July is just around the corner, which means we are halfway through 2021. This may be a good time of year to check in on your finances and make any necessary adjustments. Independent financial advisor Mike Reeves of Strategic Wealth Designers joined us on the newscast to discuss how you can take a mid-year review of your finances.
“Mid-year is always a good time to check in with yourself,” Reeves says. “But it is even more important this year as we transition from lockdown mentality to more normally paced economic activity. Your spending habits were likely very different in lockdown than they are now as your lifestyle goes back to “normal” and the world is opening up.”
Evaluating your spending habits will help establish a new and improved budget. Be sure to factor in recurring subscriptions and online spending. Additional factors may include the enhanced child tax credit payments that are scheduled to begin on July 15th, ending enhanced federal unemployment benefits, and ending of the eviction ban at the end of July.
“After doing your check in and updating your budget, you may consider making changes to your financial situation,” Reeves says. “Maybe this includes cutting back in certain areas if your spending has gotten out of hand. Or on the flipside, maybe you have been saving more diligently and you can afford that new car you’ve wanted. Take your time when making big financial decisions that can’t be reversed.”
Your financial situation is bound to change as your lifestyle and habits change, which is especially true after the last year and a half. To see additional stories surrounding business and economic news for the Indianapolis area, visit https://CBS4Indy.com/Strategic-Wealth and if you have a question for Mike send an email to firstname.lastname@example.org.