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Mid-Year Financial Check-In: Are You On Track To Reach Your Year-End Goals? Thumbnail

Mid-Year Financial Check-In: Are You On Track To Reach Your Year-End Goals?

Midyear is officially here. Now is a great time to take stock of your finances (pun intended). How are your current plans lining up with the big picture goals you set for yourself back in January? Below are a few ways to check in on your financial health as we head into summer, refocus, and stay on track toward your year-end goals.

Check-In #1: Evaluate Current Debt

Holiday retail sales hit a staggering $943 billion last year, meaning our spending won’t be slowing down anytime soon as we head into the holiday season at the end of 2023. In fact, people expect to spend around $867 on Christmas presents alone, and that doesn’t include holiday parties, decorations, travel, etc. With your spending likely to increase toward the end of the year, now is a great time to evaluate any current debt you may have accumulated throughout the year and get that under control.1,2

Write down all debt currently owed, including credit cards, student loans, mortgages, and car payments. Be sure to also keep track of the minimum payment amounts, interest rates, and due dates. Once you have everything laid out and organized in one place, you can begin to focus on eliminating certain debts (especially those with variable interest rates). Seeing all your debt in one place may sound stressful, but it’s an important first step in taking control and taking action. Here are a few ways to tackle debt.

Check-In #2: Check Your Credit Score

Can you remember the last time you checked your credit score? If you haven’t given it a look in a while, now’s the time. Your credit score can help make you aware of any potential red flags, such as missed payments, identity theft, or unauthorized use of your credit cards. 

Check-In #3: Adjust Your Retirement Contributions

If you contribute to an employer-sponsored retirement fund, such as a 401(k) or 403(b), take some time to check on your account. This is especially important if you set automatic deposits a year or two ago and haven’t thought about it since. For 2023, the 401(k) contribution limit is $22,500 for those under 50 or $30,00 for those 50 and older. If you’re heading toward retirement and trying to make the most of your employer-sponsored plan, you now have the opportunity to save even more in your account.3

Check-In #4: Rebuild Your Emergency Savings

With family vacations, weekend trips, and summer concerts, enjoying the warmer weather can cost quite a bit. The temptation to tap into your emergency savings is strong. But, keep in mind, it's also hurricane season and extreme weather events are a bigger concern from June to November, a major and possibly life-altering expense. If you set a savings goal for the year, do a quick progress report. Have you nearly reached your emergency savings goal? Then, you may want to challenge yourself to save even more. If you’re nowhere near it, focus on adjusting your spending habits to better support your emergency fund goal. Unexpected events can happen anytime. You don't want to be stuck carrying a large credit card balance in the current interest rate environment because you're forced to rely on taking on debt in a pinch. 

Check-In #5: Rethink Your Goals

Think back on everything that’s happened this year. It’s likely some surprise events occurred, isn’t it? From divorce, death, and weather related property damage, to proposals, births, graduations...these moments can have a significant impact on your finances. Revisit the goals you made at the beginning of the year and make sure they are still aligned with your current thoughts about what's most important to you. Take some time to reflect on your entire financial picture, needs, wants, and wishes for the present and future. Find some time to yourself to rethink and readjust your plans as needed, so you can stay financially confident and on track for the rest of 2023 and into your new year.

  1. https://www.statista.com/statistics/243439/holiday-retail-sales-in-the-united-states/
  2. https://www.statista.com/statistics/246963/christmas-spending-in-the-us-during-november/
  3. https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sharing-plan-contribution-limits

This content is developed from sources believed to be providing accurate information. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.