Remember those financial resolutions you committed to at the beginning of the year? If they seem like a distant memory, the start of summer is an excellent time to reset and take stock of your progress. Follow the tips below to recommit yourself to your financial goals.

1. Start with a clean slate. Review your financial situation and recent spending patterns. Is your spending aligned with your financial goals? Re-evaluate any bad money habits that may be holding you back from making better financial decisions. Remind yourself that healthy financial behaviors can become part of your daily routine. 

1. Commit to financial stability. It’s easier to do something when you are intentional. Just like you set aside an afternoon to clean out the garage, set aside a few hours to clean up your finances. During this time, reflect, organize and make a conscious commitment to take responsibility for your financial future. 

1. Create, update or review your plan of action. A financial plan provides a roadmap for spending and saving, and encourages you to allocate your money toward the items or experiences that matter most to you. Your plan should articulate how you intend to handle your day-to-day finances, while working to achieve your long-term goals such as paying off your home mortgage and confidently retiring on your terms. If a large expense comes along, you may need to re-evaluate your financial priorities. Adjust as necessary and then get back on track as soon as possible. Likewise, if you receive a raise or windfall, consider how the additional funds can be applied to your financial plan.

1. Spend within reason. Your plan can provide you with guardrails to keep long-term goals in sight as you satisfy near-term wants and needs. When you know your emergency fund, retirement and other goals are on track, you can purchase tickets to the big game or plan a family trip without feeling guilty or worried that the costs will prevent you from achieving your larger financial goals. 

1. Prepare for the unexpected. Life can throw challenging curveballs. Unexpected events such as unplanned medical bills or losing your job can greatly impact your bottom line. The only certainty is uncertainty, and that’s why it’s critical to assess your insurance policies to ensure you’re fully covered, and establish an “emergency fund” to cover surprise expenses. Consider reviewing your life, disability health, home and auto insurance policies with a financial professional who can help you identify and close any gaps in coverage. If you’ve acquired artwork, collectibles, technology or other valuables, make sure they are covered under your current home insurance plan. Also, use this as a time to update beneficiaries on your policies if needed. 

1. Find joy in the process. The desire to keep your finances in good order is an admirable aspiration, and it has lasting impacts. Focusing on your finances today may help you to achieve a more comfortable financial future for you and your family tomorrow. Consider working with a financial professional to help create a plan to reach your goals. With renewed energy and a well-defined plan, you can feel good about your financial choices.

Thomas A. Callaway CRPC®, is a Financial Advisor with Ameriprise Financial Services, Inc. in Paris TX.  He specializes in fee-based financial planning and asset management strategies and has been in practice for 30 years. To contact him you can go to www.ameripriseadvisors.com/thomas.callaway or call (903)785-7000, office located at 2219 Lamar Ave Paris TX 75460.

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