Time to check up on your financial New Year's resolutions

You blinked and January became June. What happened to all those financial New Year’s resolutions? If they haven’t gone from wish list to reality, it’s not too late. And if you're one of those folks who don't make resolutions or you never got around to writing a list, it's not too late to play catch-up — get started now.

Here's what to consider for your midyear financial checkup:

Start or increase your retirement savings

“Take advantage of any employer match," says Brian Cohen, investment adviser with Landmark Wealth Management in Melville. "If not, you’re leaving money on the table.

Even if you have no match, still contribute for the tax advantages inherent in the plans and the eighth wonder of the world, compounding,” Cohen adds. 

Ask yourself key questions

Paul Celentano, a wealth management adviser with Objective Wealth Management in Rockville Centre, has a few pointers. “Have you achieved your savings goals? Are your investments in line with your risk level? Is rebalancing necessary? Have there been changes that require review of your beneficiaries? Gear up for year-end tax planning. Do you have losses that can be harvested? Are you charitably inclined? Have you made [a donation] or know where you will donate?”

Answers to these questions will help dictate the steps you need to take next.

Check your credit report

“When it comes to cleaning up your finances, know where you stand. Your credit report is the perfect place to start,” says Byron Ellis, certified financial planner with United Capital Financial Life Management in The Woodlands, Texas.

You are entitled to one free credit report every year under federal law. Get it at AnnualCreditReport.com and check it for accuracy. Review your debts to determine which accounts you should focus on paying down for the rest of this year.