Summary

The middle of the year is a natural time to pause, reflect, and reset. Beyond your regular living expenses each month, you might have accrued credit cards and subscription services, as well as bank, investment, and retirement accounts. All this can make it difficult to track where your money goes or even measure your progress toward your financial goals.

A midyear reset gives you the opportunity to declutter, make adjustments, and save time and money. Here are some steps to consider:

1. Go paperless

Sign up for electronic bank and investment statements. Digital statements reduce clutter and tend to be more secure than paper versions that can be lost in the mail or stolen.

2. Consider cancelling unused subscriptions

Review your credit card and bank statements for streaming or other subscription services that are automatically charged to you, making them easy to forget. Consider eliminating services you no longer need or use.

3. Automate when possible

Set up automatic payments for fixed routine bills, such as the rent, mortgage, cell phone bill, or car loan. This helps avoid late fees, and on-time payments will strengthen your credit score over time.

Credit card payments tend to fluctuate. If you set up automatic payments for cards, make sure to review your statement a few days before the payment so you have time to cancel it if you spot any fraudulent or inaccurate charges. You can have your bank send you a reminder a few days before the payment is due.

Automation can also help you save. Making automatic contributions to a retirement account, emergency fund, or college savings fund could mean one less task you have to think about.

4. Determine whether to consolidate accounts

If you have multiple accounts at different companies, consolidating them may help simplify things and potentially save money. Some banks and investment firms offer lower fees or additional benefits for customers who have multiple accounts or maintain higher asset balances.

Typically, two or three credit cards are enough. If you have more than that, consider closing those you don’t use or that charge high interest rates or annual fees. Be aware that closing a credit card account can temporarily lower your credit score.

5. Review your profile

A reset wouldn’t be complete without a review, and if necessary, updates to your contact information and account beneficiaries. Start by logging in to your MissionSquare account.