By Gordon Chavez, Financial Advisor
Midway through the year is the perfect time to pause and reflect on your financial progress. You don’t need to be an expert to make meaningful improvements; just a few intentional steps can help you feel more confident and in control.
My good friend and financial coach, Christopher Parks shares, “By taking the time for a mid-year financial review, you empower yourself to make informed decisions and ensure you are headed in the right direction to achieve your financial aspirations. A mid-year financial review should include a review of your income, tax rate, retirement account(s), your plan versus actual spending, and a net worth calculation.”
1. Review your recent spending
Take a look at your past few months of expenses. Are there subscriptions, impulse purchases, or fees you didn’t notice? Even small changes—like bringing lunch from home or reviewing your phone plan—can free up extra money.
2. Revisit and adjust your goals
Maybe you set a goal to save more, pay down debt, or travel. Has anything changed—income, family needs, priorities? That’s okay. Adjusting your goals keeps them realistic and achievable.
3. Refresh your budget
Write down what’s coming in and going out. If your income changes month to month, make a budget based on your lowest average income to avoid surprises. Apps or a simple notebook can help keep things clear.
4. Check your tax situation
Now is a great time to make sure you’re on track with your taxes. Use the IRS’s free Tax Withholding Estimator to see if you’re having the right amount withheld from your paycheck. It only takes a few minutes and could help you avoid a surprise bill.
5. Plan ahead
Start setting aside a little now for back-to-school, holidays, or emergencies. Even $20 a paycheck makes a difference over time.
Bottom Line
A mid-year check-in isn’t about being perfect—it’s about being proactive. With a few small changes and the right tools, you can finish the year stronger, more prepared, and more confident in your financial path.
