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2021 Is Halfway Over: How to Conduct a Mid-Year Financial Checkup Thumbnail

2021 Is Halfway Over: How to Conduct a Mid-Year Financial Checkup


Summer is finally in full swing, meaning we’re already about halfway through 2021. After a year like no other, we’re all excited to enjoy the warm weather with friends and family. If you have some time over the coming weeks, take a moment to slow down and check up on your financial wellbeing.

Here are six things you can do right away to make sure your goals are being met and your finances are in good shape before heading into the second half of 2021.

Review Your Budget

It’s possible your budget for this year looks a little different than it did in 2020. Many of us spent less on things like travel, vacations, eating out, entertainment and the holidays. If you didn’t revisit your spending budget for 2021, pause now and take a moment to identify areas where you may be spending more (or less) than last year.

Spending aside, it’s possible your income stream may have changed as well - whether you received a promotion, started a new career path or experienced a COVID-related job loss. If you’re still following the same budget as last year but your income has changed, reevaluate your budget immediately.

Please see my 50/30/20 blog for more budgeting tips.   

Check Your Credit Score

Checking your credit score isn’t exciting, but it is an effective indicator of your financial wellbeing. Being proactive in checking your credit score now can give you time to identify potential problems (such as a missed payment) and work to resolve them.

Review Your Retirement Contributions

If you save for retirement through an employer-sponsored fund such as a 401(k) or 403(b), take some time to check up on your account. This year, the 401(k) contribution limit is $19,500 for those under 50 and $26,000 for those 50 and older. Checking in on your yearly contributions now gives you plenty of time to catch up or contribute more before the year ends.

Assess Your Tax Liability 

Double-check your tax withholdings, making sure that you have the proper amount withheld or determining if adjustments need to be made.  If you had significant income this year, you should discuss additional estimated tax payments.  

Making sure your tax withholdings and estimated tax payments are reflective of your current situation for 2021 can help you avoid surprises come tax season.

Re-Evaluate Your Goals

After over a year of living through a pandemic, you are sure to have gone through some unexpected changes in your life. Now that the pandemic is coming to an end, there are even more changes likely to come. Now is an opportune time to revisit the goals you made at the start of 2021 and make sure they are still well-aligned with your current standings. If not, take a step back to look at your entire financial situation and future needs, and create new goals that better reflect them.

Take some time to prepare for the second half of the year. As life returns to normal, reevaluate your financial standings. Determine whether you’re on track to meet your goals, or if you need assistance, we are here to help.  

Shari Greco Reiches

Shari co-founded Rappaport Reiches Capital Management with one goal - to maximize the return on life for her clients. Please connect with Shari below.  She loves to talk about investing, financial planning, and Barry Manilow.

The author does not intend to provide investment, legal or tax advice as these materials are for general educational purposes only.  Please consult your legal, tax or investment professional for advice on your particular situation. This material is derived from sources believed to be reliable, but its accuracy and the opinions based thereon are not guaranteed. It is not intended to be a solicitation, offer or recommendation to acquire or dispose of any investment or to engage in any other transaction. Investing involves risk including the possible loss of principal. Past performance does not guarantee future results. Please refer to RRCM’s Form ADV Part 2 for additional disclosures regarding RRCM and its practices.