Midyear is a great time to check in on financial goals, revisit investments: Here's why
MINNEAPOLIS -- If your pocketbook is feeling the strain this year, you're not alone. Experts say now is a good time to check back in with your money goals and plan ahead.
"Thinking about your money isn't the number one thing people wake up and think they're going to do," financial planner with Great Waters Financial Matthew Schwartz said.
It might not be top of mind, but Schwartz says checking in with your finances midyear is the perfect way to ensure you're on track.
"It's important that every once in a while we're touching base with our financial situation, just to see where we are at," he said. "Gain insight and clarity into how the balance sheet or the income statement looks like and really assess whether we are comfortable with where we are at."
Schwartz says the first thing you should do is take a look at your spending and saving habits. Experts say this is the foundation of any financial plan.
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"Have I been spending in line with what's important to me? Looking back at bank statements or credit cards to see where the money has been going is really the first step we want you to take," Schwartz said.
Next, revisit your investments. Are you still on track for contribution goals? Do I need to adjust my 401K or 403B?
"Are we hitting those goals by the end of the year? Depending on the type of account you're saving into, understanding if you're on track for the end-of-year deadline," Schwartz said.
Once you've figured that out, start planning ahead for future expenses.
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"What is life if we are just constantly worried about saving every single dollar? I think it's important that we also recognize that we should be spending money for enjoyment today," Schwartz said. "The spending plan gives us permission to do that."
It might not feel like it now with the Minnesota State Fair just around the corner, but soon it will be the holiday season. One way Schwartz suggests planning ahead is to start tucking away money each week for the holiday season. If you start doing that now, you'll be in good shape to buy all the gifts you want.