We are at the halfway point of the year, and it is a good time to do a financial checkup.
We encourage clients to meet with us at least once a year to review their portfolio. If you deal with a financial planner and have not yet done so this year, I suggest you call and make an appointment to review your investments and make sure they are on track with your goals.
If you and your spouse are still employed or you handle your own portfolio, it is still a good idea to sit down and discuss your investments.
Some topics you might want to discuss:
- The Budget – I cannot stress enough the need for a budget. It tracks your spending and savings and needs to be reviewed at least quarterly to make sure you are on track. Summer months especially bring opportunities for travel and entertainment which sometimes stretches the budget, so it is important to be aware of your spending and get back on track if you need to.
- Utility Bills – Again, another one of those costs that sometimes change in the summer. Due to the warmer temperatures… energy costs go up and sometimes you don’t realize how much until you get a bill. Be sure everyone in the household knows the best ways to use the air conditioner. Having smart thermostats and ceiling fans can help with energy costs.
- Paycheck Withholdings – July is the ideal month to review your paycheck deductions. If anything in your life has changed, you may need to adjust your withholdings to avoid a surprise tax time.
- IRA Contributions – It is an excellent time to review your investment contributions. Be sure you are taking advantage of contributions to an IRA or Pension Account. Investing on a regular basis is a great way to save for your retirement years.
- Portfolio Picture – What does your investment picture look like after 6 months? You should always be aware of your investments, how they are performing and if they are still in line with your goals and comfort level.
- Holiday Spending – The holidays will be here before you know it. Depending on how much you spend on gifts, travel, or entertaining… it is a good time to maybe open a savings or money market account and contribute some money to handle those expenses in the coming months.
Finances do not have to be a stressful subject to talk about and handle… If you stay on top of them through the year.
Contact me anytime for help or to discuss. 800-722-0610.