Your Mid-Year Financial Check In

Did you know nearly 60% of Americans abandon their financial resolutions by June? With the first half of the year in the rearview mirror, summertime is a perfect time for a financial check in. A mid-year review helps you reflect on accomplishments so far and identify areas that may need attention or adjustment.

Are You Making Progress Toward Your Financial Goals?

Take stock of your overall financial resolutions and long-term goals. Whether you’re saving for a home, paying down debt, or preparing for retirement, adjust your plan to stay aligned with what matters most. Are you where you hoped to be at this point in the year?

If you’re unsure, try visualizing your progress using a budget app or simple spreadsheet. Seeing your achievements—and your gaps—can make it easier to stay focused and motivated. If you’re falling short in any area, consider adjusting your plan to better align with what matters most to you right now. Small course corrections today can lead to meaningful progress by year-end.

Has Your Budget Shifted Since Your Last Financial Check-In?

Assess any significant life changes that may impact your financial needs such as marriage, the birth of a child, divorce, or job change. These events can significantly impact your finances.

Now’s the time to take a fresh look at your budget and ask yourself:

• Has your income changed in any way?
• Are your expenses keeping pace with your current lifestyle?
• Are you making steady progress toward your financial goals?

To make this easier, consider using a budgeting app or spreadsheet that visually tracks your progress. Seeing how your savings are building—or where you may be overspending—can help you stay motivated and make informed adjustments. Look for opportunities to:

• Eliminate or renegotiate recurring costs like subscriptions or memberships
• Set limits on discretionary spending (think: dining out, shopping)
• Reallocate money toward higher-priority goals

Your budget isn’t set in stone—it’s a tool that should evolve with you. A mid-year financial check in can give you renewed confidence and control for the rest of the year.

Are You Taking Advantage of Mid-Year Tax Strategies?

Do you only focus on taxes right before tax time, when it may be too late to implement effective tax-saving strategies? A mid-year financial check in is a great time to:

• Review your tax withholdings

• Analyze your investments for tax efficiency

• Maximize opportunities like charitable deductions and flexible spending accounts (FSAs)

These steps can help minimize your tax burden while there’s still time to act. Learn more about adjusting your tax withholdings using this IRS tool.

Also, if you’re self-employed or earn additional income outside of a regular paycheck (like freelance or investment income), don’t forget that your Q3 estimated tax payment is typically due in mid-September. Reviewing your earnings and setting aside the appropriate amount now can help you avoid surprises or penalties later.

Is Your Emergency Fund Aligned with Your Financial Goals?

You should have at least three months of living expenses in your emergency fund. If you’re not there yet, don’t worry! Look to see how you can start building it up and consider setting up automatic deposits. Also, check on your progress toward other savings goals.

Three months of living expenses typically includes essentials like rent or mortgage payments, utilities, groceries, insurance, and transportation. For example, if your core monthly expenses total $3,000, your emergency fund goal should be at least $9,000.

And remember—building this fund doesn’t have to happen all at once. Even small, consistent deposits can add up over time. Focus on progress, not perfection, and celebrate milestones along the way. Whether you’re starting with $20 a week or diverting a portion of a bonus or tax refund, every bit helps create a stronger financial safety net.

Are Your Retirement Contributions Supporting Your Long-Term Financial Goals?

Check on retirement savings to assess progress and determine if you need to increase contributions or not. Even small increases now can make a big difference later.

• Evaluate your current contributions

• See the impact of increasing your 401(k) contribution

  • For example, increasing your contribution from 6% to 8% of your paycheck might feel like a modest shift now, but it can significantly boost your retirement savings over time – especially when compounded with investment growth and employer matching.

• Review account types and tax implications

Also, be mindful of annual contribution limits. For 2025, the IRS allows up to $23,000 in 401(k) contributions for individuals under 50, and $30,500 for those 50 or older (including the $7,500 catch-up contribution). Reviewing these limits mid-year gives you time to adjust your contributions if you’re aiming to maximize your tax-advantaged savings before year-end.

When Was the Last Time You Checked Your Credit Report?

Reviewing your credit report is a simple yet powerful way to protect your financial health. Start by pulling your reports and checking for any errors or suspicious activity that could signal identity theft. As you review, take note of your credit score and identify areas for improvement. Even small changes can boost your score over time.

Explore how credit scores work and get practical tips to improve yours.

To stay on top of your credit health year-round, consider setting calendar reminders to review your credit report every four months—rotating among the three major credit bureaus (Equifax, Experian, and TransUnion).

Is Your Debt Strategy Helping or Hurting Your Financial Goals?

Debt can be a major expense and slow down your financial progress. Take a close look at:

• How much you owe and the interest rates

• Your progress on paying it down

• Any habits that might lead to more debt

If you’re carrying high-interest debt—especially on credit cards or personal loans—explore options to refinance or consolidate. Consolidating multiple debts into a single loan with a lower interest rate can simplify your payments and reduce what you pay over time. Refinancing student loans or auto loans could also be beneficial if your credit has improved since you first took out the loan. Before making any changes, compare lenders and terms carefully to make sure you’re getting a better deal.

Need Help With Your Mid-Year Financial Review?

Even if your financial check-in reveals you’ve veered off course, don’t worry—the year is far from over. There’s still plenty of time to adjust and finish strong. Take this opportunity to pinpoint areas that need extra attention, make strategic changes, and realign your financial goals.

Need a hand? Give our office a call—we’re happy to schedule time to guide you through your mid-year financial review and help set the course for a successful second half of the year.

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