If you made some financial New Year’s resolutions in January, June is the perfect time to review your progress. Start by dusting off your list of resolutions. Have you abandoned any of your original goals? What you should consider:
- Have you been following your budget? If not, why not? You may have chosen a budget that isn’t appropriate for your lifestyle. Luckily, you can always adjust your parameters and recommit yourself to following the guidelines you set.
- Analyze what circumstances and priorities may have changed in the last six months. Be sure to adjust your financial goals with those changes in mind.
- Review and rebalance your investments. If possible, you may want to try setting your accounts to auto-rebalance so you don’t have to do the work of figuring out when or how to reallocate funds.
- Check your credit report. Immediately take steps to correct any errors. Be persistent and patient—it can often take several months and multiple requests to have incorrect information removed.
- If debt elimination is one of your goals, assess how you’re doing so far. Are you able to stick to the payment plan you devised in January? We can often be too aggressive and optimistic when pledging a monthly amount to pay down debt, and it can only help to scale back to a more realistic amount. Conversely, if you find that you have extra funds that are not earmarked for anything else, go ahead and increase the amount you pay towards debt elimination, and arrive at debt freedom even more quickly than you planned.
Sticking to a budget and reaching your financial goals are attainable. It’s recommended you review your financial plans periodically to ensure you’re on the right track.
Let Popular Direct assist in your saving: Open a CD or Savings account. Competitive rates and interest that compounds daily will help you keep your financial New Year’s resolutions for the entire year, and beyond.
The information mentioned in this article is for informational purposes only, is intended to provide general guidance and does not constitute legal or tax advice. Each person’s situation is unique and may materially differ from the information provided herein. You should seek the advice of a financial professional, tax consultant and/or legal counsel to address your specific needs before any financial or other commitments regarding the issues related to your situation are made. Banco Popular North America does not make any representations or warranties as to the content contained herein and disclaims any and all liability resulting from any use of or reliance on such content.