Hi, this is Josephti (jo-SEF-tee), a Playa Vista financial planning and investment management Expert. Please email me your financial planning questions: info@thewealthgardenfs.com
Summer often flies by in a blur of vacations, family activities, and time spent enjoying longer days. Before the busy fall season arrives, August presents an ideal opportunity to pause and evaluate your financial progress for the year. Just as an annual physical helps monitor your health, a mid-year financial checkup can help ensure you’re on track to meet your goals and make any necessary adjustments before year-end.
Here are seven important questions to ask yourself before fall begins.
1. Am I on Track to Reach My Financial Goals?
Take a moment to revisit the goals you set at the beginning of the year. Whether you’re focused on saving for retirement, paying down debt, building an emergency fund, or saving for a major purchase, assess your progress honestly. If you’ve fallen behind, don’t be discouraged. Small adjustments made now can still have a meaningful impact by year-end.
2. Have My Income or Expenses Changed?
Life rarely stays the same for an entire year. Perhaps you’ve received a raise, changed jobs, welcomed a new family member, or experienced increased household expenses. Review your current budget and spending patterns to determine whether your financial plan still reflects your reality. A budget that worked in January may need updating by August.
3. Am I Saving Enough for Retirement?
Retirement savings deserve regular attention. Review your contributions to workplace retirement plans, IRAs, and other investment accounts. If you’ve received a salary increase this year, consider directing a portion of that additional income toward retirement savings. Even a modest increase can make a significant difference over time.
4. Is My Emergency Fund Adequate?
Unexpected expenses can arise at any time. Evaluate whether your emergency fund still provides sufficient protection. Many financial professionals recommend maintaining three to six months’ worth of essential living expenses in readily accessible savings. If you’ve used part of your emergency fund this year, now may be a good time to replenish it.
5. Have I Reviewed My Investment Portfolio?
Market fluctuations can cause your investment allocation to drift from its intended target. A mid-year review allows you to determine whether your portfolio remains aligned with your goals, risk tolerance, and time horizon. Remember, successful investing is typically about maintaining a disciplined long-term strategy rather than reacting to short-term market movements.
6. Are My Estate Planning Documents Current?
Estate planning isn’t a one-time task. Review beneficiary designations, wills, trusts, powers of attorney, and healthcare directives to ensure they reflect your current wishes. Major life events such as marriage, divorce, births, or deaths in the family may warrant updates.
7. What Financial Opportunities Should I Address Before Year-End?
While December may seem far away, many valuable financial planning opportunities require advance preparation. Tax planning strategies, charitable giving plans, retirement contribution goals, and other year-end decisions are often more effective when addressed early. Starting now gives you more flexibility and fewer deadlines to manage later.
Looking Ahead
As summer winds down, now is a great time to review your financial progress and make any needed adjustments before year-end. Small changes today can have a meaningful impact on your long-term goals.
By asking yourself these seven questions, you can head into fall with greater confidence and a clearer financial roadmap. If you’d like help reviewing your plan or discussing your goals, contact us at info@thewealthgardenfs.com. We’re here to help you stay on track and finish the year strong.
Josephti Cruz, CDFA® offers investment advisory services through the WealthGarden f.s., an SEC-registered investment advisor. She is not a tax advisor. This article is for informational purposes only and is not intended as a recommendation or advice which can only be provided after a careful review of your individual situation.
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