How To Prepare Financially When You’re Expecting

Becoming a parent is one of life’s most significant milestones, bringing with it immense joy and responsibility. As you prepare to grow and welcome a new member into your family, it’s essential to prepare and adapt a shifted financial mindset. So, let’s discuss what you can financially expect when you’re expecting!

  1. Budgeting: Establishing a budget is always a key component of your financial plan, especially when preparing for parenthood. Take a close look at your current expenses and income to determine how much you can afford to allocate towards your new expenses such as prenatal care, baby gear, childcare, and other necessities. Be realistic and flexible, adjusting your budget as needed to accommodate ever-changing circumstances.
  2. Emergency Fund: Building an emergency fund is also important for expecting parents. Aim to set aside a few months of living expenses in a readily accessible account. This fund acts as a safety net, providing your family a sense of financial security in case of unexpected events.
  3. Insurance Coverage & Protection: Review your health insurance coverage to ensure it adequately meets the needs of your growing family. Understand the costs associated with having a child and child care, and consider additional insurance options such as life insurance and disability insurance to protect your family’s financial future.
  4. Long-Term Goals: Parenthood often prompts a reevaluation of long-term financial goals. Whether it’s saving for your child’s education, buying a home, or planning for retirement, consider how your financial priorities may shift with the addition of a child. Set clear and achievable goals, and develop a strategy to work towards them over time.
  5. Savings and Investments: Start building a nest egg for your child’s future as early as possible. Explore options such as college savings plans, for example 529 plans, start building up a high yield savings account, or investment accounts designed specifically for minors. Take advantage of compounding interest and investment growth to maximize savings over time.
  6. Financial Education: As your child grows, instill healthy financial habits and values from an early age. Teach them the importance of budgeting, saving, and responsible spending. Encourage curiosity and critical thinking about what money means to them, empowering them to make informed financial decisions as they navigate adulthood.
  7. Support Network: Don’t hesitate to seek advice from a financial professional as you navigate the financial aspects of parenthood. Life is complicated and as your family begins to grow, you may want a financial professional in your corner to help you travel on your life’s journey. Here at Sherman Wealth, we work with many young families and expecting couples to plan out their family finances and make a more sound and achievable financial plan.

In conclusion, preparing for parenthood is crucial yet can be overwhelming. Adopting a proactive mindset and building out a financial strategy that works for you and your family can help ease the transition into parenthood. If you have any questions on what decisions you should be making in preparation of parenthood, email or schedule a complimentary intro call here.

Do You And Your Partner Have The Same Money Values?

We all know that being a part of a couple takes work and that open, honest communications is key! We read an interesting article that spoke about how individuals choose their partners and that often times, we match with those who have similar interests and values as ourselves. However, while this may be true, Jenny Olson, an assistant professor of marketing at Indiana University who studies couples’ financial decision-making, found that “when it comes to money-management styles, opposites do attract.” As financial advisors, we have seen many cases where two partners have different backgrounds and relationships with money. It is very common for partners to have different approaches to their finances, but it’s important in how they to approach the merge them.

In order to have a relationship that is strong financially, as well as emotionally, remember to regularly discuss and review your finances and goals to help make sure that you and your partner are not only on the same track, but on the right one for you as a couple. When you become serious with your partner or even get married, many couples have to sit down to talk about both their relationship with money and how the merging of finances will work. While we know its not easy, its important in order to avoid financial lies. In fact, we read an interesting article that said financial lies between partners are way more common than you’d think. The study from Forbes Advisor found that the top three financial lies American’s tell each other are relating to debt, spending and large purchases, and spending patterns. While you and your partner may not have the same spending habits or relationship with money, but finding a happy medium or compromise to allow honesty is extremely crucial.

At Sherman Wealth, we work with many newly weds, young professionals and couples on the merging of their finances and how to find a medium that works for both parties. As we have said time and time again, communication, transparency, and honesty is key to a healthy relationship, especially as it relates to finances. We know money conversations can be awkward and uncomfortable, but they really are necessary for couples wanting to build a financial roadmap.

So, let’s take a look at some important topics couples should regularly review and discuss.

