Getting the Most From Your Semi-Annual Financial Plan Checkup

It’s the halfway point through the year so it’s a great time to perform your semi-annual financial plan checkup for you and your business.  For the best outcome, we’ve got some key steps and advice to follow during your checkup.

Review Your Financial Plan Goals

Checking your goals is as important as reviewing your budget and other components of your financial plan. Changes in your life or priorities mean your financial goals which may be outdated. So take a moment to revisit your financial goals. Decide if they are still relevant and realistic and then make the necessary adjustments.

Evaluate Your Savings

Based on your prior plan, how much progress have you made on reaching your savings goals? Have you been consistently contributing to your savings for emergencies, retirement, or other specific purposes?

Consider increasing your savings contributions if you have the capacity to do so.

Analyze Your Investments

Review the performance of your Investments, such as stocks, bonds, mutual funds, or real estate. By examining the investment returns and comparing them to market benchmarks you can see which are performing and which should be sold.  Consult your financial consultant for information on those investments before making changes.

Assess Your Debt

After a close examination of your savings and investments, the next logical step is to assess your debt. Examine your liabilities; your outstanding debts like mortgage or mortgages, loans, or credit cards. How is the progress of debt repayment and strategies to pay off your higher interest debts more quickly.  If you are not making substantial progress on paying down those debt, or even paying them off, consider refinancing them to reduce the interest rate.  Consolidating them into a loan may be a good option to explore.

Evaluate Your Tax Liabilities

This step means assessing looking at what you owe in taxes and talk to your Americore financial advisor, on tax saving strategies. This step is even more important to perform if you’ve experienced substantial income or investment changes.

Update Your Estate Planning

This is a good time to take another look at your will and other estate planning documents.  Consider revising your power of attorney while you’re reviewing and renewing.  If the documents don’t align to your current goals and situation, make the necessary updates.

Talk to a Professional Financial Advisor

When you review your financial plan, you may find aspects that you’re uncertain about need clarification on how to best handle it. They can provide personalized guidance based on your specific situation.

Map Your Path

After reviewing and making a new plan for your goals, investments, savings, debts and tax liabilities, map your path.  Set small steps to help you measure your progress on achieving your financial goals and stay motivated. By making a six month plan to accompany your larger financial plan, you essentially create a yardstick for your next semi-annual review. 

The Americore Group excels at helping clients discover ways to improve cash flow, reduce tax liabilities and deliver business incentive money. Your semi-annual financial plan checkup offered an opportunity to identify where improvements can be made. We can help you lay out a plan to improve your long term financial success. Contact us today to start the conversation.  It costs you nothing but could save you thousands..