It's about that time: Mid-year financial checkup - FOX 10 News | myfoxphoenix.com

It's about that time: Mid-year financial checkup

Posted: Updated:
ATLANTA -

1. Rebalance your portfolio
 - Move gains into lagging sectors, which allows you to sell high & buy low
 - It also keeps your risk constant. Otherwise it would increase with age and bubbles could form
 - Mark – Large US run-up

2. Review those retirement contributions
 - If your company's fiscal year end 6/30 and/or you've gotten a raise increase the percentage or dollar amount. Penny saved is a penny earned.
 - This is especially important to teachers where the start of the new year coinciding with the start of school

3. Adjust tax withholding
 - Have a new addition? Time to look at withholding and change the number of dependents
 - Did you get a large refund or have to pay a significant amount? Change the withholding so you don't land in the same boat next April

4. Look at legal documents
 - Will gathering dust? Brush it off and make sure it still would apply especially if there has been a birth or death in the family.
 - Remember that accounts with beneficiaries are not impacted by changing your will. Make sure the money still goes where you want it to

5. Check the budget
 - If you've made a budget, look at statements to see how well you stuck to your plan.
 - Review your MSA and FSA accounts is applicable. Remember, FSAs are use-it-or-lose-it.
 - Christmas is right around the corner so start saving now if funds are tight. You don't want to be scrambling in December or trying to pay off those credit cards in January.

1.          Rebalance your portfolio

a.       Move gains into lagging sectors, which allows you to sell high & buy low

b.      It also keeps your risk constant. Otherwise it would increase with age and bubbles could form

c.       Mark – Large US run-up

2.          Review those retirement contributions

a.       If your company's fiscal year end 6/30 and/or you've gotten a raise increase the percentage or dollar amount. Penny saved is a penny earned.

b.      This is especially important to teachers where the start of the new year coinciding with the start of school

3.          Adjust tax withholding

a.       Have a new addition? Time to look at withholding and change the number of dependents

b.      Did you get a large refund or have to pay a significant amount? Change the withholding so you don't land in the same boat next April

4.          Look at legal documents

a.       Will gathering dust? Brush it off and make sure it still would apply especially if there has been a birth or death in the family.

b.      Remember that accounts with beneficiaries are not impacted by changing your will. Make sure the money still goes where you want it to

5.          Check the budget

a.       If you've made a budget, look at statements to see how well you stuck to your plan.

b.      Review your MSA and FSA accounts is applicable. Remember, FSAs are use-it-or-lose-it.

c.       Christmas is right around the corner so start saving now if funds are tight. You don't want to be scrambling in December or trying to pay off those credit cards in January. 

  • Good Day ArchiveMore>>

  • Back to School Jamboree with Hosea Feed The Hungry

    Back to School Jamboree with Hosea Feed The Hungry

    Hosea Feed the Hungry will host their annual Back to School Jamboree on Sunday, July 13, 2014 from 10:00 a.m. until 3:00 p.m. at Turner Field. Children will receive a backpack filled with school supplies.

    Hosea Feed the Hungry will host their annual Back to School Jamboree on Sunday, July 13, 2014 from 10:00 a.m. until 3:00 p.m. at Turner Field. Children will receive a backpack filled with school supplies.

  • Taco Thursday with Buck

    Taqueria Tsunami in Marietta on Square- Asian Latino Fusion

    Taqueria Tsunami in Marietta on Square- Asian Latino Fusion

    Thursday, July 31 2014 9:41 AM EDT2014-07-31 13:41:09 GMT
    What do you get when you combine the flavors from the Far East with the flavors from South of the Border? You get Taqueria Tsunami, a Latin-Asian fusion restaurant on the Marietta Square which just happens to be this week's stop on 'Taco Thursday...With Buck'.
    What do you get when you combine the flavors from the Far East with the flavors from South of the Border? You get Taqueria Tsunami, a Latin-Asian fusion restaurant on the Marietta Square which just happens to be this week's stop on 'Taco Thursday...With Buck'.
  • Big E celebration comes to North Georgia

    Big E celebration comes to North Georgia

    Wednesday, July 30 2014 9:40 AM EDT2014-07-30 13:40:00 GMT
    You know what the "Big E" is, right? Elvis! And the King is being celebrated in North Georgia this weekend! The 11th Annual Big E Fest and ETA Competition happens this weekend in Cornelia, GA.
    You know what the "Big E" is, right? Elvis! And the King is being celebrated in North Georgia this weekend! The 11th Annual Big E Fest and ETA Competition happens this weekend in Cornelia, GA.
Powered by WorldNow

KSAZ-TV & KUTP
511 W. Adams St.
Phoenix, AZ 85003

Phone: (602) 257-1234
Fax: (602) 262-0177

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices