Can you believe we’re halfway through the year? Now may be a great time for you to examine your financial habits and review your financial goals. Are you on track to reach those goals? No matter where you are on your journey, doing a financial checkup is a great idea. Here are steps you can take for a mid-year review.
Check Your Budget
Creating a budget and then sticking to it, can be a challenge. Now’s a great time to check your budget and determine if it’s still feasible.
Check on Your Emergency Fund
While reviewing your finances, assess how much you have saved in your emergency fund. Most experts recommend having three to six months' worth of living expenses in an interest-bearing savings account. If you haven't built up an adequate emergency fund, reassess your budget and come up with a savings plan to reach your goal in a realistic timeframe.
Review Your Retirement Contributions
Do you know how much you’re contributing to your retirement account? Can you be adding more to these accounts? Are you taking advantage of potential matches from your employer? Determine if you can adjust your contributions to add more and check out our Individual Retirement Account options and IRA certificates.
Plan For the Holidays
Believe it or not, the holidays will be here before you know it. Are you thinking about taking a vacation or making a large purchase during the holidays? If so, saving for holiday spending is best done sooner rather than later. Consider utilizing a Holiday Savings Account.
Revisit Your Credit Reports
Do you know your credit score? Utilize Credit Union of Denver’s Credit Score & More feature to view your credit score, simulate how certain actions could impact your score, and more!
Checking your credit report a couple of times a year is a good financial habit. Doing so allows you to correct mistakes and discover potentially fraudulent activity. You can request copies of your credit reports from each of the credit bureaus and proactively monitor your credit histories to make sure that everything is in order.
Congratulations! You’ve just completed your mid-year financial checkup. Financial wellness is a journey, and everyone is on their own path towards financial success. So follow these steps and anything else you need to reevaluate throughout the year, to stay on track.