Your Money Fitness Journey: Tips for a Mid-Year Financial Check-Up

Half a year has passed, so what better time than now to check your finances? You might have set some goals at the start of the year, and six months later is the perfect time to see where you stand with money and whether or not you should make some changes.

Step 1: Revisit your financial goals

The first step to doing your mid-year financial check-up is seeing where you are now. Look at your savings, investments, estate plans, and more to see how close or far they are to your financial goals earlier in the year. These will give you a better idea of the necessary adjustments you need to make to be on track with your long-term goals.

Ask yourself if these goals are still relevant and attainable because of your financial state, income, and plans. This early review will allow you to refine your financial plan and set yourself up for success.

Step 2: Check on your savings and emergency funds

Life is unpredictable, and having savings or an emergency fund is like having a safety net to catch you during unforeseen situations. First, check if your savings fund is enough to cover at least 5-6 months’ worth of basic needs. If not, create a short-term “deposit plan” to meet that goal to secure your future.

Adjust your expenses on leisure and long-term plans like vacations, education, or retirement, especially if you have a change in income. Remember that no matter what happens, you should always put money aside for savings and emergencies.

Step 3: Reassess your insurance coverage

Insurance is one of the most important things you should consider with your mid-year financial check-up. Take some time to see if your insurance policies still meet your needs. Marriage, childbirth, or a change in employment might require you to get new or updated coverage.

Don’t forget to consult with your insurance provider or a financial advisor to help you choose an insurance plan best suited to your needs—such as health, home, automotive, and life insurance.

Step 4: Look into new investment strategies

Investing is critical to growing your wealth over time. Don’t limit yourself to familiar strategies and be open to exploring other investments like bonds, real estate, or the stock market. Your financial advisor can always help you out with the best choice.

Remember that diversification is important in investing. Divide your funds among different investment opportunities or channels to minimize risk and maximize returns over time. If you haven’t started investing, now’s a great time to begin!

Step 5: Plot specific plans for the next 6-months

Once you’ve rebalanced your financial portfolio, it’s the perfect time to make specific plans for the rest of the year. For example, if your goal is to pay off a debt, plot the allocated monthly amount you need to get there. Making plans will help you stay motivated and closer to your goals.

And just as planning for the future is important, it is equally important to enjoy your life. Celebrate wins and be kind to yourself in case there are any setbacks.

Remember, a mid-year check-up shouldn’t be stressful or considered a burden. It’s a great chance to get in touch with your financial well-being, refresh your goals, and take charge of your future. If you need a financial boost to help tie some loose ends on your mid-year financial plans, let SAVii help.

‍