It’s mid-year already and time for a financial check-up. Considering the volatility in the market and other economic news, a mid-year financial check-up helps to measure progress and see if you are on track.

Revisit your goals. Measurement and evaluation are two important aspects when revisiting your goals. Have you made progress? Why or why not? Do any of your financial goals need modification in light of current economic conditions or changes in your personal situation? To help address the appropriateness of modifications, consider the following:

Maximize savings. Savings is an essential component of your financial health. Consider the status of your short-term (emergency funds) and long-term savings goals (retirement income). If your employer offers a match in its retirement plan, don’t pass up this opportunity for free money. For personal contributions, the basic 2008 deferral limit for 401(k) and 403(b) plans is $15,500 or $20,500 if you are age 50 or older. The 2008 IRA contribution limit is $5,000 ($6,000 if age 50 or older). Remember, you can make a nondeductible IRA contribution. The earnings are tax-deferred and the contribution is not taxed again upon distribution.

Check withholding election. Are you withholding too little or too much? Although it may be comforting to look forward to a refund in 2009, essentially, you are making an interest-free loan to the government. This is money you can save or use to pay expenses. Alternatively, paying in too little may result in underpayment of taxes, which means you may owe additional money to Uncle Sam. The IRS Web site  has a calculator to help gauge your withholding rate. And, self-employed or additional Form 1099 income can exacerbate the possibility of tax underpayment. Often there is no withholding on income from these sources. Using a calculator now may eliminate or mitigate any unpleasant surprises next tax filing season.

Review investments. Are your investments on track? In a year of market volatility, many who view themselves as risk tolerant find negative returns challenge their level of tolerance. Perhaps now is an appropriate time to consider modifying your investment mix. GuideStone Financial Resources makes available the MyDestination Funds^TM, a family of date target, or life cycle, funds that are diversified “fund-of-funds.” Their asset allocation gradually becomes more conservative as you approach retirement. You simply choose the fund closest to your retirement date, make appropriate contributions, and the asset allocation is adjusted to become more conservative as you approach that retirement date. The MyDestination Funds^TM may be a smart choice for an investor who desires a simple investing approach and wants professional management with automatic reallocation.*

Employ your stimulus payment. What is the best use of your stimulus check—investment, pay bills or purchase a needed household item? Add this to your mid-year check-up. Keep in mind there are those who seek to defraud you of this money and steal your identity. For the latest on stimulus payment scams and identify theft, log onto the IRS Web site.

Protect yourself and your assets. When is the last time you reviewed protection coverage? Do you have adequate home and car insurance? You may have life insurance already, but what about protection for your income earning ability? Is disability coverage on your checklist? The cost of care in your declining years can quickly wipe out lifetime savings; long-term care can help preserve your assets while providing needed care.

Also, now would be a good time to check your credit report.

Prepare for open enrollment. Many employers hold open enrollment in the fall, so it’s not too early to consider modifications, if applicable. For example, a change in family situation or spouse’s work generally calls for a change in certain benefits. Research your options now to avoid last minute choices.

Manage your debts. First, learn to live on what you earn. Second, know how much you owe. Surprisingly, many haven’t put pen to paper and don’t know their total liabilities. Third, set priorities for expenditures. Many other tips are available on the internet, including debt evaluation calculators.

This information should not be considered tax or legal advice. GuideStone stands ready to assist your organization as you work with your legal and tax advisers by providing resource information that you and your adviser may find beneficial.

You should carefully consider the investment objectives, risks, charges and expenses of the funds before investing. For a copy of the prospectus with this and other information about the funds, call 1-888-98-GUIDE (1-888-984-8433) or visit www.GuideStoneFunds.org to view or download a prospectus. You should read the prospectus carefully before investing.

*The MyDestination Funds attempt to achieve their objectives by investing in the GuideStone Select Funds. By investing in these fund-of-funds, you will incur the expenses of the Date Target Funds in addition to those of the underlying funds. You may invest in the Select Funds directly. The MyDestination Funds are also subject to the risks of the underlying funds they hold.

Shares of GuideStone Funds are distributed by PFPC Distributors, Inc., a registered broker-dealer and underwriter of the funds, 760 Moore Road, King of Prussia, PA 19406.