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Your Financial Life
By Transamerica / Jun 10, 2015

7 Planning Tips for Your Financial Mid-Year Checkup

15-4493 TA Blog IMAGE 7_Financial_Planning_Tips_for_your_Mid-Year_Checkup

Most people associate June with summer. It’s when school lets out and summer vacation begins. Since June is also the year’s halfway point, it’s a good time to think about your financial progress. If you haven’t done that already, this financial planning checklist will help you determine if you’re on track to meet your year-end goals:

1. Check into your debt.

If you made a promise at the beginning of the year to pay down or eliminate your debt, June would be a good time to track your progress. If you find you’ve fallen behind your year-end goal, adjust your budget accordingly so you can allocate more money towards paying off expenses.

2. Look into your retirement accounts.

If you have a 401(k) or an IRA, confirm that you are contributing the most you can to them. If you have a child in school that will make use of a Coverdell ESA, check to see you are contributing all you can to that as well.

3. Review your taxes.

Have you undergone any life changes within the last six months? If you gained new dependents, such as a spouse or a child, review your taxes to adjust your withholdings.

4. Think about buying an insurance policy.

A new spouse or a new child also means you should consider your insurance policy. Think about purchasing a policy to financially supplement your family in case something happens to you.

5. Assess your investments.

Is your portfolio on target to meet your year-end accomplishments? Now is a good time to analyze your investments and financial plans, making the necessary asset allocation adjustments to reach your December goals.

6. Cut your consumption.

Summer can bring the heat as well as the high cost of energy consumption. Make an effort to cut back on energy consuming amenities, such as air conditioning. Open some doors and windows instead, and enjoy the fresh summer air. Your health and budget will thank you!

7. Begin preparing for the holidays.

Before you know it, the holiday season will be here. Consider putting aside some money to prepare you for buying presents, holiday parties or even a year-end holiday vacation.

While June can signify a time to slow down and enjoy the warm weather, the opposite should be true for your financial planning. Use this checklist to ramp it up rather than letting your finances stagnate during the long summer days.