It is officially July and summer is here. Even though back to school sections are starting to show up in stores, it is a perfect time to have a mid-year financial check in.
Here is a simple checklist to help you take account of where you are at, or to help you get back on track if summer vacations have derailed your financial plans a bit.
Review your spending (Not just your budget).
This is about awareness, not about guilt. Did any expenses change from the start of the year? Mid-year is a great time to correct course if needed.
Check your savings goals
Are you saving what you planned to? Check your Retirement contributions, Emergency funds, and big-ticket items you are saving for.
Update or Revisit your Financial Priorities
Has anything changed so far this year? New Job? Baby on the way? Unexpected expenses? If so, you plan should shift accordingly
Rebalance your portfolio
If you have an account that does not rebalance for you, now would be a good time to check and see if it is needed. Markets move, and what started as a well-balanced portfolio can drift away over time. Make sure your risk still matches your goals.
Estate Documents & Beneficiaries
This one is an easy one to overlook, but if it has been a few years since you reviewed your estate plan or beneficiary designations, do a quick check. Especially if there have been any new life changes recently.
Celebrate the wins
This one gets skipped but it is very important. Did you pay off a credit card? Save more than you did last month? High-five yourself. Personal finance is all about momentum. Recognize that you have made progress, even if it is a small win.
Final Thoughts
Doing a mid-year review isn’t about being perfect, it’s about being intentional. A quick check in now can help you avoid a stressful scramble later. So, take 15 minutes and take stock of where you are at currently. Your future self will thank you.
Until next time, stay cool, financially, or otherwise.
Riley Ege
Wealth Advisor
Wisconsin Advisors
Wisconsin financial advisor, retirement planning, Roth conversions, Midwest money tips, financial confidence, Sheboygan advisor, values-based planning, Riley Ege Wisconsin Advisors, Wisconsin Financial Planning, Teresa McAlpine Keith Hendricks