2. Check your Credit Report. 

Obtain a free credit report from the major credit bureaus (Equifax, TransUnion, Experian) through www.annualcreditreport.com and carefully examine it for any errors or discrepancies. Ensure that all your accounts are accurately reported and that there are no signs of fraudulent activity. Addressing any issues promptly will benefit your credit score which in turn can positively impact your future borrowing capabilities. 

3. Evaluate your Investment Portfolio. 

If you currently have an investment portfolio, mid-year is an opportune time to assess its performance over the past few months and rebalance if needed. Ask yourself: does my current strategy align with my long-term financial goals and risk tolerance? If you’re new to investing or feeling uncertain about what money moves to make, consider connecting with a financial advisor who can offer guidance. 

4. Develop a Savings Strategy. 

Do you anticipate any large expenses in the latter half of the year such as home improvements or educational costs? Start setting aside funds or exploring financing options in advance to minimize future stress. Consider automated, recurring deductions from your paycheck that can funnel into a savings account. Not able to save just yet? That’s okay! Create a reminder to revisit again in 2-3 months. 

5. Make a Plan to Pay Down Debt. 

This is a good time to evaluate your outstanding debts, such as credit card balances, loans, or mortgages. Consider the balances, current interest rates, and payment terms for each. If you’re feeling overwhelmed by your debt, explore the option of a Debt Management Program (DMP) which could potentially lower your monthly obligation and improve your credit score over time. There is no one-size-fits-all solution, so chatting with a counselor from our non-profit partner GreenPath Financial Wellness can help you determine if a DMP is a good fit for your situation. MEMBERS1st has partnered with GreenPath to equip you with the tools you need for financial success. It’s free, confidential, and no pressure!