We’re already more than halfway through 2016. It is a good time to revisit your financial goals and check back to see if you are heading in the right direction. So, let’s take a look at some mid-year money moves and any other positive ways to adjust your finances to face the second half of the year. It is a good idea to review your finances at least once or twice a year to make sure you are on the right path to eliminate credit card debt.
Mid-Year Money Moves to Help Get Back on Track
1. Review Your Budget
This should be one of the firsts among your mid-year money moves. Take a look at the budget you created at the beginning of the year and see where you’re at financially. If you still haven’t created a budget, you can always start one now. Here are some useful budgeting resources from ACCC you can use to get started. Ask yourself questions such as, “Am I making more or less than the when I set the budget?”, “Am I in line with my saving goals?”, and “What additional expenses have impacted my budget?” Now adjust your budget accordingly.
2. Reevaluate Your Expenses & Make Cuts
Among the many mid-year money moves, this one goes hand-in-hand with reviewing your budget. Look closely at your small expenses such as smartphone apps, subscriptions, on-demand rentals, and others that may appear insignificant. If you’re spending money on these items on a regular basis, you need to reevaluate these habits.
Also, make sure you take a look at monthly charges, like gym and other memberships, and decide if they’re really worth it. If you’re not using these memberships regularly, consider canceling them permitting your contract restrictions.
3. Check Back on Your Credit
Your credit is the next most important thing to look at as part of your mid-year money moves. Managing credit card debt must always be a priority in your personal finances. Your credit report is one of the most important components in managing your finances. You should check your credit report at least 3 times per year from each of the 3 credit reporting agencies, and you can do this at annualcreditreport.com. Understanding your credit report is a big part of building wealth and positive financial intentions along the way. The health of your credit report can impact your financial goals.
4. Renegotiate Your Financial Contracts
You may be able to renegotiate your phone, internet, and cable service providers mid-year to secure better rates or free upgrade opportunities. It is just a matter of taking a minute to call your service providers and ask if you are eligible for any kind of promotions that could help you lower the bills. All of us have financial contracts in our lives, and now is the time to renegotiate them to perhaps score a better rate, especially on technology. So don’t waste any more time, pick that phone up! This may be another opportunity to reduce any undue consumer debt.
5. Check Your Savings Plan to Stay on Track
If your savings plan isn’t on the right path, figure out why and change direction. That doesn’t necessarily mean that you have to make up for six months’ worth of non-contribution to your savings account, but rather re-tooling the goal more realistically in the second half of the year. Something is better than nothing, and hopefully, you’ll start off on the right foot next year after six months of habitual contribution.
Everything in life needs a change from time to time. If your budgeting system has somehow gotten too time-consuming, change it up and find a better system. Checking back on your financial goals regularly enables you to be on the right path to achieving your goals.