Sometimes it's easy to get caught up in the motions of day-to-day life. While having long term goals and plans are great, sometimes we tend to focus so much on our immediate short-term situations that we may fall of track with our long term goals.
Personally, I make a date with myself once a month to review my long term life and financial goals and ask myself a series of questions that help me make sure I’m still on track and if I’m not then I can readjust my short goals to ensure they are back in line with my long term goals. I call this my monthly self-assessment.
Below are 12 questions that I ask myself each month that you can ask yourself too:
1. What steps did I take this past month that got me closer to my goals?
2. What things happened that have put me further away from my goals?
3. Was my spending in line with my core values?
4. What money mistakes did I make in the last month?
5. Why did I make them?
6. Are my financial goals still realistic?
7. What big expenses are coming up soon?
8. Is my emergency fund fully funded with 6 to 9 months of expenses based on the current basics needs I have today?
9. Am I on track with my savings for my children?
10. Am I saving enough to retire comfortably based on my ideal retirement amount? (Don't know your amount? Kilplinger.com has a great calculator to help you determine what it is here)
11. Am I meeting my other short-term savings and investment goals?
12. What steps can I take to make sure I have a better month next month?
If you are able to do this self-assessment exercise once a month, it will help you stay on track of your long term life and financial goals by reminding you of how you are doing and what things you need to change or improve on and if you can do this exercise with an accountability partner or someone on a similar financial journey as you, then even better!
About the Author
Bola Onada Sokunbi is a big personal finance junkie, money coach and founder of the website CleverGirlFinance.com which she created out of a passion to educate after several
experiences with women who were afraid to talk about money, didn’t know what to do with their money situation and were struggling with debt even though they were very successful in other aspects of their lives.
CleverGirlFinance.com provides financial education and empowerment for successful decision making, tied to everyday life as well as tips to inspire women to pursue their dreams of independence and wealth creation, through small businesss ownership.
Her goal is to empower women to make the right decisions for their current and future selves as she believe that every woman can be financially successful in her own right no matter where she comes from if she has access to the right resources and support.