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Now that we are nearly halfway through 2019 (wait, how did that happen again?), it’s a good time to reflect on those New Year’s resolutions. Are you cringing at the thought of your bright-eyed and bushy-tailed optimism of New Year’s Eves past? If so, you’re not alone. We all know that our best intentions can fall by the wayside, but this does not mean that all hope is lost. Even here in June, there’s still time to rescue a budgeting resolution that’s gone awry.

Just as your GPS announces with gusto after taking that wrong turn, it may be time for you to recalculate your budget. Whether your past six months have been less or more frugal than you intended, examining how and where you have spent your money can help you spot opportunities to save throughout the next six months. Without recalculating based on your current spending habits, you may find yourself in even more of a scramble one, three or six months from now.

One way to help you break down your current spending and reorganize your budget is with a budgeting calculator. This budgeting calculator on the FutureTrack website enables you to visualize your expenses based on 5 categories: housing, loans, insurance, utilities and Other. Plug in your expenses for each category based on what you spend each month, then consider what comprises that final Other category.

If you resolved to get ahead of your loan repayment plan, take a close look at where your budget is going and decide if you can put a little more toward paying off that loan each month. If the costs of renting are draining your monthly budget, it may be time to start thinking about purchasing a property of your own. And if your utilities are higher than you expected, look into ways to get your expenses under control, starting with these tips for lowering your home cooling costs this summer.

With your recalculated budget, you may want to turn your focus to your 2019 savings goals. Even if savings did not fall into your “Other” category, there’s still time to start a savings plan this year. Enter your savings goal into the savings calculator on the FutureTrack website and adjust the amount of time you want to take to reach it. Together with what you already have saved, you can visualize how close you can get to the goal you may have set back in January, or even surpass it. And if you have yet to set a savings goal, there’s no better time than now to start saving toward your next milestone or simply for a rainy day.

We may be running full steam ahead into the second half of 2019, but you can still make your budgeting and savings resolutions a reality. By recalculating based on your current expenses and goals and working on your 2019 savings plan, you can make this your strongest financial year yet. Need help getting back on track? Schedule a complimentary goal planning session with our FutureTrack team today.

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