  1. Retirement Plans – If you’re a young couple, retirement may not be your top priority, but remember – through compounded interest –  a small amount invested now may go a long way in the future. Be sure to reexamine your goals and your portfolio to make sure that you’re both saving enough for retirement and your asset allocation is appropriate given market fluctuations and volatility.
  2. Life Insurance – While not a pleasant topic, it’s important to discuss with your partner what will happen in the event that one of you passes prematurely.
  3. Wills and Trusts – Like life insurance, wills and trusts also are important for protecting your loved ones. They’re especially critical if you have children, or a significant amount of assets.
  4. College Funds – If you have children, or are considering having children, you definitely want to discuss your thoughts on college and how much you as parents want to fund it, if any. Discuss a saving strategy to help pay for college tuition.
  5. Health Insurance – Make sure that you and your partner are both covered, and that you understand the differences – and overlaps – in  your plans. Is there any unnecessary overlap? Should you purchase more coverage to protect yourself?
  6. Major Purchases – If you are planning to make a major purchase such as a home, or a new car, you’ve probably already talked with your partner about it. You may not have talked about how you’ll pay for it though! Talk through these goals together and set realistic strategies to achieve them.
  7. Monthly Expenses – Review your expenses each month to see where you can make changes and cut back. Consider making a budget together to make sure that you are allocating your income in the best possible way for both of you.

While financial topics can be difficult to discuss, they’re an important part of a happy and successful relationship. As mentioned prior, here at Sherman Wealth we help couples facilitate these conversations, especially when it comes to merging finances and creating combined goals. Make sure that both you and your partner are on the same page when it comes to finances, and set short and long term goals together to help keep you both on track.

If you need help going over your finances or coming up with a plan, you may want to seek working with a financial advisor to help point you in the right direction, based on your own goals, and help facilitate difficult, but important, discussions. If you have any questions, email us at or schedule a complimentary intro call here.

Navigating Life’s Milestones With Financial Planning

Life is a journey marked by various milestones, each accompanied by its own unique set of challenges and opportunities. As humans, we all have goals and milestones that look different, but may involve similar finanicial strategies to achieve them. Whether you’re saving for a down payment on your first home, planning for your children’s education, or looking ahead to retirement, financial planning is essential for achieving your goals and preparing for these milestones. In this consolidated guide, we’ll explore the key aspects of financial planning for life’s different milestones and goals.

A great way to get organized and start planning and strategizing for your life milestones is to begin by identifying your short-term, medium-term, and long-term financial goals. Prioritize your goals based on their importance and urgency, and ensure that your goals are specific, measurable, achievable, relevant, and time-bound (SMART).

Next, work on your budgeting and saving. Develop a budget that aligns with your income, expenses, and financial goals. Track your spending habits and identify areas where you can cut back or save more. Build an emergency fund to cover unexpected expenses or financial setbacks. While you’re working on building up your savings, take a look at your debt and create a strategy for paying off high-interest debt, such as credit card balances or personal loans. Avoid taking on new debt you cannot afford, and prioritize debt repayment in your budget.

When creating a financial plan to achieve your different goals, it’s important to take into account your time horizon for your various goals, and your overall risk tolerance and investment objectives when choosing investment vehicles. Regularly review and rebalance your portfolio to ensure it remains aligned with your goals and risk profile. Regardless of the goal you are striving for, start saving as early as possible to take advantage of compounding interest and maximize your savings.

Financial planning is a dynamic process that evolves over time as you progress through life’s milestones and goals. Consider working with a financial advisor to develop a comprehensive retirement plan and savings/investment strategy. By setting clear objectives, budgeting effectively, managing debt responsibly, investing wisely, and protecting your assets, you can achieve financial security and build a solid foundation for the future. Remember to regularly review and adjust your financial plan to adapt to changes in your circumstances and priorities. If you have any questions on how you can better improve your strategizing for your goals and milestones, email 

When Should You Give Inheritance Money to Your Kids?

When it comes to gifting and giving money, especially to family members, people are oftentimes confused on when is the right time to pass over their inheritance. Should an inheritance be strictly given after one’s death? Should it be used while one is still alive?  Let’s take a look at some of these questions.

Of course, every family is different, in terms of how they want to be remembered, but there are some things that every family should think about when passing on wealth. Many articles recently have been stating that individuals believe they will need an inheritance to maintain their level of wealth and living when they grow older. A Merrill Edge survey revealed that “a third of “mass affluent” Americans from Gen Z to baby boomers with investible assets of at most $250,000 are waiting on inheritances to achieve financial stability.” It’s interesting to see that so many individuals are relying on such wealth as part of their financial future. With our ever changing economy and sky-rocketing inflation, It will be interesting to see how the current market conditions impact the ability for individuals to continue to pass down wealth. Next, let’s take a look at when family members should think about passing down their inheritance to their heirs. 

