Every year, some 44% of Americans set goals for the months ahead, according to Forbes. An astonishing 30% of those goals are focused on finances. As we reach the halfway point in the year, now is the perfect time to take another look at your financial goals with these five mid-year checkup tips.
- Review your budget and spending: Are you spending less than you make? That’s a good start. Can you trim even more spending? To add a little more room between what you spend and what you earn, eliminate streaming services you don’t use and eat out one less time a week.
- Reassess your financial goals: Whether your goals include getting out of debt, boosting your savings, or balancing the family budget, a mid-year checkup is a good idea. Are you on target to reach your goals? If not, do what you can to get back on track.
- Check your credit report: Download a free copy of your credit report from one of the three reporting agencies at AnnualCreditReport.com. Look over your report, closely checking for new accounts you didn’t open. Also, look for errors. If you find anything incorrect or alarming, report it to the agency that supplied the report.
- How is your emergency fund? Having upwards of three months of income in a liquid (accessible) savings account is a smart financial move. Do you have an emergency savings account? Do you need to put more into it? If you haven’t built up enough of your emergency savings, start adding as much as you can to it every month.
- Review your tax withholdings: If you’ve experienced a significant life event in the last six months, it could be time to update your tax withholdings. These events include a new job (or loss of a job), marriage, divorce, birth of a child, or death of a spouse or dependent.
Boost Your Financial Wellness
More Financial Wellness Matters blogs on topics ranging from financial self-care to protecting your financial health are coming soon. Twice a month, we’ll dig a bit deeper into the relationship between financial health and overall well-being, shedding light on the behaviors and beliefs that drive money relationships. With simple tips and proven insights, we hope to enhance your financial well-being and help you live a healthier, happier life.