We’re officially halfway through the year! Now is a ideal time to check on your finances and review your goals. You might be wondering, why should I do a mid-year check-up? It’s the chance to reflect on the year and assess what is going well and what isn’t. The economy is ever changing, and it is important to adjust your goals with the market. Here are some ways to help you start the check-up process:
- Reevaluate your monthly budget. This should be your first step because your budget is affected most when inflation happens. Have your savings decreased? Did you dip into your emergency fund? If you answered yes to either of these questions it’s a good idea to review your credit card usage. Breakdown your expenses and find out what you’re spending the most money on and see if there are ways to cut back. If you need help calculating your budget, Eastex has budgeting tools for savings, retirement, mortgage, and auto loans! Check out our budgeting tool here.
- Check your credit score. Has your credit score gone up or down? It’s always a good idea to review your credit report and see what’s making an impact and whether it’s a positive or negative impact. If you’re looking to apply for a loan in the future, an excellent credit score can help you get better rates and terms.
- Reevaluate your loan payments. Did you take out a loan this year? Adding another monthly payment can change your financial plan. Make sure these payments are built into your budget. It’s important to keep paying your loans down and never make a late payment. If you have multiple loan payments, consider consolidating to simplify your finances. We have loan specialists to help you review your finances and create a solution to eliminate debt.
- Review your emergency fund. As mentioned earlier, if you’ve dipped into your emergency fund it’s a good idea to start building it back up again. Set an attainable goal and start contributing to it monthly until you reach your desired goal. Many professionals suggest you have 3-6 months’ worth of living expenses set aside in a savings account as your emergency fund.
- Get organized with your receipts. It’s easy to throw receipts away or put them in a place you’ll never look at again, but it’s important to keep records of purchases. This can help track deductible expenses and make tax season next year, a little more manageable. You can also track to see if identity theft has occurred. Match your receipts to your credit card statement to ensure you have the correct balance.
We’re Here for You!
At Eastex Credit Union, we’re dedicated to helping you achieve your financial goals. Come visit Eastex Credit Union! We’re ready to help you navigate your finances and make the process simple. We’re ready to answer any questions about financial check-ups! Contact us at 409-276-2525 today!