Give Now or Later?

Giving now rather than later is the preferred approach for many financially comfortable people these days. According to a 2019 Merrill study, Leaving a Legacy: A Lasting Gift to Loved Ones, 65% of Americans 55 and older say it’s better to pass on at least part of their estate while they are still alive.

While every family person has a different financial situation and circumstance, if deciding whether to gift your money earlier or later, here are some questions to ask yourself. 

Are You Over-Giving?

Before you give to your children or family members, make sure you are not sacrificing your own personal financial situation. Oftentimes, family members give too much to their children and don’t save enough for their own lifetime. 

Some of your children may prefer to wait for their inheritance, while others could benefit greatly from having the assets today. Before making that decision, make sure to communicate with your family members to make sure everyone is comfortable with the situation at hand. Check out our podcast episode with David Pearl discussing money and financial traditions, explaining how to pass down money values and concepts. 

Where the U.S Tax Code Comes In

For those who are interested in contributing to the education of heir children or grandchildren, 529 plans may be a great place to start. 529 plans allows you to slowly contribute and save for your children’s education that they can use later in life. For the 2023 tax year, remember you can give up to $17,000 as a single filer and $34,000 as a married couple tax-free without it going against your gift exemption, 

While this situation varies from person to person, it’s important to plan out your inheritance and set a will in place so that your hard-earned money is shared amongst your loved ones. Planning early and asking yourself these questions is a great strategy to help you make the right decisions when it comes to your inheritance. If you have any questions about your personal financial situation and what makes the most sense for you and your family, please email us at 

How To Improve Your Personal Finance

October, Financial Planning Month, is the perfect time to reflect on the importance of personal finance and the role of financial literacy in our lives. In this blog, we’ll explore what personal finance is, how to make smart financial decisions, and why financial literacy is crucial for a secure financial future.

Personal finance includes the management of one’s individual or family finances. It encompasses all the decisions and activities related to earning, spending, saving, investing, and protecting money. The goal of personal finance is to achieve financial stability, security, and the realization of financial goals.

It can be difficult to know how to make smart financial decisions, which is why as financial advisors, we not only advise our clients in making more impactful and positive financial decisions, but also seek to educate them and improve their financial literacy. From budgeting, saving, protection, investing, cash management, reducing debt, and building an emergency fund, there are lots of concepts to understand and educate yourself on. As you educate yourself and navigate your life, its important to build a financial plan to serve as a roadmap that guides your financial decisions.

Financial literacy is the knowledge and understanding of various financial concepts and the ability to apply that knowledge to make informed financial decisions. It empowers individuals to take control of their financial future and make responsible choices. Financial literacy empowers people to understand complex financial concepts, such as interest rates, investments, and taxes, enabling them to make informed decisions. By educating yourself or working with a financial professional, you can avoid financial pitfalls and move closer towards achieving your short and long-term goals.

Financial Planning Month in October provides an opportunity to take stock of your financial situation and make necessary adjustments. It’s a reminder to set financial goals, review your financial plan, and seek advice if needed. Personal finance is the cornerstone of our financial well-being. Making smart financial decisions, backed by financial literacy, is the key to achieving financial stability and securing our financial future. If you are looking to improve both your financial literacy and personal finance score, email us at or schedule a complimentary intro call here.

Navigating the Economic Landscape of Higher Interest Rates

Interest rates play a pivotal role in our financial lives, influencing everything from mortgages and car loans to savings accounts and credit card debt. The financial landscape is constantly evolving, so it’s important to continually digest how the current landscape is impacting the consumer. Following consecutive interest rate hikes from the Federal Reserve, they decided to hold rates steady at their September meeting, while still indicating that future rate hikes are still in the picture.  In this blog, we’ll explore what a higher interest rate environment means for you and your wallet, and how you can adapt to these changes.

  1. Borrowing Costs

When interest rates rise, borrowing becomes more expensive. For those considering big-ticket purchases like homes or cars, this means higher monthly payments. Existing adjustable-rate mortgage holders may also experience increased payments as their interest rates adjust upwards. It’s crucial to factor in these potential costs when planning major financial decisions.

  1. Savings and Investments

While higher interest rates might make borrowing more costly, they can also benefit savers and investors. High Yield Savings accounts, certificates of deposit (CDs), Treasury notes and bills, and other fixed-income investments often yield higher returns in a rising rate environment. This is great news for those with substantial savings, as they can expect better returns on their cash.

