Many of us tend to set financial goals in January and then just sort of hope for the best. But the truth is, the only way to know whether you’re really getting closer to your goals is to track your progress and see how things are shaping up. Thankfully, it’s not hard to do. Here are seven things you should review on the regular:
1. Your Savings Rate
Take a look at how much of your income you’re saving overall — including your emergency fund, your retirement accounts (including employer matches), and any investments you may have. A good rule of thumb is to aim for saving 15% of your income, but what really matters is that you’re saving more than you did last year — you should be bumping up your contributions every year. Even a small bump — from 5% to 7%, say — is progress worth celebrating.
2. Your Net Worth
No, “net worth” isn’t just for millionaires! Think of it like your ultimate financial report card. Add up everything you own (your house, savings, investments, etc.) and then subtract everything you owe (credit cards, student loans, mortgage, etc.). Has that number grown since last year? If so, you’re on the right track.
3. Your Debt Picture
If you’ve been paying down debt, take a look at how much progress you’ve made. Focus not just on balances, but also on the interest rates — refinancing, consolidating, or paying off high-interest debt first can have an outsized impact on your financial health.
Why? Because interest can be a budget killer. The longer you carry high-interest balances, the more your money will go toward interest instead of actually reducing what you owe. By tackling your most expensive debts first, you’re freeing up real cash flow for the goals that matter to you, not lining your lender’s pockets.
4. Your Spending Alignment
Pull up your credit card and bank statements and look at where your money is actually going. (This exercise is so helpful in getting a handle on where you stand financially, it’s one of the first things Jean Chatzky and her team do as part of the FinanceFixx Money Makeover program!) Once you can see everything laid out in front of you, ask yourself: Do my spending patterns reflect my values? If you know that you want to travel more, but all your “fun” money went to takeout last month, that information can help you make a course correction.
5. Your Goals, Updated
Finally, revisit your short- and long-term goals. Are they still the right ones for you? Maybe you’ve already hit a few — amazing! Or maybe life has shifted, perhaps with a new baby, a new job, or other life event, and it’s time you tweaked your priorities. True financial progress is NOT just about the numbers — it’s about moving closer to the life you actually want to live.
6. Your Financial Habits
Take stock of the systems you’re using that help keep you on track — and whether or not they’re actually working! Are you automating your savings and bill payments? Are you tracking your spending with a budgeting app, or maybe a spreadsheet? When is the last time you reviewed your accounts, or reviewed your accounts with your partner if you’re married? Making these things a habit that you can stick to is usually far more impactful than simply setting a goal.
7. Your Protection Plan
When was the last time you reviewed your insurance coverage, beneficiaries, and estate documents? A life shift like a new home, a marriage, a new baby or an inheritance can quickly change what you need in these departments. Making sure your safety net is strong (and everything is up to date, including your beneficiaries!) is one of the best ways you can set yourself up for financial success.
The Bottom Line
Once you’ve done your review, it’s time to set your intention for next year. Maybe it’s something like “I’m going to build a month-long emergency fund,” or “I’m going to max out my Roth IRA.” Whatever it is, write it down. Save it somewhere visible. And commit to checking in on your progress every few months.
Because when you’re measuring what really matters for financial success, you aren’t just watching your money grow — you’re taking charge of your future.
