9 Financial Housekeeping Items To Address This Summer

As you enjoy your summer, keep in mind that mid-year is the perfect time to address your finances and ensure that your retirement is on track. So before you hit the beach or the mountains, take an hour or two and take a look at your financial picture.

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Double-Check Your 401(k)

Are you maxing out your 401(k) and ensuring that you get any employer contributions? If you haven’t looked at your 401(k) since last year, it’s likely time to make an adjustment. While you’re in there, see if you can set up an automatic increase as well.

Look At Your Cash

If you’ve got emergency funds (good job!) make sure they’re earning you as much as possible – there are several banks that will pay you up to 4% on your savings account. If that isn’t your bank, it may be time to make a switch.

Increase Your Savings

While you’re looking at your savings, take a moment to increase them – either by setting up an automatic increase, or by setting aside some extra if you’re able. Mid-year is often a time where you may get a mid-year pay adjustment, so take advantage of that if possible to increase your savings amount.

Assess Your Debt

Take a look at your credit and debt situation, and if you’re slipping this area now is your wake up call. Take control here if you need to, and plan for the last half of the year to take control of your debt if this is an area where you need help.

Tax Planning

Mid-year is a great time to plan for your taxes, as you still have the last half of the year to make adjustments and strategize with your accountant.

HSA Planning

Health Savings Accounts or HSAs are excellent investment vehicles that many people neglect – if you have one, ensure that you’re utilizing it to the most effectiveness possible.

Check In With Your Investments

Assess your risk tolerance again to see if it has changed, and check in with your investments to ensure that they’re properly allocated according to your risk tolerance.

Review Your Insurance Policies

Are you adequately covered by your insurance policies, and do you have the correct beneficiaries? Do an audit with your agent and make sure that you have the right amount and types of insurance for your needs, and that you’re not paying too much.

Go Over Your Budget

If you don’t budget, now may be a good time to start. If you do budget, take a bit of time to review it and make sure you’re not missing anything that may hinder your financial goals.

A quick check in over the summer can help you to stay on track all year long!

By Andrew Rosen, Contributor