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3 Easy Steps To a Mid-Year Financial Checkup
Updated: January 01, 2021 |
Taylor Kovar, CFP

How to Do a Mid-Year Financial Checkup as a Couple

About halfway through the year, many of us realize we didn’t stick to our New Years Resolutions with our financial goals. But, it’s okay, there are three big things you can do to get back on track and have a mid-year financial checkup together as a married couple.

Track your money success as a couple.

3 Easy Steps To A Mid-Year Financial Checkup

1.  Debt Game

You can’t play the game if you don’t know the rules of the game. Take everything, your mortgage, your credit cards, your student loans, and all other debt. Write out what you owe, what the interest is, and set expectations on what the rest of the year looks like for your payments and paying off those balances. Don’t let them become unexpected.

2.  Don’t Become A Money Victim

A lot of times people don’t know what’s real in their financial situation. So the Spenders are saying, “Oh forget it, I will just spend the money.” Or, the Savers are on the other end not knowing what they can spend so they are paralyzed and don’t spend anything. Not being a money victim really means getting out on paper what is real. How much income do you have? What are your expenses? How much debt do you have? Getting a really clear picture allows you to not be a victim to it.

3.  You Have To Be Consistent About Your Money Meetings

In the first 45 minutes, you have to look at what is real. Then you have to talk about your needs. What season is coming up? In summer do you spend more? Is it Christmas and you have more spending needs? Finally, you need to talk about your dreams! This really spices up a relationship too! It is essential to getting on the same page and having a successful mid-year money check-up.

The point? Get real with yourself and your finances! This will get you right back on track!

Taylor & Megan Kovar

The Money Couple

Taylor & Megan Kovar posing at the Fredonia Hotel in Nacogdoches Texas

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