Greetings, and welcome to the twenty-third edition of Wallet Wellness in 2024 - your source of practical financial tips to elevate your money management skills!

We hope you had a chance to check out the last edition, where we explored how to move forward after a financial mistake. In today’s edition, we will conduct a step-by-step mid-year check-in on our goals to ensure that we are still on track.

As always, be sure to check out the Concept Corner below for a deep dive into the money concept of the week.

Let’s dive in!

MONEY254 TIP OF THE WEEK

Mid-Year Check-In on Your Financial Goals: How to Stay on Track 🗓

As we find ourselves halfway through the year, it's easy to lose sight of our financial goals, especially amidst life's challenges. 

From unexpected expenses to the rising cost of living or a change in priorities, staying on track requires a thoughtful and intentional approach.

Today, we explore step-by-step practical strategies to stay on track and maintain financial focus. 

Let's assess your progress, adjust your plans as needed, and ensure you're well-prepared for the remainder of the year.

1. Evaluate Your Current Progress 📈

Get your planners out and take a detailed look at the goals you set at the beginning of the year. Assess how close you are to achieving them and pick up those that may have stalled along the way.

• Why It Matters: Evaluating your progress keeps you on track, ensures you make necessary adjustments, and highlights both achievements and areas for improvement. Read more.

• What to Do: Review Your Goals: Check in on your savings targets, debt plans, and investments to see where you stand and adjust accordingly. Learn more.

2. Review Your Budget and Expenses 💼

Times haven't been easy, right? It is time to analyse your current expenditure against your budget to ensure you're sticking to your financial plan.

• Why It Matters: Staying within your budget is essential for maintaining financial stability and avoiding unnecessary debt.  Learn more.

• What to Do: Adjust your budget or spending habits accordingly to better align with your financial goals. Read more.

3. Review and Adjust Debt Repayment Strategies 💳💰

Conduct a thorough assessment of your current debt repayment methods and implement strategic adjustments to enhance efficiency and accelerate progress toward your financial goals.

• Why It Matters: Evaluating and modifying your debt repayment strategies helps save money on interest, pay off debts faster, and build long-term financial stability. Read more.

• What to Do: Review your repayment plans and consider refinements like the snowball or avalanche methods to pay your debt off faster. Read more.

4. Update Your Savings Plan 💰 

Take a fresh look at your savings goals and strategies. Still on track? Great! Now, make sure they still work for you. Ensuring that they remain relevant and attainable.

• Why This Matters:  A solid savings plan is vital for financial security, helping you prepare for emergencies and unforeseen expenses. Learn more.

• What to Do: Consider automating your savings to make the process more consistent and to keep you on track. Read more.

5. Revisit Your Investment Portfolio  📊

Review your investments to ensure they are performing as expected and aligning with your financial goals. If you haven’t been investing, it is time to create an investment plan and start implementing it.

• Why it Matters: This will help you make smart decisions to earn more from the money you already have. You will also improve your chances of avoiding losses by adjusting to market changes and seizing new opportunities. Read on.

• What to Do: Consider Diversifying: Diversify your portfolio across different asset classes (like stocks, bonds, and real estate such as through I-REITs) to spread risks and maximise returns. Learn more.

As we navigate the complexities of our financial journeys, staying focused, committed and adaptable is key. Remember, every small adjustment you make today can significantly impact your future. 

Celebrate your progress, learn from the setbacks, and keep moving forward with confidence. Your financial goals are within reach - stay committed, stay inspired, and let's make the second half of the year count. 

CONCEPT CORNER

Tracking Personal Finances

Tracking finances involves the systematic process of monitoring income and expenses to understand cash flow, identify savings opportunities, and ensure financial goals are on track.

It includes analyzing income, expenses, assets, and liabilities to maintain financial control, make informed decisions, and achieve long-term financial objectives effectively. Learn more.

Money and Me

“I Save Ksh35K Monthly, But I Don’t Know How to Invest”

“I have a decent, salaried job at an insurance firm. Also, I run a grocery side hustle. From both incomes, I'm able to save Ksh35,000 on a good month. Problem is, I lack investment skills. This money just sits in my bank account…” Read on.

MONEY254 #MONEYTOK

Side Hustles: Key Things to Know

Thinking of starting a side hustle? In today’s MoneyTok, we discuss tips one needs to know before embarking on this journey. Watch The Video and check out this article on some side hustles to start in 2024.

@money254hq

3 Things You Need to Know Before Starting a Side Hustle. #Money254 #Money #Sidehustle #sidehustleforbeginners #Moneytok #financetiktok #Fyp

That's it for the twenty-third Wallet Wellness edition of 2024! We hope these financial tips have added some energy to your hustle. Stay tuned for more practical insights in our next edition of "Wallet Wellness" next week and watch out for Money Weekly on your inbox this Friday.

Also, don’t forget to download the Money254 App on the Google Play Store, and remember that we can help you compare over 300 loans, savings accounts, current accounts, and more if you’re thinking about your next product.

Cheers to your wallet's well-being!

Money254 editorial team.