It’s spring. The weather is starting to change, April showers have brought – well, if you live in Upstate New York – May Showers, but school is almost out, and everything is ramping up for whatever season the Summer brings to you.
While we wait out this last bit of rain and you’re stuck inside wishing the sun was out, it’s a great time for a mid-year check-in on your finances! What does that look like, you might ask?
Well…Here’s a simple 6-step guide to help you check in on your finances and stay on track for the rest of the year:
1. Review Your Budget & Spending
Start by taking a close look at your spending habits over the past six months. Are you staying within your budget? Are there categories—like dining out, subscriptions, or shopping—where you consistently overspend?
Now is a great time to:
- Cancel unused subscriptions.
- Adjust budget categories based on your real habits.
- Start tracking your spending.
2. Check Your Savings & Emergency Fund
Are you making progress toward your savings goals? Whether you’re building an emergency fund or saving for a vacation, make sure your contributions are on pace.
Ask yourself:
- Do I have 3–6 months of expenses in an emergency fund?
- Am I regularly transferring money to savings?
- Can I increase my savings rate for the rest of the year?
3. Update Your Financial Goals
Life happens—so goals should evolve too. Maybe you’ve changed jobs, moved, or had a major life event. Take time to revisit your short-term and long-term goals, such as:
- Paying off debt.
- Saving for a down payment.
- Planning a big trip or family expense.
Adjust timelines or monthly contributions to reflect your current situation.
4. Evaluate Debt & Payments
Debt payoff is one of the most powerful ways to improve your financial health. Use this check-in to:
- List your current debt balances.
- Review your interest rates.
- Make a plan to pay more than the minimum on high-interest accounts.
If you’ve made progress, take a moment to celebrate—it matters!
5. Retirement & Investment Review
Even if retirement feels far away, your future self will thank you for checking in today. Make sure you:
- Are contributing enough to retirement accounts.
- Take advantage of employer matches.
- Review investment performance and rebalance if needed.
A little attention here can go a long way over time thanks to compound growth.
6. Plan for the Rest of the Year
With six months to go, take a moment to look ahead:
- Are there upcoming expenses you need to plan for (holidays, school, or travel)?
- Do you need to boost savings or curb spending in certain areas?
- Is it time to talk to a financial advisor?
Mid-year is a great time to reset and refine your financial strategy so you can finish strong.
Final Thoughts
A mid-year financial check-in doesn’t need to take more than 30–60 minutes—but it can make a huge difference in helping you stay in control and reduce stress.
So grab your favorite drink or maybe a sweet treat, and give your money a moment of your full attention. Your future self will thank you.
