Mid-year, is a great time to do a financial check in with yourself, to see where you currently stand with your finances, how much progress you have made since the beginning of the year, and how far you have to go to reach your annual financial goals by the end of the year.

So, today, I’d like to share 5 of my top mid-year money tips with you to help you get started!

• Check your Savings Plan If you forgot to increase your retirement account contributions at the beginning of the year, log into your 401(k) at work and consider increasing your contribution rate by just 1-2%.  If you don’t have a retirement plan at work, you still have almost a full year to make IRA, or Individual Retirement Account contributions.  I can help you get an IRA set up, or review one that you already have in place.  Ideally, you want to aim to save 10-15% of your income towards retirement savings.  Consider automating retirement, investment, and savings account contributions as well.

• Update your Beneficiaries  If you have gone through any major life changes since the beginning of the year, such as marriage, divorce, or having a child, or you simply haven’t reviewed the beneficiaries listed on your accounts in a while, make sure that they are up to date.  This piece of advice often leads to questions about listing children as beneficiaries, or the need to set up a will or trust.  If you have inquiries, I’m happy to answer any questions you may have on this topic, and to point you in the right direction.

• Review your Insurance Policies  Many of us have our basic insurance policies in place, such as: auto, health, and home or renters’ insurance.  However, many of us HAVE NOT reviewed our policies recently to make sure that the coverage we have is still appropriate for our goals, and that the premiums we are paying are in line with competitors.  Call your insurance providers and check in to see if any changes need to be made.  In addition to these types of insurance policies, it may be important to consider life and disability insurance as part of your overall financial plan.  I can help you in determining whether you are a candidate for life and disability insurance, and which types may be appropriate for your financial situation.  

• Revisit your Budget  Take a look at the budget that you created in the beginning of the year, assuming you did, and see where you stand.  Are you bringing in the same amount of money as you were six months ago?  More?  Less?  Have your expenses increased?  Decreased?  Are there additional expenses that you can eliminate?  If you still need to create an initial budget, have no fear!  There are tons of budgeting worksheets and apps online that you can download.  You can also contact me if you would like a simple budgeting worksheet to get started with.

•  Start Preparing your Taxes for Next Year!  I know, I know, if feels like you just paid taxes, or you filed an extension and still haven’t filed last year’s.  This year, stay ahead of the game by keeping your receipts organized, consider using an Excel spreadsheet to track your expenses, and remember to pay attention to tax deductible items such as donations, child-care, property taxes, etc.

As always, reach out to me if you need additional help with any of these items!  See you next week!

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest that you discuss your specific situation with your financial advisor prior to investing. All performance referenced is historical and is no guarantee of future results.

Investing in stock includes numerous specific risks including: the fluctuation of dividend, loss of principal and potential illiquidity of the investment in a falling market.

Dollar cost averaging involves continuous investment in securities regardless of fluctuation in price levels of such securities. An investor should consider their ability to continue purchasing through fluctuating price levels. Such a plan does not assure a profit and does not protect against loss in declining markets.

All investing involves risk including loss of principal. No strategy assures success or protects against loss.