It’s hard to believe that we’re halfway through 2013 already. Now is a good time to reflect on any goals you made at the beginning of the year and be honest about whether you’re on track – or if you still have a lot of work to do for the next six months. If you made budget goals at the beginning of this year, it’s important that you evaluate your progress and identify any areas where you need to improve or make changes. Here are some tips for your mid-year budget review.
Evaluate Your Goals
Revisit your original goals. Do you still need/want the same things? Did you receive a pay increase or incur any additional debt? Have you modified your budget to allow for these changes? If not, it’s time to determine how extra money or extra debt fits into your budget.
Go through all of your records and receipts and make sure everything is in order. Look into any discrepancies and verify all transactions. This will save you time at the end of the year and allow you to deal with any issues.
Increase Your Savings
If possible, increase your savings each month. Even small amounts will add up and you’ll be glad that you gave up a Starbucks coffee now and then when you’ve got a savings account to be proud of.
Talk to a Professional
If you’re unsure about tax deductions, business expenses, etc ., now is a good time to talk to your accountant. Financial decisions you make now will greatly impact your finances for next year, so you want to make sure you’ve taken the necessary steps. A financial planner can help you invest your money, increase your savings, and plan for the future.
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