We can officially put a bow on the first half of 2023. As we head into the second half of the year now may be a good time to take a look at your finances. There is still time to make changes and celebrate a great start to the year!
One area to review is your spending for the first half of 2023. Consider looking over your bank statements for the first 6 months of the year to review what has gone out versus what has come in. If you keep a budget, how close were you to your target spending? Are there any changes that you need to make to your ongoing budget?
Now is also a great time to check in on your retirement plan savings. If you have some extra room in your budget, consider increasing your contributions. A note of caution: be sure to stay under the IRS contribution limits for the year.
Another area to check up on mid-year is your tax withholding. The IRS has a handy tax withholding estimator to estimate your tax liability and whether you are withholding enough from your income. The withholding estimator can be found HERE. If the calculator estimates large amounts refunded or due, you can consider changing your withholding for the remainder of the year to correct those outcomes.
Regularly reviewing your financial picture is key to a successful financial plan. Take some time to make sure your financial plan is still on track while there is time to make adjustments.
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