By Jason Alderman

Setting a few hours aside for a midyear financial checkup in June or July can help you review how you're doing with savings, investing, spending and debt. It can give you the opportunity to spot irregularities and adjust your budget well in advance of year-end.

If you already work with a qualified financial or tax advisor, consider discussing this review process with them so they can guide you to any specific money issues you should be tracking.

Start by requesting at least one of your three credit reports. The idea is to make sure your credit balances are accurate and to check closely for any irregularities that might signal identity theft. Federal law requires that each of the major credit agencies - Experian, Equifax and TransUnion - give you your most recent credit reports for free (https://www.annualcreditreport.com/index.action) once a year.

If you discover unusual charges or accounts you didn't open, alert your advisors, take any steps they recommend and otherwise follow the U.S. Federal Trade Commission's step-by-step identity theft guide (http://www.consumer.ftc.gov/features/feature-0014-identity-theft) to help you take action. Remember to stagger receipt of each of your credit reports throughout the year so you have the opportunity to catch potential irregularities every few months.

Next, turn to your budget or start one if you've never made one before. The midyear review should focus on whether adjustments can be made to save or invest more or pay off more debt if more money is coming in from a raise or other resources. If spending is up by midyear, it's always important to know why and whether funds can be reallocated to better purpose.

Review your retirement and whether you're maximizing your contributions at work or in your own personal retirement accounts. Those who reach age 50 by the end of the calendar year will be able to take advantage of additional catch-up contribution allowances to beef up their balances as they approach retirement.

Midyear is also a good time to check the adequacy of one's emergency fund (http://www.practicalmoneyskills.com/calculators/emergency). Emergency funds help keep you from tapping your credit or savings balances in a sudden cash emergency. The amount of money you keep in your emergency fund should fit your needs, but consider a balance of four to seven months of everyday expenses in case there's a short-term job loss or an emergency repair. Consider keeping a year-round list of potential home, car or personal expenses and decide whether your emergency fund is adequate or you might need to set up other savings accounts to address bigger needs.

Make sure your tax withholding levels are correct. This is particularly important if your income has changed during the first six months of the year and you might be closing in on a higher or lower tax bracket. Consult your tax advisor for assistance, and the IRS features its own withholding calculator (http://www.irs.gov/Individuals/IRS-Withholding-Calculator) to help you decide.

Finally, make sure all your recordkeeping is up to date. Midyear is a good time to look over all your spending, saving and investment records to make sure all the numbers add up and underlying paperwork is in order. Also consider online banking, investing and bill payment as a way to save more time and money.

A young adult's first months out of college are about personal freedom and finding one's path as an adult. Building solid money habits is a big part of that.

Most grads are managing money alone for the first time - finding work, places to live and if they're in the majority, figuring out how to pay off college loans. For many, these are daunting challenges. If you are a young adult - or know one - here are some of the best routines to adopt from the start:

Budgeting (http://www.practicalmoneyskills.com/budgeting/) is the first important step in financial planning because it is difficult to make effective financial decisions without knowing where every dollar is actually going. It's a three-part exercise - tracking spending, analyzing where that money has gone and finding ways to direct that spending more effectively toward saving, investing and extinguishing debt. Even if a new grad is looking for work or waiting to find a job, budgeting is a lifetime process that should start immediately.

A graduate's first savings goal should be an emergency fund to cover everyday expenses such as the loss of a job or a major repair. The ultimate purpose of an emergency fund (http://www.practicalmoneyskills.com/emergencycalc) is to avoid additional debt or draining savings or investments. Emergency funds should cover at least four to seven months of living expenses.

Retirement may seem a distant spot on the horizon after graduation, but success depends on saving and investing as soon as possible. New grads can benefit from the IRS's Withholding Calculator (http://www.irs.gov/Individuals/IRS-Withholding-Calculator) to determine the right amount of tax is being withheld from weekly paychecks. From there, he or she can evaluate personal retirement savings options and employer's plans as well - both will be necessary to retire effectively. Signing up for automatic deposits into retirement accounts and personal savings allows money to grow without the temptation of spending it first.

Insurance is crucial. Renter's insurance is important not only to cover personal belongings that are lost, stolen or damaged, but most policies cover living expenses in an emergency and offer liability and medical coverage if someone gets hurt at one's apartment. Auto insurance is the law in many states, and even though disability coverage may be available at work, it is important to determine whether additional individual coverage should be purchased. Finally, the Affordable Care Act has made health coverage a must for young adults. New graduates may stay on a parent's plan until the age of 26 even if they have the option for health coverage at work. After age 26, health insurance can be bought privately or through federal and state exchanges.

Young adults should get into the habit of tracking their credit reports from the beginning. By law, everyone has the right to receive all three of their credit reports for free (https://www.annualcreditreport.com) each year, and it is important to stagger requests from the three credit bureaus - Experian, Equifax and TransUnion - to better check for inaccuracies and potential identity theft.

Finally, for those still having trouble making ends meet, moving home for a limited time period could be an option. New grads should negotiate an affordable rent on a fixed timetable and use those savings to create investment accounts that can pay for major goals like a home, a wedding or graduate school. If you're working with a financial advisor already, ask them to weigh in with additional ideas.

Bottom line: The first year out of college, young adults encounter a range of financial challenges that will shape their money behavior for a lifetime. Embracing budgeting, saving and investing is crucial even with the smallest of amount of resources.

By Jason Alderman

Credit scoring has evolved over the last three decades and this fall, FICO made one more important change. Borrowers who have struggled with medical debt and those with a limited credit history might see better FICO numbers in the future. Even if these situations don't apply to you, understanding how credit scoring is changing can help you better manage your credit over time.

