It’s been a tough year for many people. A lot of us haven’t met our annual financial goals. The holiday lights go up, your calendar fills with celebrations and parties, and everyone expects you to be “merry”, which can feel particularly depressing.

If you’re thinking back to January and realizing you didn’t save more, invest better, tackle that estate plan, or accomplish what you had in mind, you’re not alone. The “what if” mentality can easily overshadow your enjoyable holiday season.

A Year-End Reality Check (Without the Shame)

There’s no shame in not meeting your annual financial goals. You may not have had complete control over your plans if they relied on investments or other sources of income. Also, life happens. There’s a chance that additional factors, possibly more than one, interfered. Instead of wallowing in guilt, ask yourself these questions:

1. Did you set the right objectives? Do they reflect your actual priorities? If you don’t reach a target, it may not have been the right one for you.
2. Did your financial or family circumstances change this year? Maybe you lost your job, or your business didn’t make as much money as last year. Maybe one of your children got married and needed some help paying for the wedding? Or perhaps you have just had a stressful situation, like a sick relative, that distracted you from what you needed to do.
3. What did you do right this year? Even if it’s just not doing anything wrong, there will be something.

You can find something worth celebrating. The life event may have been meaningful, or the realization that your desires and needs have shifted might be an achievement by itself.

Resetting Your Financial Compass

The New Year is still a great time to do a financial reset, especially if you didn’t meet your goals.

Start by listing your objectives and asking yourself why you made them in the first place. You may want to give up on it if it no longer makes sense or if you feel you’ve been pursuing it without truly considering it. Generic financial advice often leads people to set plans that aren’t meaningful, aren’t achievable in their current economic situation, or both.

Adjust the timeline. If you’re close to achieving a goal, it may only require a few more months, or you may need to carry it forward to next year. It’s acceptable for some objectives to take longer to achieve. If your income decreased, you might need to extend the time horizon for a savings target. Or if you needed to use that money for an unforeseen cost, like fixing a broken roof.

Then refocus on your strategy. You might not be able to do this on your own. Now is a great time to schedule a review with your financial advisor. Yes, we can still help you in December. To end the year on a high note, schedule an appointment with CrossleyShear.

Use December as a Launchpad

December is a natural time for reflection and change. If you have a target you are close to, you still have time to make a last-minute contribution to your retirement or savings accounts.

Review your upcoming fiscal year’s budget. Compare it to your actual spending. Do you need to make a resolution to spend less? Or do you have to accept that certain fixed expenses, such as your mortgage, have actually increased?

Then set your annual financial goals for next year. Make sure they are realistic and achievable. If you have set yourself up and you couldn’t meet, learn from that and lower your expectations. This year’s failures can easily inform next year’s successes.

You don’t have to do it alone; let us guide you without judgment. We’re here to help, not tell you what you should have done.

Progress, Not Perfection

Really essential? Don’t expect perfection. Your financial journey is not a marathon; it’s an ultramarathon. Just because your time isn’t great right now doesn’t mean you won’t finish where you need to.

So, if the “What If” mentality is telling you how short you fell this year, remind it that in the long run, it doesn’t matter. Take what you’ve learned, and make this coming year your best yet.

If you need help achieving your annual financial goals, contact CrossleyShear today to schedule a conversation with our team about your objectives and how we can help you move forward.

Every investor’s situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation. The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Dale Crossley and Evan Shear and not necessarily those of Raymond James.