Late on Your Mid-Year Financial Checkup?

With July officially behind us, it’s time to face the facts: we’re in the second half of 2021. While there’s still plenty of time to enjoy the rest of summer, we encourage you to slow down and check up on your financial well-being.  If you haven’t conducted your mid-year financial checkup, you’re late!!

Review your budget: Your spending habits likely look different now than they did in 2020, but did you adjust your yearly budget accordingly? The second half of the year can be expensive, between the holiday season and back-to-school spending.  Not to mention the difference between last August and now.  There are still uncertainties surrounding the pandemic as well.  Take some time now to prepare for now until the end of the year. 

Check your credit score: If you plan on moving, purchasing a car, or taking out a personal loan this year, you’ll want your credit score in good shape. Your score could have been impacted by recently accrued debt, late payments, hard credit inquiries, identity theft, and more.

Prepare for advanced tax credits: If your family is eligible, you may begin receiving advanced child tax credits in July. Families who qualify are expected to receive six installments via direct deposit or mailed check. If you anticipate getting the credit, you may want to talk it over with your tax professional.

Most importantly, address your financial plan.  If you have one, make sure to review it yearly at a minimum.  If you do not have one give us a call to begin one.  Like any trip you take, the roadmap must be laid out to understand the journey.  There are numerous parts to a proper financial plan and having one can shed light on where you are in your financial journey.  You may find that you are taking the right steps to meet your goals or it’s just as feasible you may be lacking in a few areas.  Regardless of the initial result, knowledge is power.  Knowing where you are gives you a strategic advantage.  Think of it as a road trip.  If you are trying to get somewhere 60 miles away in an hour you can figure out how fast you need to drive.  However, if I told you to meet me in an hour but didn’t tell you how far I was, you would be lost.  Again, knowledge is power, especially in your financial plan.   

With 2021 looking different than last year, take some time to evaluate your financial standings as we prepare for the second half of the year. Remember, we’re always here if you need assistance reassessing or working towards your financial goals.

1-05175722