5 Things to Consider for Your Mid-Year Financial Check-Up
Podcast Transcription
Money Talk is a podcast brought to you by PFCU where we will share tips and tricks and talk to the experts on all things finance related. Join us as we cover everything from credit and loans to cyber security and careers. No matter where you are in life, PFCU is here for you.
Welcome to another episode of PFCU’s Money Talk Podcast, I’m your host, Maddy.
Summer is in the air. What does this mean for you? Vacations, the kids home from school, those pesky house projects that have been patiently waiting for warmer weather. Whatever your plans are, it’s a good time to add one more thing to your to-do list and that is to review your finances, make needed adjustments to your budget and check your progress towards your financial goals. I have just 5 simple things that you can do to review where you’re at with your finances.
Number 1 is a budget. If you don’t have a budget, now is a great time to start one. And if you do have one, check it over. Are you spending excessively anywhere that you can cut back? Have you had any income changes that need to be considered? Maybe take a look at your subscriptions that you don’t use anymore, debt you can work on paying off quicker and creating or maintaining your emergency fund. Find a way to budget that works well for you, if you feel like what you’re doing has not been working and it’s just really difficult for you to sit down and look at your budget or it’s just overwhelming for you, don’t be afraid to change it up to find something that works. A budget is not going to do you any good if you never look at it, you never adjust it and if it’s just too hard for you to sit down and really work with it.
Next is to start planning for the holidays now! Give yourself a solid 6 months to save whether it’s for traveling, gifts, food, décor, or whatever else you think you might need at this time of year. The holiday season I know can be stressful, busy and expensive. Having a head start on the financial piece can alleviate some of that stress. If you really want to get wild, and I’m not talking from experience because I don’t think I could ever do this, you could even have a nice Christmas in July and get some shopping done. Just another thing to check off your list.
Next is, if you haven’t already gotten your 3 free credit reports in the last 12 months or you’ve only gotten maybe one or two, now is a great time to take a look at those. Visit annualcreditreport.com and get them from TransUnion, Equifax or Experian. Make sure everything looks normal- that there’s no accounts that you didn’t open or mistakes that need to be corrected. This is a very important piece of your financial health.
You also probably want to comb through your accounts. Are there subscriptions, memberships or other services that you’re signed up for that you don’t use anymore? Paying for things that you don’t use does not make sense. Do a mid-year audit and see if there’s anything that you can cancel and then figure out what you can do with that money instead. Cutting out that extra might even leave you feeling like your life is a little more organized.
And last is to check in on your debt and make a plan to pay that debt back. Check your interest rates and which debts you want to prioritize such as paying off high interest debts first, saving you money, while making the minimum payment on all other debts. Also take a look at your insurance coverage. Shop around to make sure you’re still getting the best rate and you especially want to review your coverage if you have a major life event such as having a baby, or if your baby is now 16 and driving, if you’ve started a business or if you’re moving. This doesn’t mean you will always need to make a change on your coverage, it’s just good to take a look at it.
Alright and those are my 5 simple steps to do your mid-year financial review. Thanks for listening!
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