At least once a year, you should follow up to see how much progress you are making toward your financial goals. Here’s how the process might work.

Goal. Let’s say Barb wants to build a $1 million retirement fund. She has $250,000 now, and she wants to retire in 20 years. Using an assumed annual investment return of 6%, Barb needs to save $5,083 a year.

Progress check. Barb checks her progress after one year and sees that her fund is worth $265,000 — less than the amount she should have, based on her plan. Barb decides to find out why she has fallen behind.

Explanation. A look at her records reveals that not only did she fall short of her yearly savings target, her investment return was somewhat lower than projected. To compensate, Barb decides to bump up next year’s target savings rate.

Using a similar approach can help you stay on track toward your goals.