  1. Credit Card Debt

On the flip side, if you carry credit card debt, a higher interest rate environment can be detrimental. Credit card interest rates are often variable and tend to rise alongside broader interest rate trends. This means that paying off credit card balances promptly becomes even more important, as carrying a balance will result in more significant interest charges.

4. Refinancing Opportunities

For those with existing loans, a higher interest rate environment can reduce the incentive to refinance. However, it’s essential to analyze the situation carefully. If you have a fixed-rate mortgage, you’re shielded from rate hikes. But if you have an adjustable-rate mortgage, it might still be worthwhile to explore refinancing options if rates remain relatively low.

5. Flexibility and Planning

The key to thriving in a higher interest rate environment is adaptability and thoughtful financial planning. Create or update your budget to account for potential increased expenses, save more diligently, and consider refinancing or consolidating high-interest debt to lower your interest costs. We’ve seen interesting articles from consumers stating that they are finally feeling the sting of inflation and higher cost of living. If you too are feeling the impact of inflation and higher interest rates, it may be time to revisit your budget and spending.

A higher interest rate environment is a financial landscape that impacts us all, whether we’re borrowers, savers, or investors. Understanding how it affects your wallet and taking proactive steps to adjust your financial strategy can help you navigate these changes successfully. Stay informed, make prudent financial decisions, and seek advice from financial experts if needed to ensure that your wallet remains resilient in the face of rising interest rates. If you have any questions about the current economic environment or are seeking tips to enhance your financial plan and routine, email  or schedule a complimentary intro call here.

Fall Into Financial Health: Why It’s Crucial for the Season Ahead

As the leaves begin to change color and the temperature starts to drop, we often find ourselves embracing the cozy comforts of fall. It’s a season of pumpkin spice lattes, warm sweaters, and scenic walks through nature’s vibrant transformation. However, amidst all the autumnal pleasures, it’s essential not to overlook a different kind of health and fitness – your financial health.

Fall serves as an excellent reminder of the importance of financial health, especially as we approach the end of the year. Post summer travel and the last few months of the year mark a fitting time to assess your financial situation, prune unnecessary expenses, and ensure your financial foundation is strong.

Here are some compelling reasons why financial health and fitness are crucial as we head into fall:

  1. Budgeting for the Holidays: Fall marks the beginning of the holiday season, which often comes with increased spending on gifts, travel, and festivities. To avoid financial stress and overspending, it’s essential to have a budget in place. Review your finances now and allocate funds for the upcoming celebrations.
  2. Emergency Preparedness: It’s essential to have financial reserves in place for unexpected expenses that life can throw at us. Just as leaves fall from the trees, unforeseen medical bills, car repairs, or other emergencies can quickly impact your finances. Having an emergency fund serves as your financial safety net during such times of need. Ensure you have enough savings to cover these unexpected expenses, offering you peace of mind in an ever-changing world.
  3. Year-End Financial Goals: As the year draws to a close, it’s an ideal time to assess your progress toward your financial goals. Whether it’s saving for retirement, paying off debt, or building an investment portfolio, fall is an excellent time to make adjustments and finish the year strong.
  4. Tax Planning: Fall is the perfect time to start thinking about your tax situation for the year. By reviewing your income, deductions, and potential tax credits now, you can make strategic financial decisions to optimize your tax liability before the end of the year.
  5. Healthcare Open Enrollment: Many employers offer open enrollment for health insurance and other benefits in the fall. Take the opportunity to review your coverage options and make any necessary changes to ensure you have adequate protection for you and your family.
  6. Year-End Financial Checkup: Just as you visit your doctor for a health checkup, consider scheduling a year-end financial checkup. Review your credit report, assess your investments, and ensure your financial accounts are in good order.
  7. Setting Financial Resolutions: Fall is a time of change and renewal, making it an excellent moment to set financial resolutions for the coming year. Whether it’s saving more, investing wisely, or paying down debt, having clear financial objectives will keep you on track.

In conclusion, just as we prepare our homes and wardrobes for fall, it’s equally important to prepare our finances. The changing season reminds us to reevaluate our financial health and make any necessary adjustments to ensure a secure and prosperous future. By taking proactive steps now, you can enjoy the beauty of autumn with peace of mind, knowing that your financial foundation is strong and ready for whatever challenges and opportunities lie ahead. If you have any questions or are seeking financial accountability and help this fall, email us at or schedule a complimentary intro call here.

