No matter how much fun your summer is shaping up to be, it’s no time to put your finances on pause. Take a look at the past six months to gauge how you can adjust your strategic or tactical actions to ensure you’re making steady progress toward your financial goals.
Check In With Your Cash Flow
Is your spending under control, leaving you with a chunk of untouched income each and every month? If not, take a deep dive into your budget to see what your dollars are doing, and tighten that proverbial belt. And make sure your emergency fund is full so you’re not tempted to reach for short-term, high-interest debt when an unexpected need arises.
Look at Long-Term Goal Progress
If your cash flow and emergency fund are in good shape, point that unspent monthly chunk toward larger goals like retirement, kids’ college funds or other investment vehicles. Research has shown that time in the market may be more effective than trying to time the market. Now is an optimal opportunity to diligently and consistently fund investment accounts linked to your long-term goals.
Make Adjustments Based on Life Changes
Have there been any births, deaths, breakups, job promotions or other notable life changes since 2017 began? Milestone events can impact your financial plan and priorities in many ways.
You may need to tweak your insurance coverage, amend your estate planning documents or revisit the beneficiaries listed for your various accounts and policies. Let the appropriate professionals know; they will have the best guidance for each situation, but only if they’re aware of these changes in the first place.