That's why, as we close out the first half of the year, it makes sense to check in on your financial life.
"With inflation, I think people this year are more heavily impacted than they probably have been in many years leading up to this point," says Jason Dall'Acqua, a certified financial planner and founder of Crest Wealth Advisors in Annapolis, Maryland. "So it's a good time to see how things have been going ... as well as plan for what lies ahead in the remainder of the year! So where should you start? Add these four items to your midyear money checklist.
REVIEW YOUR INCOME, EXPENSES, AND GOALS
You don't have to tally up every penny you've made and spent over the last six months. But taking a few minutes to check a bank or budget app can help you better understand your finances and course-correct if necessary.
"Right now with inflation, even if you had a budget back in January, it probably is not the same as it is today. There are some things that are going to need to be changed. So it's just really resetting and figuring out where you stand today versus where you thought you were going to stand today," says Kayla Welte, a CFP with District Capital Management who lives in Denver.
INFLATION
Look for opportunities to scale back if you've spent more than anticipated. For example, you can dine out less or cancel subscription services you rarely use. "Any excess spending that you've been doing, you may have to cut down to account for this higher cost of things that you absolutely have to buy," Welte says.
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