July marks the halfway point of the calendar year and is the perfect time to financially reflect on what’s already passed and what’s to come: Have I saved enough? How much have I spent so far? Where am I in reaching my goals? Is it too late? Well, there’s a simple answer to the last question…it’s never too late.

Here are next five smart money moves you can make before year’s end:

1. Reassess your 2019 budget – Building a budget is a major step towards financial security at the beginning, but your financial situation can dramatically change throughout the year whether you’ve got into a car accident, you had to do some major home improvements, or on a lighter note, you received a pay raise or inheritance. Because your budget is living and breathing, it’s important to revisit and make adjustments.
2. Check your emergency fund – Having emergency savings goes hand in hand with your budget. At minimum, you should stash away at least three months’ worth of living expenses to prepare for the rainy days.
3. Review your beneficiaries – It’s important to take a look at your beneficiaries periodically as life can bring many changes. Some of these changes make it necessary to update your beneficiaries, such as getting married or divorced, losing a spouse, having a child, etc.
4. Consider buying more insurance – It’s a good time to revisit your insurance coverage to make sure you have enough homeowners, auto, and life insurance coverage. Should anything unfortunate happen, you’ll be glad you’re prepared.
5. Contribute to your retirement fund – Have your income levels gone up in the past six months? Does your workplace offer a 401(k) plan with matching? Be sure to you evaluate your contributions so that you’re on track to meet your goals.

While there are many ways to define financial success, there’s one real way to achieve it and that’s by managing your money responsibly. Start with these five tips and you’re well on your way towards a better rest of the year. Questions? Let us know and we’ll help map out your finances through what’s left of 2019 and beyond.

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