Is It Time for a Mid-Year Financial Checkup?

Keystone Financial Group |

It's hard to believe it, but we're halfway through the year, and the plans you considered so important at the end of 2021 may not hold that same importance now that we’re in the middle of 2022. It’s time to see if your financial goals are still relevant and if yes, are you meeting them?

It might also be time to consider a budgeting app or online tools to help keep you focused on your financial goals.

As you review your situation, here are a few questions to consider:1

Are you sticking to your planned budget?

  • Have your monthly bills increased beyond expectation?
  • Do you have unexpected living expenses that you aren’t tracking?
  • Are your spending habits higher or lower than what your budget allows?

How are you protecting your money?

  • Do you have sufficient reserves that you can access in case of an emergency?
  • Do you have a reasonable portion of your savings and nest egg in buckets that are not subject to market volatility?
  • Have you checked your credit score lately, and are there any adjustments you can make to increase your number?
  • If you have some bad debt still hanging around, can you adjust your budget to get this paid off sooner?

Are your retirement contributions still accurate?

  • Are you saving enough for retirement, or do you need to adjust your retirement fund contributions?
  • If you have an annuity or IRA, do you need to adjust your allocations either for a better ROI or reduced risk, based on your risk tolerance?
  • Do you have a portion of your retirement savings in tax-advantaged vehicles that will provide tax-free income in retirement, or is your entire portfolio in tax-deferred assets?

Who has your Tax and FSA money?

  • Are you giving the IRS an interest-free loan? I.e. Are you paying the right amount of taxes so that the IRS isn’t holding onto your hard-earned money when it could be working for you instead?
  • Since FSAs usually work on a use-it or lose-it system, have you checked to see how much you have to spend?

Consulting with a financial professional can help you stay on track with your goals and make sure you aren't missing any important pieces of the puzzle when it comes to your financial plan. It's a good idea to review your plan at least once or twice a year, so if you haven't done so in a while, now is a good time to reach out and schedule a review.

If you need help making sure your financial plan is on track, we're here to help! Contact our office today to speak with a financial professional who can help you assess your current situation and put you on a path to achieving your short and long-term financial goals.



1.) Adapted from US News and World Report



This document is for educational purposes only and should not be construed as legal or tax advice. One should consult a legal or tax professional regarding their own personal situation. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products offered by an insurance company. They do not refer in any way to securities or investment advisory products. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets.