Here’s a monthly progress checklist to help you stay on track with your financial goals:
1. Review Your Spending
- [ ] Review all expenses for the month.
- [ ] Identify categories where you can reduce spending.
- [ ] Compare actual spending against your budget.
2. Update Your Budget
- [ ] Adjust your budget for any changes in income or expenses.
- [ ] Set spending limits based on last month’s spending.
- [ ] Reallocate savings if any goals have shifted.
3. Check Progress on Financial Goals
- [ ] Review your short-term savings goals (e.g., emergency fund).
- [ ] Assess progress toward long-term goals (e.g., retirement).
- [ ] Adjust contributions if you’re behind or ahead of schedule.
4. Pay Off Debt
- [ ] Make monthly debt payments on time.
- [ ] Allocate any extra money toward high-interest debt.
- [ ] Track your balance and payoff timeline.
5. Monitor Savings Contributions
- [ ] Confirm that automatic transfers to savings are on track.
- [ ] Review emergency fund and consider increasing savings if possible.
- [ ] Add any extra income (e.g., bonuses) to savings.
6. Review Subscriptions and Recurring Expenses
- [ ] Check for subscriptions or services you didn’t use.
- [ ] Cancel any unnecessary subscriptions.
- [ ] Look for potential discounts or family plans.
7. Maximize Rewards and Cash Back
- [ ] Check rewards balances for cash-back cards or loyalty programs.
- [ ] Redeem points or cash back for savings or future expenses.
8. Track Grocery and Variable Expenses
- [ ] Review grocery and household spending.
- [ ] Adjust meal planning or shopping strategies to reduce costs.
- [ ] Look for seasonal discounts or bulk buying options.
9. Plan for Upcoming Expenses
- [ ] Set aside funds for any known expenses (e.g., gifts, travel).
- [ ] Check for any upcoming annual payments and budget accordingly.
10. Evaluate Investments (if applicable)
- [ ] Review investment account balances.
- [ ] Assess performance against your financial goals.
- [ ] Rebalance if necessary or consult with a financial advisor.
11. Review Financial Milestones
- [ ] Note any progress or setbacks toward achieving financial goals.
- [ ] Adjust next month’s budget based on this month’s insights.
12. Reflect and Set Next Month’s Priorities
- [ ] Identify what went well this month and areas for improvement.
- [ ] Set a specific financial goal or focus for the coming month.
Using this checklist monthly can help you maintain momentum, catch any issues early, and stay aligned with your financial goals.
