Kick off Your Summer with a Mid-Year Financial Checkup
Ah, summertime! The perfect time to kick back, pour a tall glass of iced tea, and enjoy some hard-earned time with family and friends.
But before you check out for vacation, take a few moments to review your personal finances and ensure that you’re on track for success throughout the rest of the year. This short financial check-in can give you confidence that your bank account and investments are working hard for you – even while you soak up summer sunshine by the shore.
Here are some of the areas you’ll want to review during your mid-year financial checkup.
1. Your Budget
Setting a budget in January is easy. Sticking with that budget throughout the year isn’t always. Summer is a great time to check up on your budget and spending goals and see how your spending adds up.
If you know you’re going off-budget in certain areas, don’t ignore the problem and hope it corrects itself. Make the necessary adjustments now to allocate funds from one section to another or cut back on certain expenditures to stay on target.
2. Your Credit Score
When was the last time you checked your credit score? If it’s been a while, take this mid-year opportunity to inspect your score. It’s especially important to know your credit score and develop a strategy for improvement if you plan to make any large financial decisions later on in the year.
You also don’t want to let your debt repayment strategy take a break during the summer months. Continue to work down your debts and ensure that you have a bill-pay plan in place even if you will be out of your regular routine for a period of weeks or months this summer.
3. Your Tax Strategy
Just because it’s the middle of the year doesn’t mean you should be sleeping on your tax strategy. If you’re looking to achieve tax savings when you file next year, ensure that you’re taking the right steps today to see those savings later on.
Review your earnings, deductions, and special accounts and see whether there are areas where you can allocate funds more effectively. You may also wish to look into ways to offload potential tax liabilities before the end of the year.
4. Your Retirement and Estate Plans
While you’re looking into your portfolio activity, take some time to review your retirement and estate plans. Even if you’re not planning to cash in for many years yet, you want to stay up-to-date with your portfolio performance and make course corrections if necessary. Small adjustments over time will help you to stay in closer range to your long-term financial goals.
5. Your Progress Toward Financial Checkpoints
Regardless of your financial status, spending habits, or future goals, summer is a great time to check in with your financial performance as it pertains to your present and future. Take some time this summer to schedule a meeting with your financial advisor for a tailored financial checkup that’ll keep you in the know as the year goes on.
Are you inspired by your mid-year financial checkup to take a more active role in your future financial planning? Contact Jacob Sturgill to learn more about how Puckett & Sturgill’s financial planning services can help you balance your current finances with your short- and long-term goals.