6 Mid-Year Financial Planning Checklist
The mid-year is a great time to review your financial plans to see how far you have come.
First, check your financial goals, such as saving for retirement, a house, a child's education, and make sure that you're investing appropriately for those goals. Mid-year is also a great time to take care of housekeeping by checking beneficiaries on your accounts to ensure that your investments are not unclaimed in the case of eventualities.
The good thing is that Cova allows you to assign beneficiaries by organizing and tracking your finances in one connecting all to all your connected accounts instead of having to do this separately for your different accounts.
Here are six mid-year financial goals that you need to review now:
Review and update your Personal Financial Inventory
Doing a periodic financial inventory is a great way to get a big picture view of your financial health, as well as a detailed view of all your accounts. Review and update your financial assets, including your banks, brokerage and investments accounts, Retirement accounts, Real estate, Jewelry, etc.
- Update your liabilities/debts or credit accounts, student loans, car loans, your loans, mortgages, credit cards
- Review and update your insurance and other financial accounts
- Review your net worth, which is the number of assets you have versus your liabilities or debt
- Review your credit score and portfolio performance reports.
The good thing about creating your finance inventory is that Cova helps you to track and organize your assets, liabilities and manage your portfolio beneficiary in one place. Create your inventory with Cova here.
Review your financial goals
Check whether the savings and investment goals that you set to achieve for the year are on track. Change it to something more realistic and achievable now that you have a better view of how your financial year is going. Are you spending more money than expected? What are the profitable ways that you can invest the extra capital that you are making?
Check the beneficiaries you've listed on your accounts to make sure that your beneficiary details are updated and consistent. With Cova, you can assign beneficiaries to all your assets in one place. Cova will make sure your assets are passed on to your beneficiaries in case of eventualities.
Review your investments
Investors need to take stock of their investments during the mid-year financial planning process, mainly because of the fluctuations in the financial markets.
- Check your assets allocation to balance the risk and rewards of your investments. For example, If mutual funds are diving, you may consider diversifying your investment to traditional assets like real estate.
- Check whether the investment returns are still able to meet your financial goals. Cova’s portfolio performance report feature can help you see how all your assets have changed over the past six months to understand how your investments returns can help you meet your financial goals.
Rebalance Your Portfolio
Rebalancing involves periodically buying or selling assets in a portfolio to maintain an original or desired asset allocation level or risk.
When you periodically rebalance your portfolio, you ensure that you're not carrying too much risk or wasting your money investing in potentially inefficient assets. Take note of which asset classes you have in your portfolio and where you have gaps. Then, refocus your investments if necessary.
Review your Protection
Evaluate your insurance needs to make sure you have the right amount and type of insurance to cover unforeseen circumstances that can derail your finances.
Update and review Beneficiaries
Estate planning and power of attorney can be uncomfortable topics for a lot of people. However First, take, this is important considering the number of assets that remain unclaimed after a person’s demise.
Set up, review, and update the beneficiaries of your assets, ensure that their contact details and necessary information are up to date.
With Cova, you can assign beneficiaries to all of your assets in one place instead of having to do this separately where these accounts are domiciled. Start your estate planning and beneficiary management with Cova.
Make your financial planning easier and more effective with Cova. Securely track all your assets in one place. Organize cryptocurrencies, bank accounts, stocks, investments and safely transfer your information to your beneficiaries in case of eventualities.