Just like regular maintenance on your car or home, conducting a mid-year financial checkup empowers you to stay in control of your finances. As you prepare for your summer vacation, now is the perfect time to assess if you’re on track to achieve your financial goals for the year.

Step 1: Analyze year-to-date spending – Utilize tools like Rocket Money or Quicken to track your expenses and generate reports. Many of our clients have found it motivating to discover areas where they can cut back, such as excessive spending on meal delivery services and online shopping. By reviewing your spending on a quarterly basis, you can adjust and potentially save more.

Step 2: Boost retirement contributions – Most employer 401(k) websites provide a tool to assess whether you are on track to retire at your target retirement date with your current savings rate. If you received a salary increase recently, why not pay yourself first and increase your retirement contribution? Remember, if you are 50 or older, you can contribute an additional $7,500 to your 401(k).

Step 3: Check your credit report – No one likes surprises when it comes to their credit score. You can request a free copy of your credit report at https://buff.ly/47Dpvyf. Review it for signs of identity theft or anything that looks off.

Step 4: Update tax withholding – Did you withhold too much or too little? Did you get a refund, or do you owe additional tax? Based on this information, adjust the taxes withheld from your paycheck. In most cases, you can make this change online with your payroll provider or on their app.

As always, Faith Investor Services is ready to assist. Contact us today to simplify your mid-year financial review at faithinvestorservices.com/contact.