Financial Planning Summer Check-In

Aug 9, 2023

We know that the summer months are a great time to take a step back, relax, and spend time with family and friends – but they’re also a great time to check in on your financial plan and prepare for the second half of the year.

Here are a few key steps to keeping your financial plan healthy:

Review Your Financial Goals & Your Portfolio

You likely set up goals with your financial planner earlier in the year. Now is a great time to check in and make sure your goals are still aligned (and realistic!) and that your portfolio matches your needs. If anything has changed, summer is a great time to update your plan.

Check in On Your Budget

Mid-year is also a great time to go over your budget – and your spending. Are you in line with expectations? Have there been any unexpected expenses or windfalls that might change your budget for the second half of the year. Audit your budget and make any necessary changes to expected spending.

Revisit Tax Preparation

Who’s thinking about tax prep in August? We know it might feel counterintuitive but planning ahead for taxes can make the entire process less painful. Check your withholding and make sure you’re on track for tax needs, itemize any expenses or earnings that could impact your taxes, check-in on sunsetting tax exemptions, and reach out to your accountant to make sure you’re prepared come Tax Day. And if you haven’t yet filed for 2022, now is a great time to do so!

Update Your Contributions

Along those same lines, mid-year is a good time to analyze and update your withholding and contributions. Are you working towards maximizing your 401k or retirement plans? Make sure your contributions are in line with maximums for the year and make any needed changes.

Reexamine Estate Planning Documentation

Summer is also a great time to revisit your estate planning. Estate plans are not a set-it-and-forget-it tool and benefit from regular reviews. Make sure that your assets are well represented and that your wishes or needs haven’t changed. Communicate any updates to your estate planning attorney.

Outline Future Needs

Now that you have a handle on the first half of the year – what does this mean for the rest of 2023? Are there large expenses or changes coming up that need to be included in your plan? Are you covered for financial needs for the rest of the year? Look back to look ahead and make sure your plan is on track.

Connect with Your Financial Planner

Once you’ve done your own evaluation of the first part of the year, make sure to reach out to your financial planner and communicate any changes or concerns. They should be able to help you plan for the remainder of the year and make any changes that need to be made.

Building and managing an effective financial planning requires regular upkeep. Check-ins like these will help you stay ahead of your needs and your goals and keep you on track.

Need help planning for the latter part of 2023? Peninsula Wealth can help!

Peninsula Wealth is a Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where Peninsula Wealth and its representatives are properly licensed or exempt from licensure. This material is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Peninsula Wealth unless a client service agreement is in place. It is expressly understood that our firm will not provide accounting or legal advice nor prepare any accounting or legal documents for the implementation of your financial planning objectives.