June is the midpoint of the year, making it an excellent time to review your annual spending plan and make any needed adjustments. This helps ensure you have the necessary funds for summer activities without disrupting long-term savings goals.
Review and Adjust Your Spending Plan
Seasonal expenses—such as summer camp, daycare, summer school, and family travel—can add up quickly. Review your budget to ensure these costs are accounted for so you don’t dip into emergency savings.
Check Your Investment Position
Midyear is also a good time to check your investment statements and confirm that your portfolio aligns with your financial goals. You may also want to meet with your investment advisor or CPA to determine if adjustments are needed.
Consider Income Needs in Retirement
If you are retired or approaching retirement, review how much of your income will be covered by pensions and Social Security. This evaluation helps determine whether additional income must come from investments.
Important Dates to Remember
- Quarterly estimated tax payments are due June 15 unless that day falls on a weekend and deadline is extended until the following Monday.
• The Free Application for Federal Student Aid, otherwise known as the FAFSA, is a financial aid application form used to apply for financial aid from the federal government, state governments, and most colleges and universities. The FAFSA application season typically starts on October 1, and the FAFSA deadline is typically June 30, or the end of the academic year, whichever comes first. - FAFSA corrections or updates typically must be submitted by 11:59 p.m. CT on September 10.
