Mid -Year finance check in
It’s already July, before you know the year will be over. Mid-year is the best time to analyze your finances to take a closer look at your financial goals and health. It is also time to check on your investment contribution and savings goal for the year.
Few things that I like to check during the mid-year check-up are
- Total Income
- Total Expenses
- Roth IRA Contribution
- HSA Contribution
- 401k Contribution
- Other Investments
- Savings Rate
Mid-year is also a perfect time to look at your expenses trend so you can adjust your budget accordingly. Since I moved to a new location, I will wait for a few more months before changing my budget.
Mid-Year Financial Summary
|Total Take Home Income||$55,443|
|401k Contributions (Including company match)||$14,626|
|HSA Contribution (Including company match)||$3,510|
The above table doesn’t factor in any money I had to pay for the divorce settlement. Also, I am not tracking any post-tax investment or Roth IRA as those items are already included in the Total Take Home Income.
Overall, pretty happy with the ratio of expenses to saving. However, I am still behind my savings rate goal of 70.00%
Mid-Year Expense Summary
|Budget Category||Amount ($)||AVG/MONTH($)|
|Food & House Supplies||$2,912||$485|
With the move to HCOL compared to Utah, my expenses for next 6 months is going to be significanty different. I expect my expenses to go higher which means the
Mid-Year Retirement Contribution
|Item||Contribution ($)||Employer Match($)||% to Max|
|Roth IRA||$3,000||$ -||50.00%|
I am on a pretty right track to maximizing all three major retirement programs. I will be maxing the 401k long before the year is over.