7 Fun Money Lessons to Teach Your Kids this Summer

Summer is a great time for kids to catch fireflies, perfect their backstrokes, daydream, and learn some great lessons about money and financial literacy. Sound like a hard idea to sell to kids in vacation mode? Not if you make it a rewarding part of summer fun. Here are some tips to incorporate smart money lessons for kids from K-12 that will add to their summer fun and set a great foundation for making smart money choices later on.


Ask your kids to set aside part their allowance for a special summer savings goal then sweeten the pot by telling them you’ll match whatever they save. For the little ones it could be as simple as setting up 2 jars, one for their summer goal (like a super-soaker, hula hoop, or the ingredients for s’mores) and one for the rest of their allowance. They’ll love seeing the jars fill up with coins and counting and re-counting their money. For older kids who are saving for a concert ticket, an app or a website that keeps track of their savings and your matching funds is a great way of getting them interested.


Nothing like learning the satisfaction of having your “own” money! Even if your older children have an actual summer job, consider “hiring” them for extra chores like organizing your photo files, digitizing old cassettes and CDs, or washing the windows. For the little ones, watering plants, pulling up 20 weeds (counting skills!) or helping you rinse the car can help add their allowance jars.


There are fun games to teach kids of all ages about the stock market, investing, and the power of compound interest. The best way of course, though, is to follow the real stock market. Why not have every family member invest a virtual $1000 in 2 companies whose products they know at the beginning of the summer (Lego and Disney for the younger kids, for instance) and see who ends up with the most virtual profit by the end of the summer. Or, if you have the resources, open accounts for the kids with real investments, however small, so they can watch them go up and down, while earning interest, over the months and years ahead. The SEC’s site has a great compound interest generator to show kids how their money could grow.


Summer is also a great time to teach kids about comparison shopping, supply and demand, and the power of buying things when they are on sale. Keeping track of what you save each time you buy a sale-priced item this summer can be an eye-opening for your kids. As you enjoy vacation trips, or even day trips to waterparks, let your kids know about the value you are getting (rather than complaining about high prices.) Give the kids a choice when possible, telling them how much you have to spend for the day and ask their input about how to spend it. When they know that buying cotton candy means they are giving up two rides they learn a valuable lesson about resource allocation!


Find great books to read or listen to in the car about entrepreneurs’ success stories. Young children will enjoy books about Thomas Edison, for instance, or Alexander Who Used to Be Rich Last Sunday. Try a biography of Steve Jobs for the teens, or check out finance videos from Khan Academy.


Take a moment to explain what you’re paying for when you’re paying bills: show your kids how the electric bills soar in the summer if you’re use air conditioning or your water bill if you’re watering the lawn. Calculate – or Google – how much it costs when they leave lights on. Not exactly entertaining but an empowering eye-opener for kids.


Nothing like a great game of Monopoly to while away summer nights while teaching kids about saving up for those houses and hotels (including our favorite trick: hiding money under the board so no one sees how much you are accumulating!)

In short, if you treat money matter-of-factly – and build in some challenges, competition, and entertainment – summer can be a great time to sneak in a little fun “schooling” that will help prepare kids for an empowered future.


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The views expressed in this blog post are as of the date of the posting, and are subject to change based on market and other conditions. This blog contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected.

Please note that nothing in this blog post should be construed as an offer to sell or the solicitation of an offer to purchase an interest in any security or separate account. Nothing is intended to be, and you should not consider anything to be, investment, accounting, tax or legal advice. If you would like investment, accounting, tax or legal advice, you should consult with your own financial advisors, accountants, or attorneys regarding your individual circumstances and needs. No advice may be rendered by Sherman Wealth unless a client service agreement is in place.

It’s Time to Re-Visit Your Protection

As the midpoint of the year has just passed, we’ve been hosting mid-year reviews with lots of clients and families to check-in with their financial plan. While many are getting their finances in order for the second half of the year and benchmarking where they are in reaching their financial goals, I want to bring light to a topic that many individuals often miss during their annual check-ins: Protection.

In our busy everyday lives, we often get caught up in the excitement of pursuing our dreams and goals. While it’s essential to focus on our ambitions, it’s equally important to take proactive steps to protect ourselves and our loved ones. From unexpected medical emergencies to securing our assets, this blog highlights the critical significance of having a comprehensive protection plan in place, including adequate insurance, whether its life, disability, homeowners, umbrella, auto or more, and an estate plan, including a will, medical directive, and power of attorney. If you haven’t already, now is the time to reach out to a trusted professional to find out what your options are when it comes to life insurance and re-visiting your estate plan . 

