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Mid-Year Money Check-Ups: Ways to Boost Your Financial Health

May 21, 2024
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Mid-year is an ideal time to conduct a check-up on our financial health. Just like our physical health requires regular assessments, our financial well-being benefits from mindful attention and purposeful practices. 

Whether you're aiming to save more, spend less, or align financial decisions with your values and goals, we’ve got some practical strategies to consider trying for the remainder of the year.

#1. Conduct a Financial Review

Look at your income, expenses, savings, and investments from the first half of the year. Are you on track with your budget? Have there been any unexpected financial changes? This will help you determine where you stand financially. 

Financial Tip: Create an emergency fund, (or more simply, a designated Savings Account that you regularly deposit money into but don’t touch) to give you access to a cash reserve that can be used for unexpected financial emergencies. 

#2. Set Clear Financial Goals

Goals should be specific, measurable, achievable, relevant, and time-bound (SMART). Revisit them and make adjustments or set new ones if needed. Whether it's building an emergency fund, paying off debt, or saving for a big purchase, having clear goals will guide your financial decisions.

Financial Tip: Set a small milestone such as paying more than the minimum payment on a credit card. As you get more comfortable, increase the amount to reduce interest and pay off the balance faster.

#3. Mindful Spending Habits

Practice mindful spending by consciously evaluating your purchases. Before buying something, ask yourself if it aligns with your financial goals. This will help you realize if your spending habits are driven by needs or wants. 

Financial Tip: Social media trends can influence impulse spending. Instead of buying the latest fads, give yourself 24 hours to make a decision before you buy. 

#4: Create or Adjust Your Budget

A budget is your financial roadmap. It outlines your income and expenses using categories like housing, transportation, food, utilities, entertainment, savings, and debt repayment. 

Financial Tip: Review your spending habits and adjust your budget accordingly to ensure you're living within your means. Try our budget calculator then download one of our budget templates to get started.   

#5: Automate Savings and Investments

Set up automatic transfers to your savings or investment accounts each time you get paid. Treat saving like a monthly bill and be sure to pay yourself each month. 

Financial Tip: Increase contributions to your retirement account, or open a Term Share Certificate (or CD) or Money Market Account to help align your finances to your short- and long-term goals. 

#6: Pay Down Debt Strategically

Prioritize paying down debt strategically. Explore options for consolidating or refinancing debt. You may be able to lower your rate, monthly payment and save money on owed interest. 

Financial Tip: Focus on high-interest debt and pay more than the minimum payment. Be sure you’re still making minimum payments on your other debt obligations.
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#7. Review and Adjust Investments

Consider consulting with a financial advisor to ensure your investments align with your risk tolerance and long-term objectives. 

Financial Tip: Ask your financial advisor about rebalancing your portfolio so you can make changes to maintain your desired asset allocation. 

#8. Track Your Progress

Keep track of your financial progress on a monthly or quarterly basis. You can use budgeting tools or apps to monitor your income, expenses, and savings. 

Financial Tip: Download one of our easy-to-use budget templates to help you track your progress.

#9.  Cultivate Financial Mindfulness

Practice gratitude and contentment with the things you already have and own. Avoid comparing your financial situation to others and instead, stay focused on your journey of financial improvement rather than perfection.

Financial Tip: Donate anything that you’re not using and help someone in need. Practicing gratitude can boost your emotional, mental, and overall well-being. A better mood leads to better financial moves.

#10. Continuously Educate Yourself

Stay informed about personal finance topics. Read books, blogs, listen to podcasts, or attend workshops to enhance your financial literacy. The more you know, the better equipped you'll be to make informed financial decisions.

Financial Tip: As a member of Peach State, you have access to FREE financial resources through BALANCE to help you during your financial journey. 

Boost Your Finances with Peach State

Using these strategies and conducting regular financial check-ups, can boost your financial health and build a strong foundation for your future prosperity. It’s never too late to set financial goals or get them back on track. Wherever you are in your journey, Peach State can help! You’re a goal-getter and we want to help you succeed! Let’s connect and determine the next best steps! 

Remember, financial well-being is not just about numbers; it's about aligning your money with your future goals. Here's to a financially empowered second half of the year!


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