2023 Is Halfway Over. 5 Tips to Hit Your Financial Goals Before Dec. 31

I'm writing this the day after the summer solstice, and I can't believe we're almost halfway through the year. The months may be flying by, but it's not too late to conquer your 2023 financial goals. With more than half a year ahead of us, now is an excellent time to evaluate your current financial situation to determine what steps you need to take to make your goals happen before you ring in the new year on Jan. 1. The following tips may be helpful.

1. Perform a mid-year financial checkup

It'll be difficult to know where you stand in reaching your goals if you don't take a look at your finances. A simple way to check if you're on track is to perform a mid-year financial checkup. Instead of ignoring your checking account balance and credit card balances, take a few moments to review them so you can make informed choices the rest of the year.

We recommend reviewing any outstanding debts and taking note of your current savings and investment contributions for the year so you have a clear picture of your overall financial health. Knowing where you stand based on the goals you outlined at the start of the year is key if you want to continue to make progress. Otherwise, you'll be unsure what steps you need to take.

2. Rework your budget

If you feel as if you have a long way to go to reach your goals, now is a good time to rework your budget. Look at your spending so far for the year and determine if you can cut out unnecessary expenses or adjust your spending habits to free up more money for your goals. You can use a budgeting app to simplify the process. Minor spending changes could add up and make a big difference over time.

3. Collect insurance quotes

Insurance is one of those necessary expenses. Whether you have renters insurance, homeowners insurance, car insurance, or business insurance, you may be overpaying for your policy. By contacting insurance companies, you can request quotes and compare rates for coverage. If you can find a lower rate, you'll free up more money for your goals.

4. Adjust your automatic contributions

Whether you're automatically sending money to your high-yield savings account or your retirement account to simplify the investment process, it's a good idea to review these contribution amounts and make any necessary adjustments. This way, you may still be able to reach your yearly saving IRA account investment goals well before Dec. 31. This article further explains why automating your savings is a good strategy.

5. Set smaller goals

If you're worried you may not accomplish your goals before Dec. 31, try breaking your yearly goals into smaller, more manageable chunks. A yearly savings or debt payoff goal can feel overwhelming -- especially if it's a large number. Don't be afraid to set bite-sized weekly, biweekly, or monthly goals if it helps you stay on track and feel more motivated.

Don't give up on your money goals

You still have time to reach your goals. If you previously committed to save or invest more or to tackle credit card debt at the start of 2023, it's not too late to make your dreams a reality. Even if you've encountered roadblocks during your journey, you can take steps going forward that allow you to achieve financial success before this year ends. Check out our free personal finance resources for additional tips and guidance.