Your Mid-Year Financial Cleanse Checklist

Gather and organize important financial documents such as bank statements, tax returns, investment statements, insurance policies, and receipts. Establish a system that works for you to ensure easy access when you need to remember what your renter’s insurance policy covers or when your promotional 0% interest rate is coming to an end. You can also digitize important documents for added convenience and security (bonus here: you’ll be cleansing your household of excess paperwork!)

Mid-year is a great time to take inventory of your monthly subscriptions and memberships. We understand that everyone differs here—a gym membership might feel more “essential” than a streaming music service or home cleaning schedule and that’s okay. Decide what matters most to you and cancel what holds lesser value. Not wanting to cancel? Try negotiating for better rates or switching to more cost-effective alternatives within the same category.

Do you have multiple bank accounts? Consider consolidating them to streamline your financial management. Having fewer accounts can simplify tracking transactions, reduce the likelihood of incurring overdraft or maintenance fees, and make it easier to monitor your overall financial progress where your goals are concerned. Likewise, consolidating credit card accounts can help you keep track of monthly payments and potentially reduce interest charges.

For many of us, managing finances can be anxiety-inducing, and that anxiety is compounded when late fees eat into your allocated budget. Over time, late fees can also negatively impact you credit score. Setting up automatic bill payments for recurring expenses helps you avoid both outcomes and makes money management faster and more efficient since you’re not keeping track of what’s due when.

Evaluate your insurance coverage to ensure you have adequate protection and aren’t overpaying. Shop around for better rates and consider bundling policies for potential discounts. Review policy details, deductibles, and coverage limits to make sure you’re adequately protected without paying for unnecessary extras.

If you have investment portfolios, carve out some dedicated time to review their performance and asset allocation. Ensure that your investments align with your risk tolerance and long-term goals. Consider rebalancing your portfolio to maintain diversification and optimize returns. If investing is new or you want deeper insight when it comes to risk evaluation, a financial advisor can help you understand your options.

Think of this mid-year marker as an opportunity to make new financial goals, big or small (reminder: ambition is great, but stair stepping is still progress) Whether it’s saving for a specific purchase, paying down your credit card debt, or adding to any retirement funds you may have, define your top priorities and begin mapping out some actionable steps to achieve them.