As the middle of the year approaches, it’s a good time to pause and evaluate your financial health. Just like a routine check-up with your doctor, a mid-year financial review allows you to assess your progress, identify areas for improvement and make any necessary adjustments to help you stay on track and reach your financial goals.
- Review your budget
Take a close look at your expenses and spending habits to see if you’ve been sticking to your planned spending categories. Identify any areas where you have overspent or underspent, and determine whether adjustments are needed. Consider reallocating funds to align with your priorities for the rest of the year. - Assess your debt
Make a list of your outstanding debt, including credit card balances, loans, and mortgage. Are you making progress in paying them off, or are they accumulating? Explore debt payoff strategies such as paying off the highest interest rate debt first, or you could consider tackling your smallest debt first before moving onto others. - Monitor your investments
Review your portfolio to ensure your investments are set up in line with your current goals. Consider working with a financial professional for help in understanding short-term and long-term investment strategies. - Check your savings progress
Assess your savings accounts, including emergency funds, retirement accounts and other savings goals. Are you on track to meet your savings targets? If not, revisit your budget and adjust to ramp up your savings contributions to bridge any gaps. - Plan for taxes
Take stock in your tax situation and estimate your liability for the current year. This is a good time to review your tax withholdings and make any needed changes for the rest of the year. Explore opportunities for tax optimization, such as contributing to retirement accounts. - Evaluate insurance coverage
Check on your insurance policies, including health, life, auto and homeowner’s. Coverage levels should be adequate enough to protect you and your family from unforeseen events. - Review beneficiaries
Review estate planning documents, such as a will and beneficiary designations, and keep them up to date. If you have not yet done so, set up these documents. This will help ensure that your wishes are carried out if something should happen to you. Consider working with an estate planning professional to address your specific needs. - Update financial goals
Reflect on any changes in your life’s circumstances since the last time you set goals. Whether it is starting a family, buying a home, or pursuing further education, make sure that your goals remain realistic and achievable within your current financial framework.
Less stress, more peace of mind
Conducting a check-in now and understanding your personal finances not only reduces stress but can also enhance your summer enjoyment! Having a clear grasp of your financial situation leads you to make informed decisions, enabling you to relax and savor the season’s delights.
Access more resources related to wellbeing, employee engagement and workplace culture in our Wellbeing Insights newsletter or connect with a consultant from our Retirement & Investment Solutions team.
Investment advisory services provided through CBIZ Investment Advisory Services, LLC, a registered investment adviser and a wholly owned subsidiary of CBIZ, Inc.
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