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It's that time of year again! Time for that mid-year financial tune up

The holidays will be here before you know it, and with the year half over, it's time to make sure everything is on the right track.

TEXAS, USA — We should all do some financial homework right around this time of year. So, for this week’s Money Talks, we focus on mid-year financial tips!

The first six months of this year have been the worst start to a year for the stock market over five decades. Certified Financial Planner Neil Vannoy says this "is" the time to fine-tune your financial plan. Telling 6 News, "If you have a retirement plan like a 401(k) or a 403(b), take time to review how much you're contributing. 

Start making contributions if you haven't started, and if you're already saving try to increase the amount if possible. Make sure to contribute enough to get the full match offered by your employer but try to hit the max for 2022 of $20,500 per year if possible and remember that employees over age 50 can put in an additional $6,500."

But maybe your job doesn't have a 401k, Vannoy has advice for you I-R-A contributors as well saying, “The 2022 contribution limit is $6,000, or $7,000 if your age 50 or older, as long as you have at least that amount of earned income starting monthly contributions now or increasing the number of your current contributions will help you reach the max by the April 15th deadline."

It also might be a good time to move some money around in your investments, Vannoy says, "Both stocks and bonds are down for the year, but your stock percentage might be a little low since stocks have declined more than bonds. Now is a great time to consider rebalancing your portfolio by selling bonds to bring your stock exposure back up to your target percentage."

Also, most of us have had our income taxes wrapped up since April. So, you should have a good idea if you are over or underpaying taxes. 

Vannoy explained, "Consider changing your withholding if you received a large tax refund this year or owed a lot of money at tax time. If you received a large refund, you can lower your withholding so you can keep more of your money throughout the year. If you owed money this year, then you can increase your withholdings to avoid having to come up with money for “Uncle Sam” at tax time next year."

Vannoy also advised one more thing: It's no secret that the holiday season can strain our budgets. This year might be especially difficult due to the high inflation we're experiencing. Start to plan now for expenses associated with travel and gift-giving. At the end of the year, you can avoid getting yourself into financial trouble. 

So, get on that now.

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