Today is the last business day of the month, the quarter, and the first half of the year.
Not only is it time to set up the July Budget, but investment portfolios may need to be reallocated.
July’s Budgetary Considerations
Hopefully your summer vacations and Independence Day festivities are planned and, more importantly, paid for! And now is the time to start thinking ahead for other activities.
Do you have any late summer or Labor Day festivities planned? Now is the time to re-evaluate the estimated costs for these things.
How about Halloween? Statistics tell us that Halloween has become a more expensive celebration than Christmas for many Americans. I keep saying I’m going to invest in a great costume one of these years. If this is you, get a head start!
Thanksgiving? If you have a family like mine, everyone pitches in with food items and adult beverages. But it’s another event on the calendar worth considering. And you may be doing Christmas gift exchanges with relative you won’t see during Christmastime.
Speaking of Christmas, we are now less than six months away. Did you ever start that sinking fund for Christmas shopping? Setting aside even a small amount each payday can ease the stress that can accompany the holiday shopping season.
Don’t Forget Your Investments
I’ve been talking a lot about asset allocations. Whether you’ve read my review on popular portfolio allocations or the my more recent review of the three-fund portfolio, mid-year may be an ideal time to look at your balances and to reallocate. This ensures buying low and selling high. And if it’s in a retirement account, it’s a tax-free, or at least tax-deferred event.
As always, get in touch if you’d like to inquire about one-on-one coaching for specific help with things like budgeting.