How Often Should I Do a Financial Check-up?

Conducting a mid-year check-up on key financial areas—budget, credit score, retirement savings, life insurance—will allow you to adjust, if needed, to keep your annual financial goals on track. Here are some important aspects of a financial check-up.

Hold your own budget summit

Has your budget changed? Evaluate your spending habits and reset goals, if needed. If you got a raise or a new job, maybe you can afford to save more each month. If you don't already have a budget, start one—a mid-year financial check-up still gives you 6 months to make a difference.

Optimize your tax breaks

Are you taking advantage of opportunities to lower your taxable income by paying into a tax-advantaged retirement account? Are you maximizing contributions to your retirement plan? For example, say you were able to contribute $19,000 in pretax dollars to your 401(k) or 403(b) in 2019. For those aged 50 and older, it's possible to make a catch-up contribution of as much as $6,000, which increases your 2019 total to $25,000.

Get reacquainted with your investments

While it can be good to leave your investments alone, it's also a good idea to review your portfolio once a year. Consider your financial goals and assess risk level compared with the market's year-to-date performance and make any adjustments to keep you on pace with your financial goals.

Revisit insurance coverage

Are the liability limits you have still high enough to protect your assets? If you've done any home improvements or upgrades, consider whether your policy is high enough to replace your home and possessions, if needed.

Evaluate your debt

Look at your credit card balances and other loans. Is your balance creeping up? Maybe you need to make some budget adjustments or consider refinancing to lower interest rates.

Estate planning

Estate plans and wills only need to be reviewed every 5 years or so, but consider making this part of your mid-year financial check-up if a life change has happened, such as marriage, divorce, birth or death. This would also be a good time to look at life insurance and retirement account beneficiary designations to ensure they match the rest of your estate plan.

Doing a mid-year financial check-up might seem like a lot of work, but it will help protect you, your loved ones and everything you've worked hard for.

Interested in ways to invest?

Related topics

8 Steps to Simplify Your Finances  (Article)

Learn eight easy ways to make managing your finances less stressful.

Building a Savings Nest Egg  (Article)

A financial cushion can provide future peace of mind.

Establishing Good Financial Habits  (Article)

By adopting smart money management practices, you'll be on your way to a sound financial future.

The Importance of a Budget  (Article)

Learn how to create a sensible budget that fits your needs.

The information provided is not intended to be legal, tax, or financial advice. BB&T hopes you find this information useful but we cannot guarantee that it is accurate, up to date, or appropriate for your situation. Financial calculators are provided to assist you in estimating the approximate costs associated with any bank activity. Your actual costs may vary. You should consult with a qualified attorney or financial advisor to understand how the law applies to your particular circumstances or for financial information specific to your personal or business situation.

Branch Banking and Trust Company, Member FDIC.

New York City residents: Translation or other language access services may be available. When calling our office regarding collection activity, if you speak a language other than English and need verbal translation services, be sure to inform the representative. A description and translation of commonly-used debt collection terms is available in multiple languages at

Branch Banking and Trust Company is now Truist Bank. Learn more.

BB&T and SunTrust have merged to become Truist. Both institutions will continue to offer independent product lines for a period of time. This may include differing underwriting guidelines, product features, terms, fees and pricing. Our friendly teammates at your local SunTrust branches will be happy to walk you through their respective products. You can also learn more by contacting them at 800-SUNTRUST or

BB&T Complete Client Protection

about Truist Bank