But this year in particular, it may be a good idea to sit down and reset some things as midyear statements roll in.
The dust from the market crash has largely settled, and government decision-makers are in the midst of taking actions that will reverberate throughout the economy, the markets and beyond. You want to be prepared for the consequences.
Summer also is generally a golden opportunity for those willing to use some of their extra time to tighten their finances.
"It's like the fable of the ant and the grasshopper," said Eleanor Blayney, consumer advocate for the nonprofit Certified Financial Planner Board of Standards. "The grasshopper fiddles away the summer while the ant puts away food for the winter. Which one do you want to be?"
Be an ant, at least for a little while, when it comes to your financial affairs this summer.
Here are seven midyear financial resolutions, as recommended by certified financial planners, that should pay off in the long run:
• Review financial statements and strategy. If you're among the many who have developed a habit of not opening account statements or delaying looking at them since the market crash, break it.
It's not just that stocks have bounced strongly higher since early March, making midyear statements tolerable to look at. Disengagement can lead to bad things while your investments are on autopilot — portfolios can get out of whack, becoming too risky or conservative for your situation.
Besides looking at recent results, make sure your holdings and investment allocations still make sense in this economy. And rethink your strategy periodically from now on, either on your own or with a planner's help.
"Don't just assume you can throw money into an indexing strategy, or a couple of actively managed funds, and let them go," said Ron Myers of Associated Financial Consultants in Fort Lauderdale, Fla. "That may not be the case any more."
(2 of 3)More Biz in Tough Market: Success Secret #11
