How to Finish the Second Half of 2014 Financially Strong

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Posted on 07/04/2014

Believe it or not 2014 is officially halfway over. The first six months are in the books and now we only have six more to meet our financial goals for the year. Want to finish 2014 strong? Here are five steps to take to stay on track (or get back on it!) so that you end the year by meeting your money goals.

Reevaluate
Remember those resolutions you made way back in January? How are you doing with those? Pull out your list of goals for 2014 and revisit them. Make honest assessments as to the progress you're making. Lost the napkin you wrote your resolutions on? That's ok. Write them down again using the free financial planner at pinchalittlesavealot.blogspot.com.


Adjust
Things change. Perhaps you're making more money or maybe your salary was sliced. Make sure your goals are still in line with reality. That may require making new financial goals or simply adjusting the ones you're working on. Use the free Debt Payoff Calculator at bankrate.com to adjust your goals. Hopefully you've got less debt now than when you started the year, but this calculator will ensure that you're on target for paying it all off.


Plan
Do you have a plan of attack in place? Perhaps you had hoped to generate $10,000 in extra income or set aside $20,000 in retirement accounts this year. Figure out how much you have left to achieve your goal and break it down into monthly tasks. If you still need to add $10,000 into retirement for 2014 make a plan for getting roughly $1600 deposited every month. How much will your employer match? How much is automatically deducted from your paycheck every other week? Create a plan complete with short term goals to help make it more manageable.


Get Crazy
How about jumpstarting the second half of 2014 by embarking on a no-spend challenge? Get inspiration from sixfiguresunder.com who's taken this on several times. That doesn't mean you can't participate in summer fun like camping trips or swimming pools. Just plan ahead, research free entertainment and use up some of that stockpile in your pantry. In the end you'll hopefully have extra cash to meet some financial goals like clearing away debt or saving for a new car.


Stay Motivated
Overall the best way to round out 2014 is by staying motivated towards achieving your financial goals. Whether your goal is to save up for a down payment on a new home or to pay cash for a Christmas vacation, keep the final prize in mind. Recapture some of that excitement you had way back in January and get fired up to achieve those financial goals over the next six months.


By Alison Storm


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