. To stay on track, it’s important to check in regularly and see how you’re doing. Here are 6 questions that can help you do a quick mid-year review.
1. What are your goals?
Are you saving for a new car, home improvements, or building a holiday gift fund? Are you on track? Here are some tips to help you meet your savings goals.
2. Have your priorities changed?
Do unplanned expenses have you rethinking what to do with money you saved for a getaway? Refocusing your vacation plans can help you tackle debt and still have fun.
3. Did you overspend?
Coffee, lunches out, and entertainment can make it easy to overspend without realizing it. Here are five tips that can help get your budget back on track.
4. Are you monitoring your budget?
If you regularly struggle with overspending, a free budget-tracking app can be a big help. You can see a breakdown of your spending, set a budget, and get alerts if you go over.
Not sure how to set up a budget? View the first-timers guide to creating a budget.
5. How’s your emergency fund?
A good rule of thumb is to have 3 to 6 months of living expenses in an emergency fund. But that number can vary based on your lifestyle and other factors. Find out how much you should really be saving.
6. Could you put more in your 401(k)?
Did you get a new job? Or maybe a raise or promotion? Consider increasing contributions to your employer’s retirement plan, if you have one. Even a 1% bump can make a big difference over time.
Make budget reviews part of your routine
Frequent financial check-ins are one of the best ways to stayed focused on your financial goals. Dedicating just one hour per week can help you stay on track and live the life you want.