How To Stay On Track With Your Financial Goals Midway Through the Year

Believe it or not, we are halfway through 2021, which means it’s time to check in on your progress with any financial goals you set at the beginning of the year. If you’ve veered off-track, that’s OK — now is the best time to course correct to finish the year on a financial high note. And if you managed to stay the course, congratulations! Here are a few areas of your finances to check in on.

Tax Planning

Now is the time to consider making charitable contributions to offset any portfolio rebalancing and sales that may generate capital gains; estimate any tax payments; and decide whether it's in your best interest to convert a traditional IRA to a Roth IRA. 

Retirement

Mid-year is a good time to evaluate your 401(k) and other retirement contributions.

Are you maximizing contributions and taking full advantage of any company match? You can view the company match as a 100% return on investment! 

In addition, if you still have extra funds left over from spending less during the pandemic, consider moving some of this to your retirement savings.

Benefits

FSA funds are “use it or lose it,” so take advantage of benefits that must be used by year-end. This also goes for any other “use it or lose it” memberships or discounts you may be eligible for.

In addition, if your deductible is met, or nearly met, are there any procedures or medical appointments that could benefit from doing so this year versus waiting until next year that would be subject to the new year’s deductible?

Budgeting

As we get past the worst of the pandemic and life gets closer to normal, it’s a good time to reevaluate your spending and asset allocation. Your spending habits may have changed during the pandemic. Going forward, this an opportunity to be mindful about what’s important to you.