The mid-year period of June 2022 is a good time to take stock of your finances, plan your budget and see if you are on your way to achieving your financial targets for the year.
Having a personal checklist for your finances will help you keep track of your progress and help you achieve your goals in a structured, consistent manner. The month of June is the perfect pitstop to restructure your budget and plan for the rest of 2022.
To ensure that you’re handling your money in the right way, here are 6 activities that you can consider undertaking for the rest of the year:
Evaluate your finances
June is a great time to review your financial checklist and take stock of where you at in relation to your goals. If you created a budget at the start of the year, how well have you been able to stick to it? Have you overshot your budget so far? Have any unexpected expenses come up? How has your savings plan been progressing? Do you feel you have to make adjustments to your financial plans? If so, now might be the best time to do so. If you have to reduce expenses further to meet your goals, control your spending a bit more. Evaluate and set your track straight.
Check your quarterly estimated payments
Your estimated payment will be due on June 15 if you have to make quarterly payments. Even though it may feel like the tax payment season is over, if you are expected to pay your taxes every quarter, your payment season doesn’t really end.
Evaluate your bills
One of the best ways to reduce expenses is to review your monthly bills and subscriptions. Check for subscriptions that you’re not using anymore or can live without. Cancel these expenses or look for cheaper alternatives. These normally apply to your phone bills, TV subscriptions, internet bills, etc.
Make a home garden
Want to save money on produce? The solution – create your own organic garden at home. If there isn’t much space, you can start with a container garden. By growing a variety of vegetables, fruits, berries, and herbs, you can meet your produce needs at a fraction of the cost of buying them.
Make your home energy efficient
Along with creating your own garden, why not look at making your home green as well? Making your home energy efficient by installing the required equipment can help you reduce your energy bills by a lot over time. Getting better insulation, a solar system, replacing your windows, getting energy-efficient lighting, etc., can reduce your bills and also help save the environment.
Get your heating system inspected
Now that you don’t really need your heating system, get it inspected to make sure it is working properly. If you know how to do it yourself, you can carry out the inspection as well. Check the ducts, the furnace, and the other parts and ensure that everything is in order. Clean out the vents and plug any leaks that there may be. If you need to get a new furnace, consider that as well.