Mid-Year Financial Check In

With July officially behind us, it’s time to face the facts: we’re in the second half of 2024. While there’s still plenty of time to enjoy the rest of summer, we encourage you to take this time as an opportunity to review the progress you’ve made, reassess priorities, and make any necessary adjustments for the remainder of the year.

Review your Budget

The first step in a mid-year check-in is to review your budget. Evaluate your income and expenses over the past six months and identify any significant changes or unexpected costs. Have you been sticking to your budgetary goals? This review will help shed light into your spending habits and highlight areas where you may need to cut back or allot more funds towards. The second half of the year can be expensive between holiday season and back to school spending. Try taking some time to prepare now!

Emergency Fund

Have you been able to maintain a healthy emergency fund? Life is full of surprises and a financial crisis can strike at any time. Whether it be a medical emergency, sudden job loss or car repairs, having an emergency fund provides a sense of security during any of these challenging situations. With an emergency fund in place, you have the ability to navigate through unexpected circumstances without derailing your financial goals. In general, your emergency fund should have around 3-6 months of living expenses.

Taxes

This is the time to review any recent tax changes that may have occurred, to make sure you are aware of new regulations or adjustments that could impact your tax return. By reviewing income, withholding, estimated tax payments, deductions and credits, individuals can make necessary adjustments to maximize tax efficiency and minimize any potential surprises at year-end. Talking to a professional can help! At Sgroi financial we are more than happy to discuss tax planning.

Doing mid-year check ins on your finances is important to make sure you are on track with the rest of your financial goals for the year and retirement. If you haven already, schedule your yearly review with your advisor at Sgroi Financial today!