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Half-Year Mark: Review Your Finances

By the end of June, the year will halfway done. How have things been going so far this year? June is a great time to look at your finances, assess your situation, and move forward making adjustments.

Where Are You At?

First of all, take a look at where you’re at. If you don’t regularly check your net worth, now is a good time to see what progress you have made. You should also look at your budget habits. Have you been sticking with your spending plan? Consider, too, how close you are to keeping up with the money goals you set for yourself this year.
As you look at your current situation, you should also consider the feasibility of continuing as you are. Are you likely to be able to keep pace with your goals? Did the goals you set turn out to be a little unrealistic? Be honest with yourself and the situation. You might need to tweak some of your goals — especially if a financial setback has changed the situation.
Get a good idea of where you stand, so you know what you need to do going forward.

Preparing For The Rest Of The Year

Many people become discouraged when they realize that they have gone off track with their finances. Instead of giving up, though, consider starting over again. This is the perfect time to pat yourself on the back for the positive things you have done so far this year, and to plan out what you can do for the rest of the year.
Whether you put together a plan to save up for taxes, tweak your budget to reflect a more realistic debt pay down schedule, or renew your commitment to making brown bag lunches to take to work, now is a great time for a fresh start and renewed effort.
Another thing to do is plan for the big purchases you want to make during the year. If you know that you will be going on a trip, buying a new bed, doing some home improvements, or spending money on some other large purchase, plan for that. Look into the future for the rest of the year, and decide what you will need your resources for. This is important if you want to avoid running into debt problems later.
It’s also a good time to take advantage of sales. Computers, carpeting, sports items, and furniture are all sale around this time of year. If you have some planned purchases to make, now is a good time to figure out when the best time to buy is. If now doesn’t work, look ahead to see when the next sale cycle will be. Plan some of your purchases to take advantage of the retail year and save money.
Now that we are almost halfway through the year, you should take stock, and get ready for the second half of the year. With a little planning, you can make the second half better than the first half.

Comments

  1. Marie at FamilyMoneyValues

    Half a year gone – again! Summer is also a pretty good time to hook up with your accountant to do some tax planning. They are through their busy season and rested up – ready to give you their undivided attention!

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