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Mid-year Financial Check-up: 5 Questions To Ask

May 20, 2019 Find out how you’re doing with Summit’s five-question, mid-year check-in. It’s crazy to think that the year is almost halfway over, but, hey, it is! Which means it’s the perfect time to take stock of how you’re doing on managing your finances. These five questions are a great place to start.

1. Are you being mindful about your financial choices? 

We've challenged you to be more aware of your relationship with money and how your choices and attitudes could help you get where you want—or bog you down. Have you given this a try? If yes, yay you. If you haven’t, don’t wait! The sooner you understand these things about yourself, the easier it will be to get and stay on track.

2. Are you using Summit’s Climbr®?

To manage your money, you have to know what’s coming in, what’s going out and where it’s going.  does all that and more - online and at your fingertips.

3. Do you have balances on your credit cards?

We all know credit card debt is expensive and that we should try to avoid it. But guess what? Over half (65%) of all people are NOT paying off their balance.1 Do you have the best credit card for you? If you’re carrying a balance each month, it’s good to be aware of your balance. If you pay off your balance every month, a rewards card could provide more benefits for you, like cash back, travel rewards and more. Investigate your options. Should you roll your balance over to a different ? Is it worth using a to pay off your balance? There can be tax benefits to doing this, but it isn’t the right choice for everyone. Schedule an appointment with someone at Summit to discuss whether this could be a good fit for you. Have you set up automatic transfers to get the balance paid off? How much can you afford to set aside each paycheck to wipe out this balance? Take a realistic look at your finances, then automatically transfer that amount to your credit card so you’re not tempted to spend it.

4. Have you set up special spending accounts?

A lot of us go a little crazy when it comes to two things: vacations and holidays. We charge everything and deal with the aftermath, sometimes for months or years. Instead of spending first and paying later, how about saving now so you can either pay cash or pay off your bill right away. Just think, if you start putting away a bit from every paycheck now, you’ll be ready to take advantage of those big sales or great travel deals later.

5. Are you saving for emergencies?

Here’s a scary thing to think about: the average American consumer couldn’t put their hands on $400 for an unexpected expense.2 We’d like to help you avoid being one of them and the best way to do that is by saving. Commit to saving something from every check, even if it’s just a little. Do it through automatically saving in a separate account and you won’t even miss it. And to get even more for your hard-earned savings, consider a or account! Since they offer higher returns than general savings accounts, they're great ways to build your wealth and enjoy added security. If you can answer “yes” to most or all of these questions, you’ve passed the mid-year check-in with flying colors (woo-hoo!). And if you can’t, you still have half a year to get on track. You can own this and Summit’s here to help. Smart money tips brought to you by  , Summit’s exclusive financial wellness program.
1 2 You might also be interested in Financial success isn’t how much money you have — it’s feeling good about what you’re doing with the money you have. Here are some tips on how to prioritize your debts and bills, negotiate with creditors and get your late payments back on solid ground. Even in these challenging times, there's  whole lot of good happening! At Summit, we've always believed financial success happens together and that's been truer than ever this past month. Here's what "together" has meant for our community. Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation. Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation. If you’re not sure if something is a scam, it’s ALWAYS better to act like it could be! Fraudsters are always coming up with creative new ways to steal from you and quick to take advantage of a crisis. Here are some of the most popular recent scams to watch for. With a little planning, you may be able to actually save a little money during the holidays. Check out these tips to keep costs down without missing out on the holiday fun. Some scams go right for your money; others try to get you to part with personal information – like account numbers, Social Security numbers, passwords, and personal identification numbers (PINs). Find out what you should look for and how to protect yourself. The holidays can be stressful & that’s why it’s important to prioritize your self-care. Use these tips to reduce stress without draining your bank account. Your home is your castle, your refuge and—let’s face it—a place where it can be very easy to sink a big chunk of money. Which is why you’re always on the lookout for “sweet spots”:  those home improvements that add comfort, safety or a little zing of style while you’re living in your house and will boost the asking price when it’s time to sell. And if you can find a way to save money on those improvements or cut home expenses at the same time, well that sweet spot just got a little sweeter! Featured Products Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Financial Education Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts About Equity in Money™ About Summit Careers News Community Giving Equity in Money™ About Summit Careers News Community Giving Help & Support Contact Us Member Support Center Schedule an Appointment Find a Branch Contact Us Member Support Center Schedule an Appointment Find a Branch Please read the following before proceeding to: The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. NCUA Insurance Estimator Privacy, Security & Accessibility Rates, Fees, Terms & Disclosures Routing Number *  The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2022, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 **  SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2023. Copyright 2024 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA