Money Fix: Midyear financial checkup

New research from the Principal Financial Well-Being Index shows that people are more likely to rate themselves as physically healthy (53 percent) than financially healthy (31 percent).

Midyear presents the perfect opportunity to do a financial checkup.Look at your savings, cash flow, debts -- everything. Where are you? Where did you plan to be? "Make changes to get back on track," says Rocco Carriero, a private wealth adviser for Ameriprise Financial in Southampton. Avoid surprises by tracking goals weekly or monthly.

Review taxes with your CPA now. "Long-term gains are [taxed at] 15 percent, [but] on Jan. 1, who knows? Should you take more gains this year to lock in the 15 percent rate? If you do, increase estimated tax payments," says Peter Lang, managing director at HighTower in Harrison, N.Y.

Use money sitting in your bank earning next to nothing to pay credit cards, says Randy Siller, a financial planner with Lincoln Financial in Rye Brook.

Save for the holidays. Set up a high-yield savings account, advises David Bendix, president of Bendix Financial in Garden City.

Assess investments. How has your portfolio performed? Make changes. "Don't stray from your comfort level for risk, though," cautions Kevin Mahn, chief investment officer of Hennion & Walsh in Parsippany, N.J. Put poor performers on the "watch list" to sell later, adds Jeffrey Flamman, an adviser with Lincoln Investment Planning in East Islip.

What's the worst mistake you could make? Robert Mollenhauer Jr., a CPA with the Metis Group in Plainview, says: "Doing nothing."