12 Tasks for Your Mid Year Financial Checkup

Posted by Madison on June 29, 2009

When we reach the half way point of the year, I like to do a mid year financial checkup.

Here are some tasks for this summer’s checkup; some from my list and some from readers.

Mid Year Financial Checkup

  1. Check Your Credit Report. Don’t forget to use your annual free credit report. In addition, if you want to see your score, you can get your Free FICO Score and Credit Report.
  2. Create a Debt Tracking System. Set up and use a debt tracking system to monitor one’s progress towards debt elimination. In many respects this is as important as updating one’s budget, especially for someone that revolves credit card balances from month to month. – DebtGoal
  3. Install Solar Energy. If you plan to use the Solar Energy Tax Credits, make plans soon to get quotes on solar panel installation and purchases.
  4. Evaluate Monthly Expenses. We found that we could save $14 a month by Switching from Satellite to Cable.
  5. Plan Now for Furlough Days. With many companies and state governments issuing furloughs for their employees, set aside some extra cash to cover it. My husband will have a few weeks of furlough coming up in the next two years, so we’re planning ahead by putting the equivalent amount of cash in an Etrade account.
  6. Buy a New House. You still have time to take advantage of the $8,000 First Time Home Buyer Tax Credit. If you are planning to use it, don’t miss the deadline. And check out the how you can use the tax credit for closing costs too.
  7. Review Your Insurance Needs. We recently switched our insurance. In addition to shopping rates, make sure that your coverage is still adequate to cover your exposure.
  8. Consider a Possible Job Loss. With the economy still struggling, make sure that you could financially handle a job loss. Review the checklist in Are You Ready to Lose Your Job?
  9. Evaluate Your Credit Cards. With so many changes in the credit card rewards world, it may be time to find a new card. You many want to check out the Schwab 2% Cash Back Credit Card or the Fidelity 2% Cash Back Credit Card.
  10. Monitor Cash Flow. I know a lot of business owners not only budget but also monitor their cash flow statement daily to see how they are progressing. I think it’s a great idea. – Josh Moore
  11. Review the Economic Stimulus Plan. Keep up with the economic stimulus plan, including various programs like the Making Home Affordable program and the Make Working Pay Tax Credit.
  12. Asset Allocation Updates. As always, a quarterly or mid year check in wouldn’t be complete without a reminder to rebalance your portfolio to your target asset allocation.

In addition, you can see last year’s Mid Year Checkup which included some extra ideas like setting aside money for the holidays, using your vacation time, and updating your beneficiaries.

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Comments to 12 Tasks for Your Mid Year Financial Checkup

  1. Some great ideas. I especially liked the tips on monitoring government programs.


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