As the calendar flipped to September, my family decided to kickstart a new chapter focused on health, budgeting, and embracing our growing family. Even though we're nearing the end of the year, there's no better time than now to recalibrate our finances. Since Finn’s arrival, our usual budget has taken a hit—more takeout meals, spontaneous baby purchases, and maybe even a few extra gifts for our older child.
If you're looking to assess your own financial situation, here are five key benchmarks to consider:
First on the list is your **monthly budget**. Whether you're using a budgeting app or a simple spreadsheet, it's important to review the past few months to see where you stand. If you're regularly dipping into your savings, it might be time to rethink your spending habits. Cutting back doesn't have to be drastic; there are plenty of small ways to reduce expenses.
Next up is your **savings plan**. No matter what your savings goals are—whether short-term or long-term—it’s essential to evaluate your progress. For instance, if you’ve had to dip into your savings recently, consider making up for it before the holidays. If you haven’t set any savings targets yet, don’t worry! There’s still time to start something meaningful, like our 52 Week Savings Challenge.
Your **net worth** is another critical measure of your financial health. While it’s tempting to calculate this too frequently, doing so every six months to a year provides enough time to observe real growth. It’s a snapshot of your financial trajectory, helping you understand whether you're moving closer to your goals.
The **holiday budget** is always a concern, and for good reason. To avoid overspending during the festive season, our family sets aside funds starting in January. If you haven’t done so already, feel free to download our straightforward holiday budget template to get started.
Lastly, take a moment to review your **investment accounts**, including retirement plans and education savings. These accounts deserve attention every few months to ensure they align with your long-term goals. Often, people neglect these because they seem hands-off, but regular checks can reveal opportunities for rebalancing.
If you've fallen behind in any area, don't panic. Use this moment to refocus and create a solid plan for the remainder of the year. Better to act now than procrastinate until next year.
And as the seasons change, remember that financial health is just one part of the bigger picture. Here's to a balanced life ahead!
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