Not able to save just yet? That’s okay! Create a reminder to revisit again in 2-3 months’ time. Consider automated, recurring deductions from your paycheck that can funnel into a savings account. Ask yourself: does my current strategy align with my long-term financial goals and risk tolerance? If you’re new to investing or feeling uncertain about what money moves to make, consider connecting with a financial advisor who can offer guidance.ĭo you anticipate any large expenses in the latter half of the year such as home improvements or educational costs? Start setting aside funds or exploring financing options in advance to minimize future stress. If you currently have an investment portfolio, mid-year is an opportune time to assess its performance over the past few months and rebalance if needed. Addressing any issues promptly will benefit your credit score which in turn can positively impact your future borrowing capabilities. Ensure that all your accounts are accurately reported and that there are no signs of fraudulent activity. Obtain a free credit report from the major credit bureaus (Equifax, TransUnion, Experian) through and carefully examine it for any errors or discrepancies. Can you eliminate unused subscriptions or comparison shop for more favorable rates on home or auto insurance? Small cutbacks can add up to big savings. A common strategy is to follow the 50/30/20 rule, but those percentages may differ for you, depending on your income and cost of living. Money management apps typically provide monthly breakdowns that pinpoint where you might be overspending. Here are five steps to take to boost your financial health and reduce your worries this summer.ĭo you have a budget? Midway through the year is a great time to build one. And while July is a prime time to get outdoors and cash in on any plans you may have-at home or beyond-the reality is that financial concerns (and recent credit interest rate spikes) remain a pain point for many of us. Summer is in full swing and so is peak travel season. Mid-Year Money Checkup: 5 Ways to Boost Your Financial Health
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