Mid-Year Financial Tune Up
41 percent of people make resolutions each year, but only 9 percent are successful in achieving them. Ensure you’re among the minority—do a financial tune-up of your goals for the year.
Status Check of Your Financial Goals
At the halfway point, it’s time to do a status check—not only on those goals you set earlier this year, but on your overall financial picture.
Take a snapshot of your current situation and see where you stand financially. List your assets and liabilities and cash flows. Compare those goals you set earlier in the year to where you stand financially to date.
5 Tips to Achieve Your Short- and Long-Term Goals:
After your mid-year financial assessment, take one or all of these steps to stay on track with your goals.
1) Review & Rebalance. Your investment portfolio is the catalyst behind reaching your goals—the engine that makes your finances go. Review your portfolio to ensure your investments still make sense for your current situation. Most importantly, you want to ensure you are diversified—spread your assets across multiple different investment types to reduce risk.
2) Re-striking a Balance. Finding the perfect balance of saving and paying down debt is crucial to achieve your financial goals. Review how much money you’re putting away now and how much debt you’re paying down.
3) Tackle Spending Challenges. If you’ve splurged or spent more than anticipated, now is a good time to create or trim your budget. Look at your non-essential expenses (i.e. entertaining, dining out, etc.) Can you reduce spending in these areas each month? Then, find opportunities to reduce monthly bills for essential expenses (i.e. cable, cell phone, etc.).
4) Prepare for Uncle Sam. Gather your documentation as soon as they're available, including receipts, invoices, checks, proof of medical expenses and charitable donations. Review your tax withholdings from your paychecks to ensure you’re putting enough away.
5) Be Your Own CFO (or hire one). We all play the role of Chief Financial Officer for our finances, so it’s important to ensure we’re still doing a good job. Give yourself an employee review. If you can't do it on your own, your financial institution has the resources you need to succeed.
If you need help achieving your short- or long-term financial goals, Busey is dedicated to providing support and resources you need. Contact us today, visit any Busey location or call 1.800.67 | Busey.