July 2, 2025

As the year hits its halfway point and summer brings a natural pause, it’s the perfect time to take stock of your financial life. Whether you’ve stayed laser-focused on your goals or let things slide a bit, a mid-year money check-in helps you make course corrections before the end-of-year rush.

Below is a deeper dive into key areas you should review and refine now—so you finish the year stronger than you started.

🔍 1. Revisit Your Financial Goals

Start by reviewing the financial goals you set in January—or setting new ones if you didn’t.

Questions to ask:

  • Have you made measurable progress?
  • Are your goals still relevant?
  • Do they align with any changes in your income, expenses, or lifestyle?

Pro Tip:

If you're falling short, adjust the amount you're contributing or extend your timeline. Progress matters more than perfection.

📊 2. Review Your Spending Habits

Summer often brings irregular expenses: vacations, kids out of school, more dining out. Now’s a smart time to re-examine your budget.

Action Steps:

  • Track your last 90 days of spending with a budgeting app or bank summary.
  • Identify high-spend categories that can be trimmed.
  • Set a realistic "summer budget" that allows for fun without overspending.

Consider:

  • Reviewing subscriptions and cutting unused services
  • Curbing impulse buys from seasonal sales
  • Setting a weekly spending limit for non-essentials

💰 3. Evaluate Your Savings Strategy

Whether you're building an emergency fund or saving for a big goal, now’s a good time to assess if you’re saving enough—and in the right places.

Key Checkpoints:

  • Is your emergency fund at 3–6 months of expenses?
  • Are you saving automatically each month?
  • Is your money earning interest in a high-yield savings account?

If you dipped into your savings this year, create a 3-month plan to rebuild.

📅 4. Prepare For Upcoming Expenses

Fall and winter bring back-to-school costs, holiday travel, gift-giving, and possibly open enrollment for insurance or benefits.

Mid-Year Prep List:

  • Start a sinking fund for upcoming seasonal expenses
  • Schedule medical or dental appointments before deductibles reset
  • Review insurance policies and flexible spending account (FSA) balances

Planning ahead reduces the chance of needing to rely on credit cards later.

📈 5. Check on Your Debt

Rising interest rates mean carrying balances is more expensive than ever.

Do This Now:

  • List all debts with balances, minimum payments, and interest rates
  • Focus on high-interest debts first using the avalanche method
  • Consider consolidating or refinancing if it saves you money

Even small extra payments now can significantly reduce what you owe by year’s end.

🛠️ 6. Update Financial Tools & Documents

Your life might have changed in the last six months—make sure your financial tools reflect that.

Consider:

  • Updating your budget to match your current income and expenses
  • Reviewing or creating a will or power of attorney
  • Checking your credit report (free at AnnualCreditReport.com)

Also, update your beneficiaries if you've had a major life event (marriage, divorce, new child, etc.).

✅ Make It a Habit

Create a simple routine to check in on your finances twice a year—once in June and once in December.

Add to your calendar:

  • Review savings, debt, and budget
  • Revisit goals and adjust contributions
  • Reflect on wins and identify areas to improve

Final Thoughts
Your mid-year money check-in doesn’t need to be overwhelming. Even 30–60 minutes of honest review and action can set you up for a more confident financial future. Think of it as a summer tune-up for your wallet—refreshing, empowering, and just what you need to stay on course.