Booklet of Mid-Year Financial Checkup – Questions for Yourself

By | September 29, 2017
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Checklist for Your Mid-Year Financial Checkup

Personal financial wellness checkup booklet: On every New Year, we give promises to ourselves about many things. This year also, we people have thought to shape finance so let’s check financial pulse and ask your-self tough question. Here we will discuss on how to use a checklist for My Mid-Year financial checkup.

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Mid-Year Financial

How much debt do you have and do you have a plan to pay it off?

In the beginning of the year, many people plan to pay off their debt but most of the time, it get waylaid. To reduce debt, see credit card statements time to time and pay debt in given time which will save from penalty money for $5 to $10 every month. Put credit card outside of eyes in the summer time when there are family vacations, weddings and other things to splurge on.

How close are you to meeting my savings goals? Did you set goals for how much you would like to contribute to retirement, or to add to your emergency fund?

David Dennerll is a senior vice president of investments at HDS Wealth Solutions and he suggests that set up an automatic transfer from your checking account on a monthly basis to boost emergency funds. To calculate current projections, log on to your plan’s website and you also meet with your financial adviser and take his help.

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Will you be ready for Uncle Sam?

A certified financial planner and CPA with Gassman & Golodny say that don’t wait for the last minute of the year and recommends to maximizing 401(k) contribution. Put receipts, canceled checks, receipts, invoices, sales slips, other proof of payment on expenses and records at one place that impact on tax return. Save proof of medical expenses, personal property tax and cash and non- cash charitable donations for the purpose of tax.

Are you sufficiently monitoring your money?

Make necessary updates and plan for appropriate expenses and find loopholes if any. Check whether you get best deal on car and health insurance. Review vision and dental coverage because sometimes holder pays more on premium that he spends without insurance. Flexible Spending Accounts allow employees to pay for some medical expenses with pretax dollars so learn more about this.

Evaluate the fees and commissions on policies that you are paying twice in a year. Mid- year is an ideal time to track spending. Look at the budget and determine where you can save and adjust more. Get mentally and financially prepare for challenges and apply the strategies for investment.

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