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It’s time for a midyear financial check up

Posted by Community Choice Credit Union on Jul 13, 2017 10:26:50 AM

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July 1 marked the halfway point of the year. As time swiftly passes, it’s easy to lose sight of the goals you set six months ago. Whether you made a commitment to save for a down payment on a home or eliminate a large sum of your debt, now is the perfect time to check in on your progress and create new goals if you’ve fallen behind.

Take these steps to get back on track to accomplishing all of your 2017 financial goals.

Create new goals or revamp your current goals

If you created some lofty goals this year, you’re not alone. Many Americans set goals in January that they often forget about or fail to accomplish due to a variety of factors as the year goes on. When you look at the goals you set earlier this year and you notice that you haven’t progressed as much as you’ve planned, don’t panic. All you have to do is revamp your goals to make them work for you. Let’s say you set a goal to save $5,000 by the end of the year and you haven’t made any progress, that’s okay. Now you have to determine how much money you can save each month, for the next six months, and set this amount as your new goal. It’s important to stay focused on what you can accomplish and not on your failed goal.

Request your free credit report

Every year, you can request to receive a free copy of your credit report from each of the three credit reporting agencies. When you receive your credit report, be sure to check for inaccurate account or balance listings. Knowing your current credit score and account balances can help you plan for future expenses such as purchasing a home or buying a vehicle.

Assess your debt

Carrying debt from month-to-month isn’t something that anyone is proud of, but it’s a common practice amongst Americans. In fact, over 48% of Americans are living paycheck to paycheck! Debt can be overwhelming, so it’s important to be aware of your debt and then create a plan to manage it. If you find it difficult to manage your debt or if you need assistance in managing creditors, we can help. From our expert personal advisors to our partnership with GreenPath Financial Wellness, we have a variety of resources that can help you manage your debt.

Refocus your budget

Creating and managing a budget is essential to living a financially sound life. While budgeting isn’t easy, it’s necessary! If you’ve failed to budget this year or if you’re consistently going over budget, then it’s time to refocus your budget. Whether you have to reprioritize the amount you spend on monthly expenses or scale back on your occasional splurges, creating a budget that works for your lifestyle is important! A balanced budget is the blueprint to a successful financial life.

Links to third party sites are not owned or operated by Community Choice Credit Union. We are offering the link for your convenience and have no responsibility for the availability, accuracy, or content of this website, its products or services. We encourage you to review their privacy and security policies which may differ from Community Choice Credit Union.

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