July
July Session 1: Track My Progress
It’s time to pull out that spending and savings plan from February. Ideally, you’ve been able to dedicate a few minutes each month to comparing your actual numbers to your target figures. But don’t feel bad if you haven’t been ferociously diligent. Use this 2×2 session to see how well your actual outlay matches what you set forth back in winter. If you’re like most people, there will be some “creep” in your numbers. Consider whether it’s time to tighten things up or if a new plan is in order to reflect a change in your goals or circumstances.
Tip: If you’ve gotten a raise since you last did a budget, think about whether it’s possible to put the entirety of the raise toward achieving your goals. There’s a tendency with an increase in pay to spend more, but that may not be what brings you the most happiness in the end.
July Session 2: Improve My Cash Flow
Upon conducting a mid-year financial review, most people find themselves looking for ways to improve their bottom line each month. It comes down to either cutting expenses or generating additional income, but how you go about it is entirely up to you. You know what will work best for your life. There are no wrong answers, so take some time to brainstorm ways to put more of your money to work for you.
When thinking of ways to have more money for your goals, it can help to think in terms of happiness. First, for each of the expenses on your list, ask yourself if that particular thing brings you happiness. If not, cut it out. On the flip side, for work that could bring you extra cash, think about what you would enjoy doing. Otherwise, it won’t be sustainable, and the bonus income will quickly dry up.
Tip: This is a terrific time each year to negotiate better prices with all your service or content providers by calling them up and letting them know you’ll switch to their competitor if they don’t give you a better deal. As you’re compiling your list for these calls, watch for any monthly bills for services you no longer use. Cancel those immediately.