It feels like you just packed away the holiday decorations yesterday, but believe it or not, 2019 is already half over. As we sail into the season of barbecues and beaches, take a few minutes to give yourself a mid-year financial checkup. A small investment of time can spur important changes that can affect your financial wellness for the rest of 2019 or even for years to come. 

Use the seven steps detailed below to guide you through your checkup. 

 Step 1: Revisit Your Budget

By reviewing and adjusting your budget, you will avoid falling into the mindless spending trap and you will be taking proactive steps toward staying on top of your finances for the rest of 2019. 


Step 2: Anticipate Large Expenses

If you do not have enough money set aside for these expenses, build a savings plan into your monthly budget now so you have the funds available when you need them. 


 Step 3: Review Your Tax Withholdings 

Review your tax withholdings to see if they need any adjusting. If taxes and numbers are not your thing, ask your accountant for assistance with this step.


Step 4: Check Your Credit Score

Your credit score is like your money grade, indicating the degree of your financial wellness and responsibility. If your score has gone up in the last six months, you’re doing great! Keep up the good work. 


 Step 5: Review Your Investments

Now is the time to review and adjust all of your investments. Make sure you are maximizing your contributions when possible and that your other investments are performing according to plan, making adjustments as necessary.


Step 6: Tackle Your Debt

List every single outstanding debt you carry, including credit card debt and loans. Designate one debt to tackle first, either choosing the one that carries the highest interest rate or the one with the lowest balance.


 Step 7: Review Your Financial Resolutions and Long-term Goals

Take some time to review these goals and to determine whether you are indeed taking the steps necessary for making them happen. If you’ve been neglecting them for the first half of 2019, create a plan for working toward them for the rest of the year.


 

Now that you’ve given yourself a thorough financial checkup, you can kick back and enjoy the sweetness and the sunshine of the season, guilt-free. Happy summer!