Time to Review Finances


             Believe it or not, 2019 is already more than halfway through and before you know it, it will be time to start thinking about your 2020 New Year’s resolutions. Before looking that far ahead, however, now is the perfect time to check in on where things stand with your finances –particularly if adhering to a new budget or overhauling your financial situation was part of your 2019 resolutions.

            A financial review is the best way to make sure you haven’t gotten off track on your budget. It is also a good way to make sure that you haven’t overlooked opportunities that can help you save more money than you’d initially planned or to determine if any extra, unexpected income could potentially leave you with a higher tax bill if you don’t make certain adjustments now.

            Fortunately, a midcourse review doesn’t have to be an agonizing process, as it isn’t nearly as extensive as creating a new budget or undertaking an overhaul effort of your finances.

A few things to consider when reviewing your finances:

  • Take a look at the goals you set at the start of the year to make sure that the things you found important then are still of highest importance and that you are on track to meet those goals, and determine if there are steps you should take to reach those goals.
  • Determine if there are any new goals that need to be added to your list and, if so, what steps you need to take to reach them.
  • Take the time to go through your year-to-date credit card and banking statements to see where you stand with everything, and look for any unnecessary expenses that you can eliminate. Also, look for any recurring expenses you are paying that you may have forgotten about or for any large changes to credit card fees you may have overlooked.
  • Determine if there are any spending habits that you can change to improve your overall financial situation, or if you are able to increase the contributions you make each month to your savings.
  • If you have an accountant, please check with them to find out if there are any steps you can take to ensure you are in the best possible shape when the next tax season arrives.
  • Examine your investments to ensure you haven’t experienced any major losses, or whether you should be doing any rebalancing of your investments to keep you on track to meet your long-term savings goals.
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