5 Questions to Consider to Reset Your Money for the Rest of 2024

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On the Break Your Budget Blog, I dive deeper on all the topics we discuss over on my socials; from personal finance, to navigating your career, and starting a side hustle. Plus, I share my routines, habits, hobbies, and favorites things!

Hi, I'm Michela!

Somehow, some way we are halfway through 2024. I feel like I blinked and all of a sudden it’s the middle of summer!

Anyways, now that we are over the 4th of July hump, it’s time to refocus back on our money and recalibrate for the back half of this year.

It’s going to be the holidays before we know it (sorry .. but it’s true) so if you have financial goals you’d like to reach by then, you need to make sure you’re on track NOW!

Today, I’m sharing 5 questions to help you reset your money. 

As always, I manage my finances using The Personal Finance Dashboard, which you can purchase here!

Let’s get into it!

๐Ÿ’ธ What are my financial goals for the remainder of the year?

This is your opportunity to review the goals you set at the beginning of 2024 and get clear on what is and is not relevant for the remainder of the year. 

Remember, there are 3 types of goals you can set (and it’s OKAY if they change!)

๐Ÿ‘‰๐Ÿป Saving

๐Ÿ‘‰๐Ÿป Investing

๐Ÿ‘‰๐Ÿป Debt payoff

Make sure you attach a $$ amount so you can figure out how much you need to allocate per month over the next 6 months.ย 

๐Ÿ’ธ What is my current financial status?

Take inventory of your financial situation as of today. List out your:

๐Ÿ‘‰๐Ÿป Monthly income + expenses

๐Ÿ‘‰๐Ÿป Assets + liabilities

๐Ÿ‘‰๐Ÿป Upcoming expenses/ large cash outflows

Knowing where you stand and what you expect for the rest of the year will allow you to create a realistic plan. You can keep track of this information monthly usingย The Personal Finance Dashboard!

๐Ÿ’ธ Where can I cut unnecessary expenses?

Now is a great time to really comb through your monthly cash outflow and identify areas where you can eliminate or reduce. For me, I’ve been making a concerted effort all year long to reduce my eating out budget and it’s felt amazing!

Think about areas of your spending that are no longer serving you. Try to get creative, and if you think you’ve cut everythingโ€ฆ look again!

๐Ÿ’ธ How can I increase my income?

The unfortunate reality of the world we currently live in is that for many of us, we’re just not making enough money to reach our goals. And even if you cut everything out, sometimes the answer is to boost your income. 

Start brainstorming ways to make more money by the end of 2024, whether that be finding a new job, getting a promotion, starting a side hustle, freelancing, selling clothing items, picking up a part-time jobโ€ฆ

If you’re fresh out of ideas or seeking some extra guidance, you need to read Own Your Career because a huge portion of the book is focused on increasing your income both inside + outside of the office!!

๐Ÿ’ธ What is my plan for reaching my financial goals?

Tie everything together with a plan for your money over the next 6 months! I recommend you create a zero-based 3-bucket budget that allocates your income towards your essentials, financial goals, and non-essentials in that order.

If you’re looking for help on how to do this, check outย The 4-Week Financial Plan!

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