Each year, you should get an annual health checkup with your doctor to make sure you’re in good shape physically. The same thinking applies to your life insurance policies. You may find that you have adequate coverage, but it’s always important to revisit it each year. Your financial advisor or insurance provider can help you decide what type of strategy you should pursue when it comes to your life insurance policy.

We find that many individuals have a “set it and forget it” mindset when it comes to insurance and estate planning, but that mindset is not in your families best interest. You may have purchased an old life insurance policy years ago that no longer meets your needs or you haven’t updated your will since the recent tax code changes. There are tons of reasons why you should re-visit your protection plans annually. 

Keep in mind the importance of protection for your family and remember to check in with your agent, lawyer or other trusted professional at least once a year to see if you can benefit from a reassessment. In some instances, you may be able to pay less for a similar policy or obtain a policy with a higher value for the same cost or less based on the current rates. If you have any questions, please let us know and we are happy to help. Reach out to us at or sign up for a complimentary 30-minute consultation here.

It’s Time For Your Mid-Year Financial Review

As we reach the midway point of the year, it’s an ideal time to pause, reflect, and conduct a comprehensive financial review. A mid-year financial review allows you to reassess your financial goals, evaluate your progress, and make necessary adjustments to ensure your financial well-being. If you have yet to schedule your mid-year or even annual review, now is the time, and here is why. Let’s delve into some key areas to focus on during your mid-year financial review, including cash management, insurance analysis, account consolidation, estate planning, and just overall financial organization.

Cash Management: Given the current high interest rate economic environment, there is tons of opportunity to make your cash work harder for you. Managing your cash effectively is crucial for maintaining financial stability and achieving your goals. Consider taking advantage of higher interest rates currently available in high-yield savings accounts and CDs. These options provide a safe and secure way to grow your money while keeping it easily accessible, with little illiquidity and risk. Review your current savings strategy, check in on your emergency fund balance, and determine if it aligns with your goals. Make small adjustments to your monthly savings strategy and budget  to optimize your cash flow and maximize your savings potential.

Insurance Analysis: This next topic is one we’ve been talking a lot about with clients now that we are officially through the first half of the year. Insurance is a vital component of financial security, providing protection for your health, property, and loved ones. Whether you have insurance or not, use this mid-year review as an opportunity to conduct a thorough analysis of your insurance coverage to ensure it meets your current needs. Review policies such as health, life, disability, umbrella, home, and auto insurance, comparing rates and coverage options. This analysis will help you identify any gaps in coverage and potentially reduce costs by consolidating policies or negotiating better rates.If you would like a referral to a life insurance professional, please let us know and we are happy to help.

Estate Planning Review: Next, while your analyzing your insurance coverage, make sure you don’t forget about your estate plan. Estate planning is often overlooked, but it’s a critical aspect of ensuring your assets are protected and eventually distributed according to your wishes. Reach out to your estate attorney and review your will, trusts, and power of attorney documents to ensure they accurately reflect your current circumstances and intentions, and are also updated to reflect for current tax code provisions. Life events, such as marriage, divorce, or the birth of a child, may require updates to your estate plan. If you haven’t established an estate plan, now is the time to consult with an attorney to create one that aligns with your goals.

Account Consolidation: Over time, it’s common to accumulate multiple bank accounts and retirement savings plans, such as 401(k)s. Consolidating these accounts can simplify your financial life, reduce headaches and the possibility of “losing” an old account, and potentially save you money on fees. Review your accounts and consider consolidating them where appropriate, while also maximizing the interest rates and return you are earning. Streamlining your financial accounts will not only make it easier to track your progress but also provide a clearer picture of your overall financial health.

Organization: Lastly, financial organization is key to maintaining control over your finances. Take the opportunity during your mid-year financial review to organize your financial documents, including bank statements, investment account statements, tax records, and insurance policies. Consider automating and aggregating your financial picture, especially for document management and budgeting, as aggregation can streamline the process and provide easy access to your financial information.

Take this opportunity to sit down and conduct your own mid year review, or schedule a meeting with your financial professional. Checking in not only with your family, but with your financial progress mid-year is a great way to benchmark your progress towards reaching your goals. If you are interested in setting up a mid-year review, email us at or schedule a 30-minute consultation meeting here.