The mid-year financial review: why it matters and what to check

Believe it or not, the year is already halfway over. While you may currently be swept up in summer barbecues and beach vacations, the year’s midway point is also a great time to check in on those financial goals you set for yourself at the start of the new year.

Maybe checking in will give you a reason to pat yourself on the back for all the hard work you have done so far on your finances. But don’t worry if that is not quite the case — you still have half the year to go to make up for lost time.

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If you set financial goals for yourself but then do not routinely check back in, you will not know whether or not you’re actually moving in the right direction. Maybe you will realize that you have sailed past a goal you thought would take the full year to hit — in which case, you could consider upping the ante. Or maybe, you will notice you have veered off track or barely inched forward, which may prompt you to reevaluate how realistic the goal really was in the first place or decide to shift your habits for the remainder of the year.

Do not hesitate to make adjustments as necessary, especially if you “identify areas where you’re spending more or less than expected,” said Bankrate. If you find you are overspending in certain areas, consider “whether to allocate more money to them or find ways to cut your spending.” Also look at any debt you have and consider whether you can work more room into your budget to expedite paying that down.

Your emergency fund: As you review your budget, also take a look at your savings habits. “Ideally, you should have three to six months of living expenses saved in an emergency fund,” so “if you dipped into that account to pay for car or home repairs or another unexpected expense, now is the time to figure out how you can turbocharge your savings — or at least get back to a regular savings strategy,” said CNBC.

Your credit report and credit score: “Checking your credit reports a couple of times a year is a good financial habit,” said Equifax, and the year’s mid-point is a natural time to do so. Plan to “pull your credit reports from the three main credit bureaus: Equifax, Experian and TransUnion,” and “make sure personal information, such as your name and address, is correct,” said NerdWallet. Also look out for any errors or issues, and be sure to “review the accounts and credit inquiries listed on your reports too.”

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Why is it worth doing a mid-year financial check-in?

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