Set realistic goals, keep re-evaluating, and be consistent.

~Venus Williams

If you’re like me and spent the month of July wondering where 2018 has gone, you’re not alone. As we enter the new financial year and the second half of 2018, it’s a perfect time to review your 2018 goals, more specifically those money-related goals you set yourself earlier this year.

How are you going? Are you happy with your progress so far, or did your New Year resolutions quietly fizzle out by February?

Don’t beat yourself up about it because now is the perfect time to review your goals, set new ones and get back on track. I completely understand how frustrating it can be when you get off track from reaching your financial goals, so I wanted to share with you with a few suggestions that have helped me in getting back on track this year.

Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success. 

~Pablo Picasso

Clearly Articulate Your Goals (and why they are important to you)

Some of the goals I set for myself at the start of the year were pretty vague and scarce on details. I took some time earlier this month to really articulate each of my goals, and why I wanted to achieve each one. Sometimes it’s important to take the time to remind yourself why you started working towards the goals in the first place and your desired end state.

Ensure Your Goals are Realistic and Time-Based

Take the time now to break down your goals into smaller and more achievable steps, and put time constraints around them. If your goal is to save $1,000 by Christmas time, it’s a good idea to break that down over the next six months, and check in on your progress every month. As they repeatedly tell you at school, make sure your goals are SMART goals!

Share Your Goals With a Trusted Friend or Family Member

Something that has really helped me this year is actively talking to my family about my financial goals, which helps keep me on track and accountable. It’s definitely worth chatting to a close friend or family member about your financial goals and potentially asking them to check in regularly on how you are tracking towards your goals. If you don’t have someone to keep you on track, there are now online services that will match you up with an accountability partner, like Get Motivated Buddies.

Learn From Mistakes but Don’t Dwell on the Past

You build on failure. You use it as a stepping stone. Close the door on the past. You don’t try to forget the mistakes, but you don’t dwell on it. You don’t let it have any of your energy, or any of your time, or any of your space. 

~Johnny Cash

And if you haven’t already started to think about completing your tax return for the last financial year (FY 17/18), now’s a good time to start. Have a look on the ATO website to see if you need to lodge a tax return for FY 17/18. The ATO has a whole range of useful resources to use in completing your tax return, including information on the deductions you can claim.

Now go smash those goals!

If you’re interested in learning more about money and personal finance, catch us weekly on the How To Money podcast which you can find on iTunes, or via the online web-player.

Follow us on Twitter @HowToMoneyAUS, on Medium atHow To Money Australia or on our podcast over on iTunes.

Kate — HTM Editor & Host

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