With July officially behind us, here is your reminder that we’re headed toward the second half of 2021. While there’s still time to enjoy the warm weather as summer comes to an end, we encourage you to slow down and check up on your financial well-being. Our team at MRK Financial Solutions is happy to meet with you on the below areas to make sure your taxes and financial plan are in order in case we need to make any necessary adjustments before year end.
Review your budget: Your spending habits likely look different now than they did in 2020, but did you adjust your yearly budget accordingly? The second half of the year can be expensive, between the holiday season and back-to-school spending. Take some time now to prepare.
Review monthly spending: It’s wise to review your last few months of monthly spending to see if anything is out of the ordinary and adjust as the year comes to an end. You easily could’ve withdrawn funds from certain areas you typically don’t touch for an expensive home renovation project this summer for example. Take a moment to review how much money is going out and where so you can stay within your planned budget through the rest of the year.
Check your credit score: If you plan on moving, purchasing a car, or taking out a personal loan this year, you’ll want your credit score in good shape. Your score could have been impacted by recently accrued debt, late payments, hard credit inquiries, identity theft, and more.
Check your withholdings: It’s critical to review your paycheck withholdings throughout the year – especially with the tax landscape subject to change in the next few months and 2022. A member of our team can assist you with checking your withholdings to ensure you’re having the correct amount of taxes being withheld.
Prepare for advanced tax credits: As mentioned above, if your family is eligible, you may begin receiving advanced child tax credits. Families who qualify are expected to receive six installments via direct deposit or mailed check. If you anticipate getting the credit, you may want to talk it over with a member of our team so we can help you prepare and make sure you’re set up properly to receive funds.
We encourage you to schedule time to chat with our team. Contact us via phone or through our website: mrkfinancial.com.