Life update: We’re already halfway through 2023 – as unbelievable as that may seem.

Now, beyond the rising temperatures and beach days, the summer season or mid-year period is a good time to stop, pull up and do a financial check-up. Cutting out a slice of time to do this important life assessment could very well be the difference between achieving financial wellbeing and living in an unhealthy financial state.

As always, VM Group has you covered. We’ve carefully curated and combined some critical financial areas that you should be assessing and checking on this month as we hit the mid-year stage of 2023, with the aim of ending the year financially strong.

The Midyear Financial Check-up Guide

The Debt Check: July sounds like a good time to tackle our debts, especially if they’ve grown since the start of 2023. See how much progress you made in repaying your debt since January and make a plan on how you’ll handle them. Think about whether you want to start by addressing those debts that carry the highest interest rates or the ones with the lowest balance and stay consistent with your payments. Whatever you choose, let’s be sure that our debts are in check at the end of the year.

Cut the Credit Card Cheque: Now is a good time to look at your credit card balance. Are you making your payments like you had planned back in January? Are your payments even lining up with the budget plans you made at the start of the year? Make it your responsibility to keep track of how often you’ve been swiping your credit cards; monitor your spending activities and always pay what is owed. Don’t forget that at VM Group, our Members can access a lower interest rate for purchases and cash advances with our secured credit card offering.

How are your savings coming along? What were your saving goals or targets at the beginning of the year? Are you on track? Check to see if they’re going as planned and if not, now is a great time to make some adjustments to your budget and spending. We get that a lot of unforeseen spending may have popped up throughout the year, but if you’re serious about hitting the December 2023 savings target, come sit with one of our experts at VM and we can help you get things in order.  

The retirement plan: For many persons, our pensions function as our retirement plan, so it must be solid and consistent. Now is when we have time on our side, so pause for a minute or two, and check if you’ve been making your regular pension contributions, and whether there’s any room to increase that amount. And…if you don’t have a pension plan, starting one in July is a good idea. We’ll guide you every step of the way. The VM Pensions Management team will always find the right pension plan portfolio to suit your retirement needs while ensuring that you understand your full benefits.

It’s always a wise idea to check in on your finances halfway through the year to see where you stand, and if things are going as planned. The key to true financial well-being is being in control of your spending, savings, and all financial obligations, and a check-up is often needed to maintain this control. Need more help with your mid-year financial checkup? Let our financial experts at VM Group help you. Make contact today by clicking the link below –