We’re halfway through the year — are you on track to meet your financial goals for 2021? Use this midyear financial checkup to see where you stand.

Could your monthly budget use a midyear makeover?

One of the biggest indicators of financial well-being is a budget that puts you in the green every month. Go through your budget to see where your income is going. Determine if you are spending more or less than what you’re bringing in.

  • If you’re spending too much, look at where you can cut costs to balance your budget and increase savings.

  • If you’re spending less, make sure you’re getting the most out of your surplus by making smart saving and investing decisions.

Are you contributing enough to your tax-advantaged savings accounts?

Midyear is an excellent time to review your RRSP (Registered Retirement Savings Plan) and TFSA (Tax-Free Savings Account) contributions. Both offer unique ways to shield your income from taxes — RRSP through tax-deductible contributions and TFSA through tax-free growth and withdrawals. They also make saving for life’s big expenses easier.

Based on what you have contributed in the first six months of 2021, will you meet your goals for the year? If you haven’t set contribution goals, now’s the time to do it!


Are you taking the right steps to protect your assets?

Do you have the right level of insurance coverage for your lifestyle, your family, and your age? For your financial checkup, take a look at your current policies and decide if you need more coverage or less. Consider mortgage life insurance, personal life insurance, and long-term disability coverage.

It’s also a good idea to review your emergency fund — this is the money you can draw upon to pay for emergency expenses instead of dipping into your retirement savings or relying on credit. Do you have three to six months of living expenses stored in a high-interest savings account? If not, how much can you contribute each month to reach that goal?


Does your investment portfolio meet your needs?

Over the years, your appetite for risk and investment goals will change. It’s a good idea to review your portfolio periodically to make sure it’s still working for you. Income changes, getting closer to retirement, or entering retirement are all reasons to reassess your mix of assets.

If you’d like help with your midyear financial checkup, let’s talk. We can help you take smart steps to increase wealth and reduce financial risk.


© Bellwether Investment Management Inc. 2024. This communication is intended for residents of the provinces in which we are registered and is not meant to be a solicitation to any persons not resident in those provinces. Any opinions expressed in this article are just that, and are not guarantees of any future performance or returns. Some of the information contained in this article has been drawn from sources believed to be reliable but due to the fact that it is provided by a third party, it cannot be guaranteed to be accurate or complete. Bellwether Investment Management Inc., Bellwether Estate and Insurance Services Inc. and Bellwether Family Wealth cannot provide tax advice and therefore we recommend that you consult your tax advisor for further assistance with your tax planning and the preparation of your tax return. The report is prepared for general informational purposes only and the securities mentioned in this report should not be construed as a recommendation for any specific securities.

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