6 Month Financial Checkup

June is a great time to assess your financial portfolio as it is the half-way mark through the year. Think of it as your six-month financial wellness checkup. Here are a few things I recommend you consider:

• GOALS:

  • How close to your timeline are you for the goals you set at the beginning of the year? Have your goals changed which require you to reevaluate your plan of action?

• BUDGET:

  • Are you on track for meeting the financial goals you set for yourself at the beginning of the year? Have you incurred extra debt or paid off debts sooner than expected? Are there any changes you need to make in order to reach your year-end financial goal?

• CREDIT SCORE:

  • Ideally, it’s best to check your credit three times each year (once per major credit bureau, every four months). But if you haven’t done so yet, now is a great time to start. Equifax, Experian, and TransUnion will each allow you to run a credit report directly through their websites. Another option is to work with a company that monitors your credit for you year-round; however, this option typically is a paid service. It’s important to check all three bureaus throughout the year for consistency and accuracy not only from one company to the next, but also for your financial scenario.

• LIFE INSURANCE:

  • When is the last time you evaluated your life insurance policy? Now is an important time to review the details to ensure you have the right coverage.

• RESTRICTED STOCK UNITS (RSU’S):

  • If RSU’s and stock options are are a part of your employee benefits package, have you reviewed the best time to sell your RSU’s and exercise your options? At CURO, we specialize in complex equity compensation and can help you strategize the next best steps regarding your employee benefits package.

• 401K CONTRIBUTIONS:

  • Have you already fully funded your 401k contributions this year? If so, you could be missing out on your employer’s match benefits. Companies often give their employee’s bonuses early in the year (think March and April). When employees fail to opt-out of their bonus being contributed to their 401k, they can accidentally front-load their contribution maximums ($19,500 for those under 50, $26,500 for those over age 50). Some benefit plans specify the amount of your contribution that will be matched by the employer each month. Front-loading your contributions often means that the company will stop contributing when you stop, meaning you could miss out on additional contributions from your employer (AKA free money) that you would have received if you had spread your contributions throughout the year.