It’s well past the middle of 2019, so giving yourself a mid-year financial checkup is well overdue. It doesn’t require a lot of time, maybe 30-60 minutes, but it is well-worth your time. Here are the steps you should take:
- Review Your Goals – Whether it’s beefing up your savings, paying off some debt, or saving for a down payment on a house, it’s always a good idea to have some goals. If you don’t already, make some; if you do, now is the perfect time to review them and make sure you are on track.
- Review Your Investments – Take the time to briefly look over your recent statements and see what your winners and losers are. Also, make sure your investment mix is on track with your age, risk tolerance, and goals.
- Check Retirement Plans – Make sure you look at your retirement savings plans, such as your workplace 401k or any IRAs you may have. Contribute at least the amount that is matched by your employer. Don’t leave free money on the table!
- Review Your Taxes – Various life changes, such as marriage, divorce, children, and fluctuating income can drastically affect your tax situation. Take a look at your recent pay stubs and see if you are having too much or too little withheld. If you need to make some changes, your employer can provide you with a W-4.
- Check Your Credit – Go to annualcreditreport.com and get your free credit report. Make sure there are no mistakes with all three bureaus. If you are about to make a major purchase, take a look at your credit score as well, as this will determine your interest rate.
- Health Care Plans – If you contribute to a Flexible Spending account, or FSA, make sure you are on track to use all of the funds you put away. In most cases, if you don’t use it, you lose it at the end of the year.
That’s all it takes to make sure your financial game plan is being executed properly. It doesn’t take much time, but can keep you on track and save you from veering off course mid-year.