Midyear Financial Check-Up: Smart Money Moves for 2024

by | Financial Planning

As we approach the midpoint of 2024, it’s an opportune time to review our financial health. Larry Roby, CEO and financial advisor at SFA Wealth Management, recently shared valuable insights on NewsChannel5 about the essential steps to ensure your finances are on track for the rest of the year.

Review Your Budget and Spending

Larry Roby emphasizes the importance of revisiting your budget. “Spending creep” can happen to anyone where gradually increasing expenses go unnoticed. Conduct a one to two-month review of your expenditures to get a clear picture of your spending habits. To streamline your budget, look for areas to cut back, such as unused subscriptions or gym memberships.

Optimize Your Savings

A common issue Roby identifies is having too much money in non-interest-bearing accounts. Instead, consider transferring excess funds into a money market account or another interest-bearing option. These accounts can yield 4-5% in the current economic environment, significantly boosting your savings without additional effort.

Assess Your Retirement Savings and Investments

Midyear is also crucial to evaluate your retirement savings and investment portfolio. Ensure that your risk level aligns with your age, lifestyle, and proximity to retirement. Roby suggests reviewing your portfolio with a financial advisor to optimize it according to current market conditions, potentially refinancing parts of your retirement investments to take advantage of higher yields.

Align with Long and Short-Term Goals

Lastly, Roby advises revisiting both your short-term and long-term financial goals. Ensure that your savings and investment strategies support your current lifestyle while preparing for future needs. Adjust your plans as necessary to stay on track with your objectives.

Why a Midyear Review is Crucial

Conducting a midyear financial review helps you catch and correct any deviations from your financial plan before they become significant issues. It’s an opportunity to recalibrate your strategies, considering any changes in your life or the economic environment.

Larry Roby’s Expert Advice

Larry Roby’s appearance on NewsChannel5 underscores the importance of proactive financial management. His practical tips provide a clear roadmap for enhancing their financial stability and growth. By taking these steps now, you can ensure you are well-prepared for the remainder of 2024 and beyond.

In conclusion, a midyear financial check-up is a smart move to keep your finances on track. You can make informed decisions that support your financial well-being by reviewing your budget, optimizing savings, assessing retirement plans, and aligning with your goals. Take a cue from Larry Roby’s expert advice and make the necessary adjustments today for a financially secure tomorrow.