It’s Time for Your Mid-Year Financial Check-Up

Examining where you are now is a great way to set yourself up for success in the second half of the year.

It’s hard to believe but we’re somehow nearly halfway through the year, and if time seems to be flying by at lightning speed, you’re not alone. While it may feel like you just set those New Year’s financial resolutions, it’s now time for a mid-year check-up on reaching your financial goals.

Just about everyone — no matter your stage of life or financial situation — can benefit from putting together a financial game plan. Whether your 2023 goals have been gathering dust or you need to start from scratch, now is a great time to review where you are — and where you want to go.

This is even more important in light of the current economic situation. Nearly 75% of respondents in Primerica’s most recent quarterly Financial Security Monitor survey said their income is falling behind the cost of living, making creating and sticking to a plan even more important in the current market.

Not sure where to start? Here are four ideas to get you going:

Create a strategy to pay off debt: Whether you have student or car loans or a high credit card balance, paying down these debts is important to securing your financial future. That means approaching it with a well-thought-out plan. Debt stacking is a go-to strategy for a reason: It works, it’s simple and it’s sustainable for any budget and lifestyle. Essentially, after you pay off your first account, you roll over the money that was going toward that debt into your next target account. By following this strategy, you make the same total monthly payment toward your debt until everything is paid off.

Plan for retirement (no matter your current age): Whether you’re 22 or 62, it’s not too early or too late to save for retirement. If you don’t know how much money you need to put aside for your retirement, a financial professional can help you out. You won’t be alone either: In Primerica’s latest survey, just 26% of respondents say they were very confident in making sound financial decisions without outside help.

Protect your loved ones in case of the unexpected: Life insurance doesn’t just offer peace of mind for your loved ones, it also allows you to breathe easier knowing your family will be financially protected in the event of your death. Making sure you have the right level of coverage — and periodically updating it as needed — is crucial. In Primerica’s most recent survey, about half of all those with life insurance said their policy was worth $100,000 or less — which could be an insufficient amount given that the common rule of thumb calls for 10 times your annual salary.

Start saving early for your children’s education: Your toddler may not be walking yet, but that doesn’t mean you shouldn’t already be thinking about those college years. In fact, the sooner you start setting money aside the better off you’ll be. And a traditional four-year university education isn’t the only reason to save — putting money aside will also help if your kid eventually decides to go to a technical or vocational school or get an associate’s degree instead.

No matter what your level of income, age or current financial situation, the ideas above can help you figure out the best route to financial success for you. And, as always, whether coming up with a financial game plan feels daunting or you just want to make sure you’re on the right track, reach out to a financial professional, who can ensure you’re on the right path.

Primerica is a leading provider of financial services to middle-income households in the United States and Canada. Licensed financial representatives educate Primerica clients about how to prepare for a more secure financial future by assessing their needs and providing products like term life insurance, mutual funds, annuities, and other financial products. Primerica representatives are not financial planners. Representatives are independent contractors and not employees of Primerica.

In the U.S., Primerica representatives market financial products including term life insurance underwritten by Primerica Life Insurance Company, Executive Offices:

Duluth, GA, (except in New York) and by National Benefit Life Insurance Company (Home Office: Long Island City, NY) in New York State. Securities are offered by PFS Investments Inc. (PFSI), 1 Primerica Parkway, Duluth, GA 30099-0001. PFSI is a registered broker-dealer and investment adviser with the Securities and Exchange Commission (SEC) and a member of the Financial Regulatory Authority (FINRA). Primerica and PFSI are affiliated companies.