Beating the Summer Slump: How to Get Your Financial Resolutions Back on Track

Summertime sadness can be real. Whether you’re on summer break, work is a little slower than usual, or you’re enjoying an extended staycation, the warm weather and chill vibes of the season (while totally amazing!) can often distract you from your goals. Everyone needs a break here and there, but don’t forget to keep your financial health a big priority during these slower months.

#RealMoneyTalk: you can’t simply set your financial goals on cruise control. Your financial health needs your ongoing care and attention. And if you’re having a slow summer, now is the perfect time to revisit where you stand! I find it’s helpful to start by going back to the beginning — meaning remind yourself why you created the goal in the first place.

Wait, What Were My Goals Again?

It may be a bit foggy if you created your goals in December 2017, but try to think back to when you first mapped out your financial goals. Getting out of debt or improving your credit score can do wonders for your finance, but we all know that numbers alone are not your only motivation. Take a few minutes and figure out why you cared about this goal a few months ago and why you should still care now.

Do you want to escape debt because it’s forcing you to stay at a job you don’t like? Are you trying to move into your own place but need a better credit score? The way you describe and frame your goals can tremendously change the likelihood of achieving them. It’s not just about the number – whether it be your bank account balance or your credit score – it’s about what you can achieve with it.

It’s ok to admit if one of your goals has changed or needs altering. In fact, it’s better to be honest with yourself as opposed to keeping a goal on your list that doesn’t feel right anymore. Free up that mind space and develop a new goal that is more aligned with your current (and future!) aspirations.

Let’s Get Started!

Once you know what you want to achieve and why you can start getting into the how. How are you going to get out of debt? How can you save more? When you identify specific numbers you want to work toward or change, you can shift your focus to the steps and milestones you need to accomplish along the way.

No matter what your goals are, success begins with a solid plan of action. Wishing for success won’t fulfill your resolutions and your goals. Write them down, keep track of your victories and your failures, create a weekly, monthly, or quarterly plan to help continue your progress. Work backward from the goal of your resolution to help determine where you need to begin and what each step should look like. And don’t forget to keep your eyes on the prize – that prize being whatever life looks like once you’ve succeeded (just think what it will mean once you’ve freed up your finances after paying off your debts)!

Turbo also gives you customized tips based on your tax and credit data, to help you improve your numbers and get you to where you want to be.

But Be REAL With Yourself

Yes, there is definitely a time and place for the epic speech of “Get Out There and Dream Big!” But what may be even more important is staying grounded and realistic.

Avoid the trap of trying to keep up with everyone around you, and instead create goals and resolutions for the that are specific to your situation and realistically attainable. You don’t have to dream small, just make sure your dreams are your own.

Because honestly, your savings won’t be built in a day. Patience is key. It’s easy to get discouraged when you don’t see immediate results, or when your results aren’t as earth-shattering as you were expecting. Or when your friend is bragging about something bigger and better than he or she is doing (insert eye roll). For most of us, our financial goals and tax resolutions are going to take time to accomplish. Don’t rush. Stay positive and focused.

For example, let’s say one of your goals is to start a Roth IRA. You need to understand that you won’t complete your retirement savings in the first 2 months of the year. It will take a steady pace of contributions to grow your savings. And that’s perfectly OK. In fact, the end result is still the same no matter the speed it takes you to get there.

Have a System in Place

After you created your process, see if you can automate your finances in that direction. Set up your automatic bill pays and transfers to work towards your goals. It’ll increase your chances of success. You also can always change your habits and adjust the course of your finances along the way!

Revisit and Repair – Again

Once you set yourself on course, make a point to do a goals check-in again in on a regular basis. I can’t stress enough the importance of revisiting your goals and resolutions every few weeks or months – depending on what they are. Doing this will help you keep track of your resolutions and the steps needed for a successful outcome.

No matter what your goals are, whether you are looking to save money, secure a loan, pay for college or buy a house, Turbo can unlock access to a world of financial resources to help you prosper. So… I’m curious: what goals are you working on?