16: How to do a Mid-Year Money Audit

Most of us started the year optimistic and motivated when it came to our financial goals. However, the pandemic and economic crisis may have you doubting your goals. Life is never going to be smooth sailing. In fact, upleveling your life involves failure as much as it involves success. Failing forward and holding yourself accountable without judgement can play a critical role in your journey. Learn how to do a mid-year money audit to keep moving forward with your finances and your goals. 

Goals push us outside of our comfort zone, which is where change and growth happen. Of course, that can involve quite a bit of mindset work because change can be uncomfortable. No matter where you are on your goals, learning to take inventory of your progress can help you devise a plan to keep pushing forward. 

A mid-year money audit involves five steps. Here’s how you can start your money audit:

  • Step 1 - Review your goals from the start of the year or set goals now if you do not have goals. 
  • Step 2 - Explore the data you have surrounding your goals. This is not the time to evaluate or pass judgement. Instead, simply list out whatever information you have about the work that you’ve already done. 
  • Step 3 - Identify your current progress. What have you already done in the first half of the year to move you closer to your goal? Instead of focusing on the work you haven’t yet completed, look at what is already crossed off your to-do list. No step is too small. Give yourself credit for everything. 
  • Step 4 - Identify what isn’t working. What roadblocks or challenges are you facing? Focus on what you still need to learn and what skills you can develop, instead of judging yourself or drawing incorrect conclusions. 
  • Step 5 - Craft a plan to keep you moving forward. What do you intend to focus on for the rest of the year? Make sure your goals are clear, actionable, and specific. 

Take the time to inventory your progress honestly and without judgement. Reflect back on the actions you’ve taken and what you’ve already learned. It’s one way to appreciate the progress you are making on the journey. Then, use this moment of reflection to push you forward for the rest of the year. 

In this episode, we also explore:

  • A detailed analysis of what each step in the process looks like
  • A deeper dive into the differences between being interested and being committed 
  • The impact of mental obstacles on your goals and strategies you can use to overcome them
  • The specific progress I have made this year and where I’m headed next
  • The importance of doing a mid-year tax audit along with a money and goal audit 

Featured on this episode:

  • Get inspiration for savings and investing goals by looking at one of my past plans in this blog post
  • Decide if you should focus on paying down debt or investing with this podcast episode.
  • Learn concrete steps to create a wealthy mindset here.
  • Listen to a refresher on changing your thoughts and shifting your mindset here.