It’s hard to believe, but we’re more than halfway through 2022! Take a timeout from barbecues and beaches to give yourself a mid-year financial checkup using the seven steps we’ve outlined below.

Step 1: Revisit Your Budget

Take some time to review your monthly budget. Is it working for you or are you falling behind each month? After reviewing, adjust your budget as necessary.

Step 2: Anticipate Large Expenses

List any large expenses you anticipate in the coming six months. This can include household appliances that may need replacing or an anticipated medical expense that might not be fully covered by insurance.

Next, determine the spending category you will take the money from to cover these expenses. Deciding on a source for these funds now will help you avoid making the wrong choices when you’re under pressure in the future.

Do you have enough money set aside for these expenses? If not, build a savings plan into your monthly budget so you have the funds available when you need them.

Step 3: Review Your Tax Withholdings

Review your tax withholdings to see if they need any adjusting. Your goal here is to pay the perfect amount so you’re not hit with a huge tax bill at the end of the year, but you’re also not lending the government your money all year long.

Step 4: Check Your Credit Score

A major part of your financial checkup is making sure your credit score and credit report are accurate. Visit AnnualCreditReport.com for your free credit report from any of the three major credit bureaus. If your score has gone up in the last six months, you’re doing great!

If your score has dropped, review your report in detail. Take the necessary steps to fix your score today, whether that means contesting a fraudulent charge with the Federal Trade Commission, setting up an automatic payment on some of your bills, or lowering your credit utilization rate by paying with plastic less often.

Step 5: Review Your Investments

Review and adjust all of your investments. This includes your retirement funds, any stock investments, bonds, trust funds or share certificates at Quincy Credit Union. Make sure you are maximizing your contributions when possible and that your other investments are performing according to plan. Adjust as necessary.

Step 6: Tackle Your Debt

Your financial checkup also includes the unpleasant (but important) task of evaluating your debt. List every outstanding debt you carry, including credit card debt and all kinds of loans. Designate one debt to tackle first and work on a plan to pay it down. Once you’ve paid off this debt, move to the next one on your list.

Step 7: Review Your Financial Resolutions and Long-term Goals

Review the financial resolutions and goals you dreamed up at the end of last year and then determine whether you are taking the steps necessary for making them happen. If you’ve been neglecting them, create a plan for working toward them for the rest of the year.

Whether you’re paying down debt, planning for retirement, saving for a new home, and everything in between, Quincy Credit Union is here for all of your financial needs.  We offer a complete line of financial products and services to help you through all phases of your life, new car, new home, savings, and retirement accounts.

If you’re interested in valuable resources to build your financial literacy, you can learn more in our Financial Education Library.