1792 Alysheba Way, Suite 201, Lexington, KY 40509
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Mid-year Checklist

We’re more than half-way through the crazy year that is 2020, and despite the unpredictable nature of everything we’ve experienced, it’s still important to check in with your goals and progress as we had into the latter part of 2020. Life may look a little different, but life is going on, one way or another. 

First, take a look back at your financial goals and plans from this time last year and have an honest conversation with yourself about what has changed. Was there a change in income? Did you have to dip into emergency savings due to the economic shutdown? Did you change jobs and need a review of your new benefits? We’ve talked to several client families whose jobs are staying in a work-from-home format. If you’re one of these, do you plan to work longer, or retire earlier? If you have college age or college bound kids, are they planning to attend classes this fall or work for a year while the pandemic plays out? 

Next, review your spending. Had you planned for a family vacation this summer that didn’t happen because of the shutdown? Will you save that money for next year’s vacation, or is there a more immediate need that needs to be addressed? Could that money be put back into savings or investments for longer term goals? We all faced cancelled plans this year due to the many unforeseen circumstances. We can help you reallocate the money you’d planned to spend this summer that ended up sitting in your bank. 

Third, how is your credit? It’s an easy thing to forget to check regularly, but even if you’re not planning to make a major purchase in the near future, checking your credit reports and scores can alert you to any suspicious activity. Several client families have told us they’re planning to make large home improvements such as installing pools, finishing basements or adding on to the family home. Avoid surprises by making sure your credit is solid before using any loans or credit for these projects. 

Lastly, make sure to review your insurance protection. Leaving a job can mean losing certain insurance coverages beyond health coverage. Is your life insurance adequate for your current situation? If you’ve started a home business you may need to adjust your homeowners coverage. If you are one of those families planning on making home improvements, be sure to let your agent know so you’re covered throughout the process. 

All of these and other situations can affect your financial life. Take a close look, and let us know what questions or concerns you have. If we currently work with you, give us a call so we can go over any changes you’ve experienced and adjust your plan accordingly. If you don’t currently work with our team, now is a great time to take stock of your financial life. Our team will help you get organized and create a custom plan that will help you work toward your unique goals and plans. 

And, we’re never too busy for your referrals. If you know someone whose situation has changed and might need some guidance when it comes to their money, please, let us know. We’re always here to help. 

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