Time for that Mid-Year Financial Check-Up
You visit the doctor for your yearly health exam, so why not treat your finances in the same light with a Mid-year financial wellness check-up. With half of 2019 already behind us, now is a great time to do a mid-year check-up on your financial health.
Below are five tips to help keep your financial wellness in check.
1. Check-In on your Budget
Are you spending more than you are bringing in? Are you paying for old subscriptions that you no longer use? Reviewing your budget monthly or even quarterly allows you to track your spending and make sure you are not running over budget. This will also help you determine how much you can save on a monthly basis.
2. Get your Full Financial Picture
Check in on all of your investment and banking accounts to make sure they are accurate and up to date. Also review your outstanding debt. Often times, debt will be the largest obstacle to overcome in achieving your financial wellness.
3. Check your Retirement Plan Contributions and Allocations
Are you on track to reach your contribution goals? Now would be a good time to check the progress you have made and make adjustments accordingly. As the market and economy changes so will your original investment allocations, a mid-year reallocation may be in order to keep your portfolio risk in check.
4. Check your Credit Score
Everyone is entitled to an annual free credit check by one of the three major credit agencies. Now would be a great time to check that score and develop a plan for
improving over the remaining course of the year.
Securities and advisory services offered through LPL Financial, a registered investment
advisor. Member FINRA/SIPC.
Cornerstone Wealth Management
486 N.W. 2nd Ave.
Canby, OR 97013