Are you on track to reach your EOY financial goals?

Whether we want to believe it or not, we’re almost halfway through the year and fall is right around the corner. Regardless of a busy summer schedule or slower pace, now is the perfect time to do a mid-year financial check-in to see how everything is lining up with your end of year goals.

Here are several steps to take to conduct a mid-year check-in:

  1. Evaluate current debt

We know spending tends to increase toward the end of the year due to holidays. With this in mind, it’s important to evaluate any current debt you’ve accumulated or are still paying off. Everyone likes to track and tackle their debt differently, but make sure you have a clear picture of everything you owe and what the interest rate is. You may want to negotiate a lower rate or transfer your debt elsewhere.

  1. Check your credit score

Checking your credit score is usually something you only think to do before taking out a loan, making a big purchase or applying for a credit card. Now is the time to take a look and see where you are currently! If there are any red flags you’ve missed with your financial health, like unauthorized use of your cards, checking your credit score will give you insight. 

  1. Readjust your retirement fund

Perhaps you joined your company several years ago and haven’t checked in with your 401(k) since setting everything up. We recommend checking in to see the contributions you’re making, how your money is invested, and what the numbers are at.

  1. Prioritize savings

Did you dip into your savings for any of those “life happens” moments? If you did, don’t stress! Prioritize replenishing your savings and once you do, think about your EOY goal. If you’re close to it, readjust and see if you can save more. If you’re not, adjust your budget so that you can focus on saving.

It can be hard to find time to sit down to look at all the numbers, but heading into the last half of the year with a clear picture is important in order to meet your goals.