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

Woman looking at finances on smartphone

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. Climbr 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 Summit card?

Is it worth using a home equity loan 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 certificate or money market 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 Red SHOES, Summit’s exclusive financial wellness program.


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