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Mid-Year Money Checkup: 5 Ways to Boost Your Financial Health

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While it’s a prime time to get outdoors and enjoy the sun, the summer is also a beneficial time to assess your financial picture and make mid-year adjustments. Here are five steps you can take to check in on your finances and boost your financial health.

  1. Assess your budget.

Do you have a budget? Midway through the year is a great time to assess your current budget or build one. A common strategy is to follow the 50/30/20 rule, but those percentages may differ for you, depending on your income and cost of living. Can you eliminate unused subscriptions or comparison shop for more favorable rates on home or auto insurance? Small cutbacks can add up to big savings.

  1. Check your credit report.

Obtain a free credit report from the major credit bureaus (Equifax, TransUnion, Experian) and carefully examine it for any errors or discrepancies. Ensure that all your accounts are accurately reported and that there are no signs of fraudulent activity. Addressing any issues promptly will benefit your credit score, which can positively impact your future borrowing capabilities.

  1. Evaluate your investment portfolio.

If you currently have an investment portfolio, mid-year is an opportune time to assess its performance over the past few months and rebalance if needed. Ask yourself: does my current strategy align with my long-term financial goals and risk tolerance? Consider connecting with a financial professional at Educators Credit Union who can offer guidance.

  1. Develop a savings strategy.

Do you anticipate any large expenses in the latter half of the year such as home improvements or educational costs? Start setting aside funds or exploring financing options in advance to minimize future stress. Consider automated, recurring deductions from your paycheck that can funnel into a savings account. Not able to save just yet? That’s okay! Create a reminder to revisit this topic again in a few months.

  1. Make a plan to pay down debt.

This is a good time to evaluate your outstanding debts, such as credit card balances, loans or mortgages. Consider the balances, current interest rates, and payment terms for each. If you’re feeling overwhelmed about your debt, you’re not alone. Taking proactive steps towards debt reduction can improve your financial health, significantly reduce your stress and create financial stability. For tips on how to manage your debt, check out our article – How to Manage Your Debt.

These tips were shared by our partners at GreenPath Financial Wellness, a trusted national nonprofit.


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