Time for a Midyear Financial Check-Up

As we start the second half of the year, it's an opportune time to conduct a thorough review of your financial standing. A midyear financial check-up allows you to assess your progress towards your goals, identify areas that may need adjustments, and make informed decisions to keep your finances on track.

Here are the key elements to consider during your midyear financial check-up:

1. Review Your Goals: Take a close look at the financial goals you set at the beginning of the year. Are you on pace to achieve them? If not, what adjustments can you make to get back on track? You might even consider what knocked you off of your course.

2. Evaluate Your Spending: Examine your spending habits over the past six months. Are there areas where you can cut back or optimize your spending? Are there areas that have unexpectedly increased? If so, see if you can identify why and try to curb that expense.

3. Evaluate Your Debt Level: Hand in hand with a spending evaluation comes a debt evaluation.  Review your debt levels and explore strategies to pay down high-interest obligations. Snowball and avalanche are two popular methods. One allows you to save more money, and one allows you to be out debt faster. Which is most important to you?

4. Monitor Your Investments: Check in on the performance of your investment portfolio. Are your asset allocations still aligned with your risk tolerance and long-term objectives? Consider rebalancing only if necessary.

5. Assess Major Life Changes: If you've experienced any significant life events, such as a job change, marriage, or the birth of a child, review how these changes may impact your financial plan and make necessary adjustments.

By conducting a midyear financial check-up, you can identify opportunities to course-correct, make informed decisions, and ensure that your finances remain aligned with your long-term goals. Remember, regular financial reviews are crucial for maintaining financial well-being and achieving your desired outcomes. Taking the time for this midyear financial check-up means you'll be able to identify opportunities for improvement and make informed decisions to keep your finances on the right track. Remember, small adjustments made now can have a significant impact on your long-term financial well-being.

As an independent Certified Financial Planner™, I can help you change your relationship with money and make better decisions.  Contact me and let’s get started! #talktometuesday #education #Hireaplanner #stressfree #saving #budget #CFPPro #snowball #avalanche