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Summer Opportunities

The warm months bring not only sunshine and relaxation but also a chance to reassess our financial goals and make the most of the conditions that lie ahead. We are delighted to share with you 5 opportunities that can help you embrace an abundant life this summer.

1. Review and Adjust Your Budget: Take the opportunity to review your current budget and make any necessary adjustments. Assess your spending patterns and identify areas where you can cut back or reallocate funds towards your financial goals. Consider seasonal expenses like vacations, outdoor activities, or increased utility bills and incorporate them into your budget to ensure you stay on track. To get started, use this budgeting template to track your anticipated monthly income and spending.

2. Understand Your Debt and Savings Rates: Considering the significant change in interest rates over the past year, now may be a good time to consider paying off variable rate balances. Savings and money market rates have also increased, giving you a short-term holding strategy for cash. Reach out to discuss available options for liquid short-term savings.

3. Revisit Your Investment Portfolio: Evaluate your investment portfolio strategy considering your long-term financial goals. We consider rebalancing your hemming& portfolio quarterly to maintain diversification, adjust to market conditions, and align with your risk tolerance.

4. Maximize Tax Advantages: With half of the year already behind us, it's a good time to review your tax situation. Take advantage of the increased contribution limits to Individual Retirement Accounts (IRAs) or employer sponsored plans like 401(k)s.  Review your tax withholding if you’ve had a significant change in income, marital status, or dependents over the past year. Adjusting your withholding can help avoid any surprises when it’s time to file your taxes. 

5. Consolidate and Simplify Finances: Summer can be an excellent time to streamline and simplify your financial life. Consider consolidating bank accounts, reducing credit cards, and automating bill payments to streamline your financial management. Review and consolidate any outstanding loans or debts to potentially reduce interest payments and simplify your repayment process. 

Take time this summer to dive into your finances, and build a life you don't need a vacation from!