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Mid-Year Financial Checkup

Are you on track to achieve your financial goals and resolutions this year?

Can you believe we’re halfway through the year? Now may be a great time for you to review your financial goals and resolutions. Are you on track to reach those goals? Do you want to start on new goals? No matter where you are on your journey, doing a financial checkup is a great idea. Read our list of tasks to take into consideration when starting your mid-year financial checkup.

Check your budget

Creating a budget, let alone sticking to one, can be a challenge. Now’s a great time to check your budget and determine if it’s still feasible. Money Management is our award-winning budgeting tool that shows your complete financial picture (including accounts from external financial institutions) all in one place. It has a variety of features that can help make your financial life easier, all broken down into different categories. Using this tool is a great way to get your budget back on track.

Check your emergency fund

Saving for a rainy day? Good! It’s great to be prepared for the unexpected. Don’t have an established emergency fund? That’s okay! Not sure where to start? Check out our article all about emergency funds to help you plan, build, and save!

Review your retirement contributions

Do you know how much you’re contributing to your retirement account? Can you be adding more to these accounts? Are you taking advantage of potential matches from your employer? These are all questions to consider when looking at your retirement contributions. As part of your financial checkup, set aside some time to review your retirement account(s) and determine if you can adjust your contributions.

Plan for the holidays

Believe it or not, the holidays will be here before you know it. Preparing your finances for holiday spending is best done sooner rather than later. The holidays are already stressful enough. Why not alleviate the financial stress and start your plan for the holidays now?  

Take stock of your debt

The dreaded four-letter word: D-E-B-T. As part of your financial checkup, you should take stock of your debts, no matter how stressful it may be. Planning to tackle your credit card debt? Explore this calculator to determine how long it will take to pay off your credit card debt. Other types of debt to review may include mortgage loans, student loans, auto loans, medical bills, and other personal loans.

Check your credit score

Do you know your credit score? If you don’t, you need to. This three-digit score is used by creditors and predicts how likely you are to repay debt. Past performance, current debt load, how long you have had credit, what type of credit you have, and how many recent accounts you have opened are some factors that determine the score. If you’re planning on taking on more debt in the near future, be sure to check your credit score prior.

Review your insurance setup

From your vehicle to your property to your business, make sure you’re adequately protected! Take a look and make sure you have enough insurance coverage for all of your needs. 

Congratulations! You’ve just completed your mid-year financial checkup. Keep in mind, financial checkups can happen during anytime of the year. Financial wellness is a journey and everyone is on their own path towards financial success.

 
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