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Mid-Year Financial Checkup

Desk set up with goals worksheet

Summer often brings a more relaxed pace to your routine. While the days are less hectic and your schedule not as cluttered, take time to check up on your savings goals. Handle financial “housekeeping” duties now to keep your financial house in order and to help you stay on track.

Review your goals.

If you made goals at the beginning of the year (and if you didn’t, it’s not too late!), review them to make sure they are still your priorities. If any unforeseen expenses, like unexpected medical bills, home repairs or a needed new car have popped up, then reassess.

Update your plan.

If you do have unexpected expenses, make a plan to handle them. This may mean putting away a little less for retirement or college savings, driving an older car longer than you expected or delaying a vacation. Writing your plan down on paper will help you make new goals that will help keep you financially secure.

Review your investments.

Take a look at your investments to make sure they are meeting your needs. Review the mix of stocks, bonds and cash in your portfolio to see if it still is the right mix for your financial situation, risk tolerance and investment timeframe. If not, you may need to rebalance the mix to make sure it is in alignment with your goals.

Take advantage of tax breaks.

Reduce the taxes you pay by taking advantage of opportunities to lower your taxable income. Consider contributing to a retirement account like a 401(k) or IRA, which can offer benefits like tax-deductible contributions and tax-free growth. If you have a high deductible health plan and are eligible for a health savings account, the money you put in the savings account offers a tax-advantaged way to pay for qualified medical expenses. Make sure to discuss these options with your tax preparer or investment advisor.

Do an insurance check.

Make sure you have the right types and amount of insurance to protect you and your family. Life insurance can replace lost income if something happens to a family’s primary wage owner. Disability insurance can also replace lost income if you are unable to work and earn a paycheck for an extended period of time. Review coverage on your homeowner’s and auto policies to make sure they are up to date. Make sure to discuss these options and the benefits of the various insurance policies with your insurance agent.

Update important papers.

Review the beneficiaries on your investment and insurance policies to make sure they are up to date. If you don’t already have them, a will, power of attorney and health care proxy will help ensure any financial or health decisions made on your behalf will follow your wishes.

Safeguard your info.

Use password protected cloud storage to backup copies of important documents. Make sure a trusted family member knows where your important documents are and has access to account passwords and financial statements.

Take the time to do a midyear financial checkup to ensure peace of mind and to make sure your financial goals remain on course.


The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.