Summer is a great time for vacations, cookouts, and campfires, and it’s also a good time for a financial checkup. From reviewing your current budget to planning your long-term financial goals, we’ve put together a list of five points to consider during your midyear financial wellness checkup.

1. Review Your Budget
It’s time to revisit the budget you set back in January to double-check it for accuracy, and to make sure it is still working for you. Make any necessary changes so that you can stay on track for the remainder of the year. Taking the time to review your budget now may help save you time and money in the future.

2. Build an emergency fund
Once you have your budget handled, another way to prepare for the unexpected is by building an emergency fund. It’s recommended to save three to six months’ worth of living expenses in your fund. Whether you are simply double-checking your emergency fund, growing it little by little, or starting from scratch, your midyear financial checkup is a good time to review your strategy.

3. Check your credit report
Every twelve months, you are entitled to a detailed report of your credit – free of charge. Offered through the three major credit reporting agencies – Equifax, Experian, and TransUnion – these reports can be accessed at www.annualcreditreport.com. Since your credit score (the three-digit number representing your credit worthiness) is determined by the contents of this report, we highly recommend checking it at least once per year for accuracy. Doing so may help you get a better overall picture of your finances as well as help you establish ways to maintain or improve your score.

4. Plan for the future
If you set any short or long-term goals at the beginning of this year, now is a great time to review your progress. Whether your goals are large – like saving for retirement or college—or smaller—like building the emergency fund discussed earlier—performing this simple audit is important.

5. Set up a review process
Now that you’ve tackled the first four steps in your midyear financial checkup, it’s time to put your plans into action and set up a review process to help gauge your progress. Because financial planning is an ongoing process, you may benefit from reviewing each element of your finances periodically. While the frequency is up to you, setting up a recurring review schedule can help you stay on track and keep you more informed financially.

With all the summertime activities to keep you busy this year, it may be tempting to put your finances on autopilot. Performing a midyear financial checkup, however, may better prepare you for what’s in store the remainder of this year and beyond. From reviewing your credit report to building an emergency fund, and even setting up a review process for your finances, a little extra effort now can help keep you financial fit for the future. DCCU is here to help! Contact us today if you need assistance with any of these recommendations.

This article is for general information only and not intended to provide specific advice or recommendations for any individual.