Consolidated Credit Advises Consumers to do a Check Up of their Budget Mid-Year

SUNRISE, Fla. - June 4, 2013 - PRLog -- FT. LAUDERDALE, Fla. – With the first half of 2013 behind us, it’s time to plan, budget and save for the remainder of the year. The certified financial experts at Consolidated Credit have conducted a mid-year budget check-up plan to help consumers analyze their finances and manage their money for the second half of 2013.

“By evaluating spending habits from prior months, consumers will be able to extrapolate a financial budget for the rest of the year,” said Howard Dvorkin, CPA and founder of Consolidated Credit (http://www.consolidatedcredit.org). “Review your spending history and make changes to incorporate any scheduled plans that may affect your budget.”

According to a recent survey, about 70 percent of American households have a set budget (http://www.consolidatedcredit.org/personal-finances/budgeting); however, half of those households reported have difficulty sticking to their set spending amounts and some even disregarded their budget altogether.  

At the mid-year point, Dvorkin says the objective is to figure out the status of cash flow and if the budget working. Now is the time to review your finances to determine the corrective course of action.

Dvorkin and his team of financial experts recommend taking the following steps to assess mid-year finances.  

·         Check your investments: Review portfolios to ensure allocated funds and target dates are still yielding the best benefit. Managers sometimes make changes according to guidelines that are created in response to mutual fund competition. Make sure funds are being invested in the way you planned or make changes that may give better results.

·         Update your W-4: If any major life changes have occurred in the past year, it’s crucial to make changes immediately to report the proper information. Events such as divorce, marriage or birth of a new child would affect the withholding exemptions, meaning you would either pay too much or too little taxes, each of which can result in serious consequences.

·         Dealt with your debt: Request a free credit report (Equifax, TransUnion or Experian) to see if there are any unpaid charges on accounts. If discrepancies exist, call creditors right away to fix the charges. Enrolling in a debt management program (http://www.consolidatedcredit.org/debt-management/program) can also be beneficial to those who need assistance with their finances.

·         Assess your retirement goals: Tax laws allow people 50 years of age and older to make greater contributions to their retirement plans. See if you’ve been maintaining the payments from the first half of the year and determine whether to increase that amount to meet retirement goals.

·         Account for holiday shopping: It is wise to set-up a monthly account for holiday gifts half way through the year. Depending how many people you plan to shop for, it’s wise take $100 a month and put it in a holiday shopping account.

For more information on money management, dealing with credit card debt (http://www.consolidatedcredit.org/credit-card-debt/), and how to budget, please visit www.consolidatedcredit.org.

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About: Consolidated Credit Counseling Service's mission is to help people end financial crisis and solve money problems through education and professional counseling. Consolidated Credit is an industry leader providing credit counseling and debt management services throughout the United States. Consolidated Credit is a non-profit agency that has helped thousands of individuals and families deal with life-altering credit, debt, and financial issues.