FICO Score 9, rolled out last fall, is described as a more "nuanced" version of the original FICO Score that the leading credit scoring company introduced in 1989. It is offered by three major credit bureaus - Equifax (www.equifax.com), Experian (http://www.experian.com) and TransUnion. (http://www.transunion.com). It now bypasses collection agency accounts and weighs medical debt differently than non-medical debt on a person's credit record. Borrowers with a median score of 711 whose only negative credit data comes from medical collections will see their credit score go up 25 points under the new system.

As for consumers with limited credit histories - what the industry calls "thin files" - FICO says the new system will better determine the ability of someone in that situation to repay a debt.

What doesn't FICO 9 address? At this point, the latest credit-scoring model really doesn't loosen or change requirements for mortgage and refinancing opportunities. Even so, there are many things ordinary borrowers can do to improve their credit scores and overall financial health over time.

The first step is for borrowers to review each of their credit reports once a year. Credit reports and credit scores are two different things. Consider credit scores are a three-digit summary of creditworthiness; credit reports are the detailed record of a borrower's credit history. Consumers can view each of their credit reports from Equifax, Experian and TransUnion once a year for free (www.annualcreditreport.com). Stagger receipt of each agency's credit reports throughout the year to weed out any inconsistencies, inaccuracies, or worse, indications of fraudulent credit applications or identity theft.

Borrowers are seeing something else that's new - some lenders are making the credit scores they apply to existing borrowers available for free. A few major lenders have taken part in the industry-only FICO Score Open Access Program, which lets current customers see the exact credit scoring data applied to them at no charge. FICO's site doesn't offer the names of participating lenders, but a customer should ask their lender if they are offering free scores through that program.

Consumers should know how credit scores are compiled. FICO uses five key ingredients:

• Payment history (35 percent)
• Amounts owed (30 percent)
• Length of credit history (15 percent)
• New credit (10 percent)
• Types of credit used (10 percent).

Visit www.myfico.com for a list of tips for borrowers to improve their scores. Base FICO scores have a 300 to 850 score range, and though FICO doesn't release what it considers good or bad scores, borrowers with excellent credit typically have scores in the mid-700s and up.

There are ways to preserve and raise existing credit scores. It might be wise for borrowers to ask if they can increase the credit limit on individual accounts while paying down existing balances on those accounts. Smart borrowers generally keep their outstanding balances at 30 percent or less of their available credit limit.

Bottom line: Smart credit management starts with an understanding of one's credit reports and credit scores.

By Jason Alderman

For many teens, there's nothing more exciting than receiving the first paycheck from a summer job - a sure-fire ticket to fun and freedom. It's also a great opportunity for parents to encourage proper money management.

Parents or guardians need to do some necessary paperwork first. Working teens will need his or her own Social Security Number (SSN) to legally apply for a job. They will also need a SSN to open a bank account to deposit their paychecks. Depending on state law, children under 18 may have to open bank accounts in their custodial name with their parents or guardians. It is also important for parents to check in with qualified tax or financial advisors about their teen's earned income, particularly if it may affect any investments under the child's name.

After that, it's about encouraging teens to get a jump on their job search. The recent job market for American teens has been tough and investigating particular kinds of openings should start months in advance of summer hire. Networking is also important - teens can reach out to friends, neighbors and other trusted adults about potential jobs in the community. Also, it is never too early for teens to learn resume writing and job interviewing skills. The Practical Money Skills website's Landing a Job (http://www.practicalmoneyskills.com/personalfinance/lifeevents/work/landingjob.php) page offers useful background to help teens get started.

Parents can also assist by monitoring job categories their kids are interested in, encouraging them to meet application deadlines and being aware of federal, state and local child labor laws (http://www.youthrules.dol.gov/know-the-limits/index.htm) to steer them from unscrupulous employers.

Technology changes quickly, so tech-savvy teens may be ahead of the game when it comes to searching for work online. Leading job search engines are a destination for seasonal job openings, and many allow users to customize searches for specific positions and employers. However, teens may need to be reminded about their social media activity before they begin any job search - anything a teen posts publicly on the Internet may be seen by a potential employer.

Banking is another major step in the life of the working teen, though they don't need to wait for that first job to get started.

Many parents open bank accounts for their children as early as their first allowance - after all, digital banking makes it easier to monitor and transfer money without a trip to the branch or ATM. Paychecks - on paper or via digital deposit - make familiarity with the banking system an even greater necessity. Check with their bank to see what types of accounts are offered for children and teens - some banks offer a wide variety of custodial accounts where parents can track and assist their child's spending and saving activity.

A teen's first job is a great opportunity to introduce budgeting, saving and long-term investment skills. Your child may be working over the summer to save for a particular desired item - a cellphone or a trip - or more extensive goals like future college expenses. The Practical Money Skills site offers a budgeting tutorial (http://www.practicalmoneyskills.com/personalfinance/savingspending/budgeting/) and budgeting calculators (http://www.practicalmoneyskills.com/calculators/budgetGoals.php?calcCategory=budget) for a range of purposes.

When the job offer comes, there's one more thing parents can do. Getting hired means a flurry of paperwork that can be confusing; parents can help their children review those documents before signature. Most will apply to tax withholding, but such documents might also include special workplace agreements that might not always be clear to young workers. When that first paycheck arrives, consider sitting down to inspect a teen's first paper or electronic pay stub. Many people don't understand their withholding even as adults, so children can benefit greatly from this lesson at the start of their working lives.

Bottom line: A teen's first summer job is a great way for parents and children to collaborate on job-hunting and money management skills that will produce benefits for a lifetime.