Your July Financial To-Do List

Financial housekeeping may be the last thing on your mind in the height of summer, but handling a few money-related tasks each month can ensure that nothing falls through the cracks.

Especially given the recent market volatility, now’s a good time to make sure your asset allocation hasn’t fallen out of whack. It’s also a smart time of year to take a look at your homeowners’ insurance coverage and to schedule a home energy audit.

Read on for those and other to-do’s on your July financial checklist, as well as insight on which items are on deep discount this month:

Rebalance Your Portfolio

Britain’s recent decision to withdraw from the European Union means that there’s going to be even more short-term volatility in world financial markets. There’s no need to panic, especially if you’re a long-term investor, but it is a good time to check in to make sure your asset allocation is still in line with your targets based on your age and risk tolerance. If your portfolio is now more heavily invested in one asset class than you had originally intended, now’s the time to shift your holdings in order to get back to your desired target mix.

Protect Against Disaster

Summer is high season for hurricanes, tornadoes, wildfires and floods, so it’s also a smart time to make sure that you’re properly insured against those and other property risks. Your to-do list should include making sure your insurance still covers the replacement value (the cost of labor and materials to rebuild) of your property. Keep premiums down by taking advantage of discounts for things like alarms systems or bundling home and auto insurance. If you’re in an area prone to hurricanes, floods, or earthquakes, you’ll also need coverage for that.

Start Researching a New Car Purchase

End-of-season car sales typically begin in late summer, so if you’re going to be in the market, now’s the time to do your homework. Dealers who want to make room on their lots for new inventory may be ready to make a deal.

To-do list items include starting to research models, setting up test drives, and shopping around for the best deal on a loan. Once you start negotiating, focus on the final price of your car, rather than the monthly payment, in order to get the best deal. When you’ve got that settled, you can discuss financing (if you’re going through the dealer), and the value of your trade-in, if you have one.

Keep Track of Camp Receipts for Your Taxes

If you send your child to day camp while you work, you may be eligible to claim the Child and Dependent Care Credit on your taxes. The credit offsets 20 to 35 percent of the cost of day camp, depending on your income (sleepaway camp doesn’t qualify). Qualifying expenses can come to no more than $3,000 for one kid, or $6,000 for two or more children. You and your spouse (if filing jointly) must both be working while the child is in camp in order to claim the credit, and you’ll need to subtract any other pre-tax money you use for camp expenses. In addition to your receipts, you’ll need to have your camp’s federal ID number and address in order to claim the credit.

Schedule a Home-Energy Audit

Putting a home-energy audit on your to-do list now, and getting it done before summer's end, will give you a chance to make any necessary improvements before heating season begins. Contact your utility company directly to see if they’ll provide an audit for free, or if they can recommend someone to do one locally. You may also be able to find certified energy auditors via the Residential Energy Services Network. You’ll want to hire an auditor that uses a calibrated blower door and whose service includes a thermographic inspection. Ask for (and check) references, and get a report from the Better Business Bureau before hiring anyone.

Buy Products on Deep Discount

Research by Consumer Reports product experts, who track prices year-round, shows that July is the best month to buy things like back packs and back-to-school goods, interior paint, and outdoor home improvement products.

If you want to add to and upgrade your summer home video collection this summer, July is a good time to get a deal on a camcorder. Full-size models have the highest quality, but handheld action cameras may be a better fit if you’re looking to capture action while on-the-go yourself.

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