Halftime

IT’S THE JOINT ACCOUNT!

Welcome to the 2024 Halftime Show! I am your host, Doug Boneparth, reporting live from the South Jersey Shore. If you’re reading this newsletter, congratulations. You’ve made it through the first half of the year alive. I want to give a personal shout out to all the moms and dads in the process of transitioning their kids from the school year to the throes of summer. I know it hasn’t been easy. Heather and I feel like we have been playing life on hardmode for the past six weeks. There were dance recitals, graduations, and us sending our older daughter to sleep away camp for the first time. We’re just now coming up for air. But it’s all good stuff, really.

Before I am tasked with firing up the grill and setting off fireworks I bought from a stranger on the side of the road, I figured it would be constructive to do a little halftime money check-in with our TJA readers.

With six months of information now available, now is the perfect time to update your financial statements and review them together. Heather and I start our regular money meetings by looking at changes to our cash, and you can do the same. At this point in the year, we are keenly interested in whether our savings have increased or decreased, because it shows us how effective we’ve been. If we see that our spending has been running too hot or too cold, we can examine why that’s happening and discuss if any changes need to be made. 

Summertime ain’t cheap. Behind the holiday season, this is the second most expensive time of year. Keep that seasonality top of mind. June through August is typically when most people go on vacation, which means prices for travel, accommodations, and entertainment all trend higher. According to Bankrate, the average one-week vacation in the U.S. for two people runs $3,982. Add in a few kids, and the cost grows exponentially. Anticipating and planning for the more expensive months throughout the year helps you accommodate them when they arrive.

Let’s also take a moment for our cash reserves and interest rates. The market is signaling that the Federal Reserve may lower rates at least once before the end of the year, which means that the 5% interest we’ve been collecting on our cash could start to fade. Moving a portion of your savings to certificates of deposit (CDs) or Treasury bills could help you lock in today’s higher rates, but the more important lesson here is recognizing the moments when you have the bandwidth to think about strategic changes to your finances. The slower months of summer can be a great time to plan before the noisier season rolls around again. 

And since most things slow down this time of year, I’d be crazy not to suggest taking some time for yourselves. Finding time to relax and reconnect is essential for your mental health and relationship. Chilling out doesn't have to be expensive, either. Heather and I try to play tennis and hit the pool by ourselves a couple times a week, and honestly, it feels just as good as when we’re splurging on a larger experience.

The halfway point of the year is a great time for review, adjustments, introspection and future planning. But remember, the halftime show ends while the game continues on. Our financial lives rarely take a break, so let’s use the time we’re given to put ourselves in the best position to succeed for the remainder of the year. Now, who’s ready for some fireworks?

Should you have any feedback or wish to chat with us for our book or The Joint Account, find us here: [email protected].

TJA APPEARANCES

Our friend Emily Luk is the CEO and co-founder of Plenty, a wealth platform built for modern couples to invest and plan together. Like us, she is part of a husband and wife business team. So, when Emily asked us to join her on her podcast, Love and Other Assets to discuss all things money and relationships, we jumped at the opportunity. You can check out our episode here.

SPONSORED

This cannabis startup pioneered “rapid onset” gummies

Most people prefer to smoke cannabis but that isn’t an option if you’re at work or in public.

That’s why we were so excited when we found out about Mood’s new Rapid Onset THC Gummies. They can take effect in as little as 5 minutes without the need for a lighter, lingering smells or any coughing.

Nobody will ever know you’re enjoying some THC.

We recommend you try them out because they offer a 100% money-back guarantee. And for a limited time, you can receive 20% off with code FIRST20.

Shop Now.

READER ROLE CALL

Do you have a money question you’d like answered in a future issue of The Joint Account? Don’t be shy!

ARE YOU OPPOSITES? If you and your partner have different risk profiles, we’d love to hear from you! Drop us a line at [email protected].

Are you a brand or business interested in reaching The Joint Account’s audience of 12,000+ subscribers? Email [email protected].

Find us everywhere: @dougboneparth + @averagejoelle