Helen M Hesler Jerry L Dickson Ohio’s Traditional Deer-Gun Hunting Season begins Nov. 27 WWII veteran honored in banner raising ceremony Veteran of three wars honored for volunteer work Charlotte Evans Jason A Barr Why we celebrate Manchester man killed in single-car accident Adams County Election Results – 2017 Hubert Knauff To keep or not to keep Time again for the changing of the seasons November proclaimed as Adoption Recognition and Recruitment Month Local business is seven decades old and counting Local student gets Nashville call Senior Profile: Gabe Grooms Lady Indians fall in districts Quest For The Cup complete for Dragons Meeting a true sports hero WU’s McCarty named District Player of the Year With regional run, Pennywitt completes memorable career West Union eighth grade volleyball finishes as SHAC runner-up Senior Profile: Tray Brand Greyhounds drop home finale, finish at 4-6 Lady Devils fall in district semis Devils go down in district finals Matt Seas headed back to State XC Meet Senior Profile: Charlee Louden Lady Indians ousted in sectional final Lady Devils down Minford 4-1 in district semis North Adams volleyball claims fourth consecutive sectional crown Senior Profile: Brooklyn Howlett Afterschool fun begins at NAES Wearing it pink in October Kenneth L Austin Jay E Minnich Reuben E Hershberger Bobby L Williams 18 years just isn’t long enough Emotional, historic, and victorious Taking action against addiction Utilities commission approves DP&L electric security plan What matters and what doesn’t Oh dear, is that a deer? Junior Gaffin Charlotte J Thatcher Matthew D Miller Megan R Phillips Ralph M Swearingen Linda C Ackley Robert Ralston Shelly Seaman Increased access to treatment, Improving economic opportunity keys to combating Ohio’s Opioid Crisis Seas siblings are again SHAC Cross-Country Champions Lady Hounds cruise to sectional victory Senior Profile: Alyssa Hoskins 101 and another sectional championship Lady Indians claim sectional title North Adams tops Peebles for sectional soccer crown Senior Profile: Shay Boldman 13.5 seconds, heartbreak for West Union PHS JV Volleyball completes unbeaten season On the course that Nicklaus helped design On the ballot: Meigs Township Trustees West Union Christian Church will again be collection center for Operation Christmas Child Peebles voters will choose council members in upcoming election Seven candidates seek seats on ACOVSD school board A time for transformation What will future generations say? Finding all those treasures Janet K Campbell Robert D Hill Lady Devils blank West Union 7-0 in SHAC soccer finale Vikings invade and conquer the Greyhounds Outpouring of community support for local business woman with cancer Manchester mourns teen killed in single-car crash Kylie S Lucas Sharon R Grooms Steven L Wootten Forest J McDaniel Ralph O Grooms Adams County teenager dies in auto accident Charles N Vance Wesley M Baldwin James Kennedy Tom A Mihalovich Brand hat trick leads North Adams past West Union 5-2 in SHAC soccer action Senior Profile: Bryant Lung Lady Hounds pull off thrilling Senior Night win Volleyball milestones continue to pile up at North Adams Banner season for Lady Indians soccer SHAC holds Junior High Volleyball Tournament Tournament match ups set for volleyball and soccer Senior Profile: Morgan Edmisten Hounds dominate, improve to 3-4 Is this not the best time of the year? Volley For The Cure is another big success Getting everything we ask for Oh, that dreaded leaf project

Your midyear financial checkup

Setting a few hours aside for a midyear financial checkup in June or July can help you review how you’re doing with savings, investing, spending and debt. It can give you the opportunity to spot irregularities and adjust your budget well in advance of year-end.

If you already work with a qualified financial or tax advisor, consider discussing this review process with them so they can guide you to any specific money issues you should be tracking.

Start by requesting at least one of your three credit reports. The idea is to make sure your credit balances are accurate and to check closely for any irregularities that might signal identity theft. Federal law requires that each of the major credit agencies – Experian, Equifax and TransUnion – give you your most recent credit reports for free (https://www.annualcreditreport.com/index.action) once a year.

If you discover unusual charges or accounts you didn’t open, alert your advisors, take any steps they recommend and otherwise follow the U.S. Federal Trade Commission’s step-by-step identity theft guide (http://www.consumer.ftc.gov/features/feature-0014-identity-theft) to help you take action. Remember to stagger receipt of each of your credit reports throughout the year so you have the opportunity to catch potential irregularities every few months.

Next, turn to your budget or start one if you’ve never made one before. The midyear review should focus on whether adjustments can be made to save or invest more or pay off more debt if more money is coming in from a raise or other resources. If spending is up by midyear, it’s always important to know why and whether funds can be reallocated to better purpose.

Review your retirement and whether you’re maximizing your contributions at work or in your own personal retirement accounts. Those who reach age 50 by the end of the calendar year will be able to take advantage of additional catch-up contribution allowances to beef up their balances as they approach retirement.

Midyear is also a good time to check the adequacy of one’s emergency fund (http://www.practicalmoneyskills.com/calculators/emergency). Emergency funds help keep you from tapping your credit or savings balances in a sudden cash emergency. The amount of money you keep in your emergency fund should fit your needs, but consider a balance of four to seven months of everyday expenses in case there’s a short-term job loss or an emergency repair. Consider keeping a year-round list of potential home, car or personal expenses and decide whether your emergency fund is adequate or you might need to set up other savings accounts to address bigger needs.

Make sure your tax withholding levels are correct. This is particularly important if your income has changed during the first six months of the year and you might be closing in on a higher or lower tax bracket. Consult your tax advisor for assistance, and the IRS features its own withholding calculator (http://www.irs.gov/Individuals/IRS-Withholding-Calculator) to help you decide.

Finally, make sure all your record keeping is up to date. Midyear is a good time to look over all your spending, saving and investment records to make sure all the numbers add up and underlying paperwork is in order. Also consider online banking, investing and bill payment as a way to save more time and money.

Bottom line: Taking a midyear break to review your finances gives you a thoughtful opportunity to spot errors, adjust your budget and save on taxes.

Leave a Reply

Your email address will not be published. Required fields are marked *

© The People's Defender - All rights reserved