​Without regular checkups, even the best laid plans often fall apart. Your financial plans are no different; regular review of your plans is important no matter what life or career stage you are in. You can assess what has and hasn’t worked, and still have time to make any adjustments necessary to finish the year in the strongest financial position possible.
 
Major life events often push us to review our financial plans, but it is important to conduct regular reviews as well. You don’t want to be at a point where you go to make a major purchase or job change only to realize your financial position doesn’t support that move.
 
We recommend considering the following during your mid-year financial checkup.
 
Evaluate your budget.
  • If you don’t have a budget, there’s no time like the present to create one. If you already have a budget, a mid-year review is a great time to review your spending habits to understand where you might be saving (or not).
  • Consider the state of the economy, any potential job/income changes, or any major life events that may affect your budget moving forward.
 
Update your retirement contributions.
  • This is a great opportunity to evaluate your contributions and your target retirement date; even if it’s years away, it never hurts to be prepared.
  • Be sure to talk to your financial advisor about opportunities for catch-up contributions or other investments and plans you can make, including your estate plan.
 
Review your benefit accounts, including FSA, HSA, and dependent care accounts.
  • If you use these accounts, you’re probably used to tracking them closely and considering any rollover rules. Contact your benefits administrator or human resources business partner for any additional information you might need.
  • Consider increasing or decreasing contributions to these accounts to maximize contributions and tax benefits.
 
Tidy up your taxes.
  • It’s important to plan ahead for next year’s taxes; it might feel like filing is months away, but in reality, the tax year is halfway over.
  • Be sure you have all the necessary records and receipts for tax-deductible expenses, including out-of-pocket medical expenses, mortgage and student loan interest, and charitable contributions.
 
Prioritize and plan for your debts.
  • Your budget for the rest of the year should include a plan for debt repayment, which may include student loan or credit card debt.
  • Two common options for debt repayment are the avalanche method (paying off accounts with the highest interest rate first) and the snowball method (paying off the smallest debts wholly first). Learn more about debt payoff strategies.
 
Go through your credit report.
  • Review your credit report often, probably more than a few times a year.
  • Look for signs of identity theft or anything that seems wrong, and report immediately to the appropriate organization.
  • Take advantage of free credit report monitoring services through your financial institutions or third-party organizations like annualcreditreport.com to review and check your credit score and report regularly. 
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More by the A&C Team
​Andrews & Cole is a certified woman-owned boutique executive search and consulting firm with a focus on accounting and finance professionals. Clients range from start ups to Fortune 100 in nearly every industry.