Keep on track with this mid-year financial checkup list

Keep on track with this mid-year financial checkup list
Residents can chime in on Henrico's $1.3 billion plan. (Source: File photo)

RICHMOND, VA (WWBT) - Believe it or not, the year is half over. That means it's time for a mid-year financial checkup.

As we start the second half of 2017, here's your checklist to run down.

Update your budget for life changes

First -- if you've had any life changes, like a new baby, a marriage, a divorce, take that into account and update your budget now. Look at how you are spending your money.

Re-assess your retirement contributions

If you're not maxing out those contributions, you're not doing yourself  any favors. And if you think you can't do it, just increase what you're putting into a 401k plan or 403b plan by one percent, and then just keep increasing it until it hurts.

Check how much money is being withheld for taxes

Local financial planning experts JoycePayne Partners in Richmond says it's never too late to change how much is being withheld from your paycheck for taxes. You don't want it to be too little and owe money in six months, but Michael Joyce says you also don't want it to be too much.

"I know a lot of people like to get a big refund, but you're just getting paid back with your own money," said Joyce. "In essence, you're giving the government a short-term loan at zero-percent interest."

Add to (or start) your emergency fund

Have a goal of putting at least $500 in savings over the next six months. If you start today, just $85 a month will get you to that goal in December.

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