The summer is a good time to review your  financial status. The holidays are still months away and tax season is two months past. Use some of these slower summer days to organize and take a serious look at your finances. It's not a chore that can be completed quickly, but it's time well-spent.

• Update your records, listing accounts, insurance policies, etc. Make sure you keep this listing in a safe place.
• Check your investments to make sure your portfolio is well-balanced. If you need to make moves, consult your financial advisor to make your moves at the right time. You don't want to buy at a top price.
• Check your tax status to make sure you are taking the right number of deductions. Ideally, you don't want to have a huge tax bill next spring, but you don't want to give the government an interest-free loan.
• Look at your insurance policies to make sure your coverage is adequate. As prices rise, your coverage may have fallen behind. It's not a bad idea to bid out your insurance. Ask three or four different insurers to give you their best price on the coverage you want. If your current insurer has given you good service, give them a chance to meet the best price.
• Check your savings account balances to make sure that you are making good progress toward your saving goals. (I'm working on saving for a vacation to Tahiti!)
• Review your budget to make sure that it reflects reality. If you don't have a budget that lists your income and expenses, now is a great time to create one. Give your budget a close look to see if you can cut anything. For example, if you haven't set foot in the gym in a year, perhaps you can drop that expense. You can also contact providers to ask for a better deal. They might say no, but you can at least ask.

These steps can take some time, but they will help you enter the second half of the year in better financial shape.