Pixel Tracker

Saturday, January 19 , 2019, 7:24 pm | Fair 56º


Mark Delgadillo: Are Your Financial Resolutions on Track?

Midyear is a good time to review and renew the goals you set in January

Everyone begins the year with the best of intentions — whether it be exercising more, eating healthier or getting finances in order. But inevitably, our busy lives take off in all different directions, priorities change and certain things begin to take the back seat.

Mark Delgadillo
Mark Delgadillo

Midyear is a good time to revisit those financial goals you set in January. Take a look at where you stand compared with the beginning of the year, and renew your commitment to those resolutions.

Things to keep in mind:

Keep Investments Focused on Goals

Upon receiving all of your midyear financial statements, take some time to evaluate them. Are your investments performing as you hoped? If they aren’t, but you’re not quite ready to make adjustments, you may want to tag underperforming investments to watch more closely. While reviewing investment performance, check your progress toward investment goals, including retirement. If you’re not seeing the results you hoped for, you may want to increase your periodic investments and/or retirement plan contributions.

Be sure to take some time to re-evaluate your goals. Have any of them changed since the beginning of the year? Perhaps a long-term goal has now become a greater priority. Consider working with your financial professional to restructure your investment strategy to make room for any necessary adjustments.

Control Household Spending

Did you set a budget at the beginning of the year? Take some time to evaluate its effectiveness. By reviewing your income and expenses during the past six months, you’ll be able to gauge your success. You can track expenses by going through your checkbook register or online bank records. Note how much money you spent on each budget item, and compare the figures with the amounts you estimated. Is the money you saved going toward your financial goals?

Reduce Debt

Frequently review your credit card statements. Have you been successful in whittling down those balances? It’s easy to forget how many items you’ve charged to your cards. Routinely looking at your statements will help you concentrate on your plan to minimize your debt and, in turn, save you potentially thousands of dollars in interest over time. Those saved dollars could go a long way toward moving you ahead financially.

Be Prepared for Emergencies

Your midyear review should include assessing your ability to survive emergencies. Having at least three to six months worth of living expenses in a low-risk investment vehicle could save you from costly setbacks in your financial progress in the event of a emergency. Reviewing your life, home, auto, health and disability insurance coverage early in the year will also help you be prepared.

Finally, meet with your financial professional for an annual review of your progress to help ensure that your plan remains on target.

— Mark Delgadillo is a financial advisor for Crowell, Weedon & Co., 111 W. Micheltorena St., Suite 200 in Santa Barbara. He can be reached at 805.618.3160, or click here for more information.

Support Noozhawk Today

You are an important ally in our mission to deliver clear, objective, high-quality professional news reporting for Santa Barbara, Goleta and the rest of Santa Barbara County. Join the Hawks Club today to help keep Noozhawk soaring.

We offer four membership levels: $5 a month, $10 a month, $25 a month or $1 a week. Payments can be made using a credit card, Apple Pay or Google Pay, or click here for information on recurring credit-card payments and a mailing address for checks.

Thank you for your vital support.

Become a Noozhawk Supporter

First name
Last name
Select your monthly membership
Or choose an annual membership

Payment Information

Membership Subscription

You are enrolling in . Thank you for joining the Hawks Club.

Payment Method

Pay by Credit Card:

Mastercard, Visa, American Express, Discover
One click only, please!

Pay with Apple Pay or Google Pay:

Noozhawk partners with Stripe to provide secure invoicing and payments processing.
You may cancel your membership at any time by sending an email to .(JavaScript must be enabled to view this email address).

  • Ask
  • Vote
  • Investigate
  • Answer

Noozhawk Asks: What’s Your Question?

Welcome to Noozhawk Asks, a new feature in which you ask the questions, you help decide what Noozhawk investigates, and you work with us to find the answers.

Here’s how it works: You share your questions with us in the nearby box. In some cases, we may work with you to find the answers. In others, we may ask you to vote on your top choices to help us narrow the scope. And we’ll be regularly asking you for your feedback on a specific issue or topic.

We also expect to work together with the reader who asked the winning questions to find the answer together. Noozhawk’s objective is to come at questions from a place of curiosity and openness, and we believe a transparent collaboration is the key to achieve it.

The results of our investigation will be published here in this Noozhawk Asks section. Once or twice a month, we plan to do a review of what was asked and answered.

Thanks for asking!

Click Here to Get Started >

Reader Comments

Noozhawk is no longer accepting reader comments on our articles. Click here for the announcement. Readers are instead invited to submit letters to the editor by emailing them to [email protected]. Please provide your full name and community, as well as contact information for verification purposes only.

Daily Noozhawk

Subscribe to Noozhawk's A.M. Report, our free e-Bulletin sent out every day at 4:15 a.m. with Noozhawk's top stories, hand-picked by the editors.

Sign Up Now >

Meet Your Realtor Sponsored by Village Properties

Photo of Gary Welterlen and Carla Reeves
Gary Welterlen and Carla Reeves
"We both love this business. We strive to make life long relationships from each real estate transaction."

Full Profile >