{"id":20899,"date":"2023-06-10T11:06:22","date_gmt":"2023-06-10T15:06:22","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/nine-money-moves-to-make-for-your-mid-year-financial-checkup\/"},"modified":"2023-06-10T11:06:23","modified_gmt":"2023-06-10T15:06:23","slug":"nine-money-moves-to-make-for-your-mid-year-financial-checkup","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=20899","title":{"rendered":"Nine Money Moves To Make For Your Mid-Year Financial Checkup"},"content":{"rendered":"
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Summer is here so it\u2019s time for a mid-year financial checkup.<\/h2>\n

With longer days and warmer weather, finances might be the last thing on our minds right now. Before we put on our sun hats and hit the beach, there are a few important financial steps to take to meet important financial goals.<\/p>\n

Here are nine financial steps to take mid-year:<\/h3>\n

1. Track your net worth<\/h3>\n

Tracking your net worth at least once a year provides valuable data. Imagine being able to look back to see your progress over the years in building wealth. Fortunately, a simple net worth statement isn’t difficult to create – simply make a list of your assets and liabilities on one page. To get started, here is a link to an online net worth calculator.<\/p>\n

Of course, tracking can provide data points for you to make adjustments if you aren’t making the gains you’d like. If you haven’t created a net worth statement this year, take the time to do it now.<\/p>\n

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Financial Planner tip:<\/strong> Track your net worth at least annually. Day to day you may not notice drastic changes but looking back you can spot broader trends.<\/p>\n

2. Increase your retirement savings<\/h3>\n

Increase your retirement savings percentage to at least any company matching contributions and then shoot for more. With the demise of pension plans, most professionals fund their retirement income through their employer’s defined contribution plans. This means we have to save as much as possible during our working years. In 2023, the maximum 401(k) contribution is $22,500 per year in salary deferrals and bumps up to $30,000 for those age 50 or older.<\/p>\n

Financial Planner tip:<\/strong> If you aren’t at the maximum but can’t take a drastic drop in your paycheck today, simply increase your savings by one percent. Do this every year, and you’ll be surprised at how much you can save.<\/p>\n

3. Pay off high interest debt<\/h3>\n

Credit card balances can easily grow especially if you use them for daily purchases to maximize rewards points. Interest rates on revolving debt can be upwards of 20% which can defeat the purpose. Review your credit card balances and either pay them off monthly as the bill comes due or make a plan to pay the balances down.<\/p>\n

Financial Planner tip:<\/strong> If your credit card balances are high and you want to pay them off. Consider using the Snowball Method.<\/p>\n

Here’s how it works:<\/p>\n