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Mid-Year Financial Review and Preparing for the Year-End

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July, 11th 2024

At MTC Federal Credit Union, we believe in working hard for hardworking people. As we reach the midpoint of the year, it’s time to take stock of your financial health and make sure you're on the right track to keeping traction for your life’s journey. Here’s a simple and helpful guide to conducting a mid-year financial review, preparing for the latter part of the year, and getting ready for tax season 2025.

Start with Our Mid-Year Financial Review Checklist

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Review Your Budget:

  1. Assess your spending habits and ensure your budget aligns with your financial goals.
  2. Identify areas where you can cut back or reallocate funds.

Check Your Savings:

  1. Evaluate your emergency fund and ensure it covers at least 3-6 months of living expenses.
  2. Set or adjust savings goals for vacations, large purchases, or future investments.

Debt Management:

  1. Review all outstanding debts, including credit cards, personal loans, and mortgages.
  2. Consider consolidating high-interest debt to lower your monthly payments.

Credit Report and Score:

  1. Obtain a free credit report and check for inaccuracies or fraudulent activity.
  2. Work on improving your credit score by paying bills on time and reducing credit card balances. Schedule your complimentary analysis with our team!

Insurance Coverage:

  1. Reassess your insurance policies (health, home, auto, and life) to ensure adequate coverage.
  2. Shop around for better rates or additional discounts. View our affiliate insurance services with TruStage® here.

Next, Preparing for the Later Part of the Year

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Holiday Savings:

  1. Start a holiday savings fund to avoid financial stress during the festive season. Learn more about MTC Savings account options or set up your savings fund here.
  2. Set a budget for gifts, travel, and entertainment.

Investment Review:

  1. Analyze your investment portfolio and make adjustments based on market performance.
  2. Consider speaking with a financial advisor for personalized advice.
  3. Review our Money Market account options here.

Retirement Planning:

  1. Check your retirement accounts and contributions.
  2. Increase contributions, if possible, to maximize employer matching. View more about our IRA options here.

Health Expenses:

  1. Review your flexible spending account (FSA) or health savings account (HSA) balances.
  2. Plan for any medical expenses before the year ends to take full advantage of tax benefits.

Then, Prepare for Tax Season 2025

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Organize Financial Documents:

  1. Gather all necessary tax documents, including W-2s, 1099s, receipts, and expense records.
  2. Keep digital and physical copies organized for easy access.

Understand Tax Deductions and Credits:

  1. Research available tax deductions and credits that apply to your situation.
  2. Consider charitable contributions and other deductible expenses.

Tax Withholding:

  1. Review your tax withholding to ensure you are not underpaying or overpaying.
  2. Adjust your W-4 form if necessary to avoid surprises during tax season.

Seek Professional Help:

  1. Consult a tax professional if you have complex tax situations or need expert advice.
  2. Take advantage of MTC Federal Credit Union’s financial education tools for additional guidance.

Finally, Use the MTC Federal Credit Union Features & Tools

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Skip-a-Pay Feature Available from 11/1/2024 -1/31/2025:

We know the end of the year can be a crunch when it comes to financials. We are here for you helping out when life gets a little more challenging. From November 1st, 2024 through January 31th, 2025, members in good standing who make a donation of $36 to the MTC Federal Foundation, may take advantage of our "Skip a Pay" option. This feature is available on most auto, personal, and recreational vehicle loans., and can provide financial relief during tight months, allowing you to skip a loan payment and free up funds for holiday and tax season. See all terms and conditions in the link above.

To utilize this feature, please review details on MTCfederal.com and or contact our member services team to put this in motion.

Loan Calculators and Financial Education Tools:

Utilize our online loan calculators to plan and manage your finances effectively. Access a wealth of financial education tools and resources on MTCFederal.com to enhance your financial literacy and make informed decisions.

At MTC Federal Credit Union, we are dedicated to providing traction for life’s journey. By conducting a mid-year financial review and preparing for the future, you can ensure a prosperous and stress-free year ahead. Visit us online or contact our team for personalized support and more information on our financial products and services.

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