An ounce of prevention is worth a pound of cure” was coined by Benjamin Franklin in 1735. While Ben was likely referring to preventative medical practices, this saying also applies to your finances. Much like you have annual medical visits, you should also have regular checkups with your financial advisors.
Here are 10 financial subject areas that merit a summertime review:
1 | Investments
Do you have multiple investment accounts or retirement accounts from previous employers? For ease of management, you should consider consolidation. Even if you are a long-term investor, you should regularly review your investment performance. After three years of positive stock returns, portfolio rebalancing may be merited. Are your investments still meeting your needs, or have your needs changed?
2 | Tax Planning
Did you owe a lot in taxes in April? Or maybe you got a large tax refund? A large tax bill might have been a financial shock. On the other hand, if you got a large refund, you loaned Uncle Sam a lot of money over the past year. Adjusting your W2 withholdings, managing capital gains, increasing 401k contributions, and charitable giving may all contribute to a more tax-neutral 2026.
3 | Budgeting and Savings Review
Regardless of your income level, spending often increases with higher income. The more you earn, the more you spend! It is important to have an honest assessment of your spending habits. If you earn a healthy income but neglect your savings or carry a lot of costly credit card debt you should rethink your spending and savings habits. Mid-year is a great time to refine your budget before summer vacations and year-end holiday expenses.
4 | Debt Reduction
If you have outstanding loans, first pay off the highest cost debts – like credit cards. If you must borrow through the year, a HELOC may carry a much lower interest rate than credit cards. Still have a mortgage? Consider additional strategies to reduce the principal and interest. Because of the way a mortgage amortization schedule is structured, early repayment of principal can also greatly decrease your total interest cost. Consider making extra principal payments, paying bi-weekly, or rounding up your monthly payment. However, do not make additional payments at the expense of retirement savings.
5 | Educational Savings
If you have children or grandchildren headed to college, consider making tax deductible contributions to a college savings plan. Louisiana residents can deduct contributions to the START Savings 529 plan from their state taxable income – up to $2,400 per year per beneficiary for single filers and $4,800 for married couples filing jointly. The deduction that you get in 2026 can be carried forward to future tax years.
6 | Retirement Saving Planning
Are you taking full advantage of your retirement saving options? Contributions to a traditional 401k are made with pre-tax dollars, so not only do you build retirement savings but also potentially reduce your income taxes. Ask yourself: Can I save more? Better yet, ask your advisor: Do I need to save more to reach your retirement goal?
7 | Estate Planning
It is no fun facing our own mortality, which means that estate planning is often neglected. You should have the proper estate documents – a will or trusts, a living will, financial or healthcare powers of attorney. I advocate that estate documents be revised regularly — at least every 5 years. Having your estate plan in order should be important to you. It will certainly be important to your heirs and the trusted individual who will work to settle your estate.
8 | Asset Titles
The distribution of a person’s property after death is known as the probate process. How you title your assets directs who inherits what via that process. For example: Do you have an asset that you want to place into a trust? If so, the ownership title of that asset needs to be updated. Specific titling can potentially minimize estate taxes and / or protect your assets from creditors.
9 | Charitable Giving
Supporting your favorite charities is admirable and can also lower your taxes. For those who itemize, charitable gifts can provide a tax deduction. Rather than making cash gifts, donating shares of appreciated stock directly or via a Donor Advised Fund can reduce capital gains taxes. Your financial manager can identify what holdings would be the best to donate.
10 | Insurance
Your insurance needs will change during your lifetime. Younger folks may have unfunded liabilities such a large mortgage or future college tuition. For your peace of mind, you might want life insurance to protect your family from these large expenses should you die suddenly. Consider carefully what type of insurance policy – permanent or term – is most appropriate. Depending on your profession you might consider disability insurance. If you have longevity in your family, you might shop for long-term care insurance. Lastly, to bolster your homeowners and auto insurance coverage you might consider additional general liability “umbrella” insurance.
Your finances are complex. They will change over your lifetime and should not be neglected. A mid-year review with your advisors can identify potential issues and allows enough time to correct them by year-end. Ben Franklin would agree: Much like seeing your doctor regularly, annual summer consultations with your advisors can keep you financially healthy all year long.
