Discover Ohio’s Ancient Cultures during Archaeology Day at Serpent Mound Summer Reading Program ends as new school year approaches Lady Hounds preparing for 2017 volleyball campaign, looking for more improvement A servant’s hands Oh my, nothing better than a sweet tooth Rec Park hosts All-Star Sunday A Saturday night peek at a gridiron future McDowell, McCarty awarded Farm Bureau Scholarships Adams County Medical Foundation awards Dr. Bruce Ashley Legacy Scholarships Your kid on heroin Jerry W Olinger Douglas R Burchett Wayne Cowles Shirley Collins Jack L Yates Wayne Grooms Sr Adams County Building and Loan merging with Southern Hills Community Bank Ahead of Sales Tax Holiday, Attorney General DeWine offers tips for consumers Delores L Cook Harold L Smith Pell, Seas have high hopes for new SSCC campus ‘We prayed and believed it was going to happen’ 4-H Scholarships awarded during Fair Week Showmanship Sweepstakes concludes Junior Fair Competitions Junior Fair Crops are a Premium Show Southern Ohio’s only blackberry farmer wants to make berry pickin’ fun again Challenges ahead for new MLSD Superintendent SAY Soccer celebrating 50 years North Adams hosts Youth Football Mini-Camp Lady Dragons host Soccer Shootout 38 years later, Indians football returns It’s time Ten years and twenty goats later When nobody is watching When a blackberry wasn’t just a cell phone, but delicious Heroin user’s mom says addiction is a disease, not a choice Mary A Wallingford Rickey L Vincent Pauline Ertel William Bryant ACOVSD announces 2017-18 policy for free and reduced lunches What we are made of When summer really arrived Horse project 4-H members head to Ohio State Fair Defender hosts annual Cornhole Tournament George’s Brave Shave’ benefits other Year of planning, work pays off for 2017 fair Local teen opens new business Why can’t you stop? Camp first step in preparation for 2018 Greyhounds on the gridiron Young awarded SEDAB Scholarship Fair hosts Hall of Fame broadcaster Peebles goes back-to-back at the Barnyard The sport of goats Massive storms rumble through Ohio Valley James W Morgan Tiffany R Edwards Marshall W Groves Fairgoers wanna iguana! SSCC moving forward with plans for Adams County campus Mary Wallingford Leslie V Lawrence Jr Fair hosts Cheerleading Competition Peebles FFA installs 2017-18 Officers Adams County Fair Baby Contest Seniors Citizens and Armed Forces Day at the fair Cheers! It’s mocktail time! North Adams Beta Club attends National Convention at Disney ‘You won’t believe the chaos it rains around you’ McCarty’s receive 4-H Alumni award McKayla Raines crowned 2017 Junior Fair Queen Eastern knocks off Peebles 10-5 to capture 14 U baseball tourney Just listen for the answer Time to teach a little History Fair hosts Little Miss and Mister, Toddler shows Jason E Palmer Dorothy Stephenson Shane G Varney The weekend I joined the Army David Stutz Patty Davis Battle results in new chief at the Division of Wildlife Join in with ‘Adams County Rocks’ After 500-mile journey, pigeon ‘drops’ in for a visit Nine-run third inning leads Peebles to upset win in SHYL 12U baseball tournament finals Willie L White David A Presley Connie Greene Carolyn Belczyk retiring from OSU Extension Young’s reign as Fair Queen ends, new journey begins Robert L Boone Esther C Malone Independence Day parade puts patriotism on display Being an addict’s mom: a sad and scary place to be White House newest addition to People’s Defender mailing list Young leaving Manchester to become Ripley Principal Leadoff homer holds up, Manchester takes 10U softball tourney 1-0 over North Adams North Adams tops Manchester in 12U semis Monday Night League concludes with SHAC showdown How we see ourselves

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