Many people will have the best intentions for their New Years Resolutions. We get to focus on a goal that we have been thinking about for a while that will improve our life. For many, this goal might have been financially related. Whether it’s cutting out wasteful spending, paying off debt, or putting an additional emphasis on saving for retirement, these are all noble goals.

As summer settles in and we are around the halfway mark of the year, it’s the perfect time for a mid-year financial checkup. Even if the resolution was completely abandoned long ago, now is the perfect time to get back on track.

You may have learned a few things about yourself when you attempted to reach the goal you set. Maybe it was a bit too ambitious and unrealistic after trying out the new lifestyle. Perhaps you got discouraged early on at the lack of progress and eventually let it go. For others, you might be hitting all the goals you set for yourself early in the year and it’s time to recalibrate and be even more aggressive. No matter where you are on the journey, there are a few things that apply to everyone.

First, revisit your goals. You might be in a different financial situation now than you were in January. Maybe an unexpected major cost hit, and you had to push other things, like saving as much as you intended, to the side while you deal with that. On the other end of the spectrum, you may have earned a raise or bonus at this time and you’re ready to contribute even more to your financial goals. Either way, it’s smart to reassess your short-term and long-term objectives to make sure your current strategy still aligns.

Second, this is a great time to review your spending habits. Summertime can be more expensive than other parts of the year. With vacations, kids in summer camps, and friends getting together more than usual, your spending can steadily increase. Sitting down and going over your budget can be a good use of time to make sure you have a handle on it, and it doesn’t get away from you.

Third, evaluate your retirement account contributions. There’s still plenty of time in the year to max out your 401(k) or IRA. Reviewing your budget to see if there is any wiggle room to make it possible to max these out could be a good use of your time.

Next, have you had any changes in your life? Maybe a new job, you bought a home, you had a baby, or an unfortunate health issue? Reassessing your insurance and emergency fund situation can be very valuable. An emergency fund is typically 3-6 months of living expenses. You hope you never need it but if you do, you’ll be glad you have it.

Finally, the mid-year point is a great opportunity to meet with your financial advisor. They can take a look at how you’ve been doing with your new financial goals and set you up for success moving forward to reach those goals. If you don’t have a financial advisor and could use some help or advice reaching your financial goals, the team at IAG would love to help.

Quote of the week: T.S. Eliot: “Every moment is a fresh beginning”

Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through IAG Wealth Partners, LLC, (IAG) a registered investment advisor and separate entity from LPL Financial.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results.

Any opinions are those of IAG and not necessarily those of LPL Financial. Expressions of opinion are as of this date and are subject to change without notice. This information is not intended as a solicitation or an offer to buy or sell any security referred to herein. No strategy assures success or protects against loss. Investing involves risk including loss of principal.

Be sure to consult with your tax professional before making any tax-related decisions as each individual’s tax circumstances are unique.