Money Checkup

5 Steps for a Mid-Year Money Checkup

We’re halfway through the year. Are you halfway through your financial New Year’s resolutions? I thought I was, but after a quick check on my money I’ve been proved wrong. I’ve got some catching up to do before I can meet my financial goals by the end of the year. If you do too, we need to talk.

Here are some more details some mid-year checkpoints.

1. Review your goals

Your money should always be working towards something. If you set a financial goal at the beginning of the year, now is the time to check on your progress.

If you don’t have a goal, make one – like adding to your emergency fund, paying down debt, or saving for the deposit on a house. Once you have a goal, start tracking it. If you go to www.sorted.org they have some great online tools.

2. Check your investments

If you have property investments, when were your rents last reviewed and when was a full maintenance check done?

If you are in Kiwisaver, are you on the right investment fund option for your stage of life? If you are allocated into the default provider, you will be investing in the schemes conservative fund option.

Call us if you would like this reviewed.

3. Check on your retirement plan

Find a balance between living now and living later.

What is your plan to fund your life in retirement? Depending on your age, Kiwisaver and Superannuation alone may not meet your needs.

Click here to download a quick worksheet which will give you an insight into what it may cost to fund yourself in retirement.

Remember we are now living much longer in retirement, what else can you be doing?

4. Track your recent spending

Many people are at their financial best in the beginning of the year. It’s after New Year’s Eve, you’ve made your money resolutions, and your watching everything you spend. A few months into the year, you start to slip, and forgotten all the plans you made – and your back to your old habits.

To get focused, track your expenses against 30 days around June or July. Everything you spend (including cash purchases) is tracked by category. Then go through and see where your money leaks are.

I use for my clients a really great money tracker tool which allows you to track your spending against your budget.

Call me if you would find this tool useful.

5. Update your budget

If you created a budget at the beginning of the year (or several years ago), it may need some fine-tuning. For example, petrol and groceries have gone up. Have your allowed enough ‘fun’ money?

Most of my clients actually have a good operating surplus if they spend according to plan. This can be put to good use to re-pay debt faster including your home loan.

To start the process, please schedule a quick Strategy Session with us today!

Schedule A Call With Us >>

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