Time for a Mid-Year Financial Checkup!

Can you believe we’re already halfway through the year? It’s the perfect moment to take stock of your financial journey and set yourself up for success in the months ahead. Let’s walk through a mid-year financial review together with these six easy checkpoints to keep you on track.

1. Review Retirement Savings

Let’s kick off with something important—your retirement savings! Ideally, you’d be halfway to your annual savings goal by now. If not, don’t worry. Consider bumping up your contributions each month. And if you’re ahead of the game, just ensure your automatic contributions align with your yearly target. For IRA savers, the max contribution is $7,000 for 2024. Check in to make sure you’re maximizing this opportunity too!

2. Boost Savings

Saving up for special events like trips or weddings is a smart move. Not sure if you’re on track? Take your target amount and divide it by the months left. That way, you’ll know exactly how much to save each month to reach your goal. Simple, right?

3. Check Your Emergency Fund

Life’s unpredictable, so peek at your emergency fund. Make sure it can cover 3-6 months of expenses. Consider adjusting based on any changes in your monthly spending.

4. Cut Unnecessary Expenses

Been splurging a bit too much? It’s okay; we’ve all been there! Try cutting back on non-essentials like dining out or those impulse buys. Cooking at home and making lists before grocery shopping can save big bucks.

5. Review Tax Returns

Take a moment to review your tax returns for the year. Check if there are any adjustments you can make now to optimize your tax situation for next year. Also, decide what to do with your tax return—whether it’s investing it, adding it to your emergency fund, or using it to pay down debt.

6. Cancel Subscriptions

Take a quick inventory of your subscriptions. If you can’t list them all, it might be time for a cleanup. Keep what you love and use regularly but bid farewell to the rest.

7. Re-evaluate Your Goals

Lastly, let’s revisit your financial goals. Maybe your income has increased, or there’s a big life change on the horizon. Adjust your plans accordingly to stay on target.

By tackling these steps, you’ll feel more confident about your financial health and ready to conquer the rest of the year. You’ve got this!

Learn more about maximizing your financial journey with us today. Feel free to reach out with any questions or to explore our offerings. Here’s to a successful mid-year checkup and a bright future ahead!