Your Mid-Year Financial Check In

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.

Here’s how to make the most of your mid-year financial check in:

Review 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.

Revisit Your Budget

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. Take time to:

• Reassess your income and expenses

• Identify recurring costs that can be reduced or eliminated

• Tighten up spending habits where necessary

Tackle Taxes Proactively

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.

Check In On Your Savings

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.

Review Retirement Contributions

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

• Review account types and tax implications

Check 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.

Evaluate and Manage Debt

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

Plan adjustments to help you stay in control.

Need Help With Your Financial Review?

Even if your 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.

_{This material is for informational purposes only and is not intended to provide legal or tax advice. It has been developed from sources believed to be reliable and accurate. Please consult with a qualified legal or tax professional for advice specific to your individual circumstances}