Mid-Year Money Checkup

As the school year wraps up for most of us and warmer days approach, it's the perfect time to hit pause and take a good look at your financial progress. The end of May marks the halfway point of the year, making it an ideal time to reevaluate your money goals and set yourself up for a financially strong summer. How to make the most of this mid-year moment?

When was the last time you looked at your budget? If it’s been a while, now’s the time. Look at your income, expenses, and any changes that may have come up since January. Are you spending more in some categories? Less in others? Adjust your budget to reflect your current reality. Use budgeting apps or spreadsheets to quickly visualize where your money is going.

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Did you set a goal to save for a vacation, emergency fund, or holiday gifts at the beginning of the year? Calculate your current savings and compare it to where you should be by now. If you’re behind, brainstorm ways to cut expenses or boost income for the next few months. Consider setting up automatic transfers to savings accounts to stay consistent.

Whether you’re paying off student loans, credit cards, or a car note, now is a good time to review your debt payoff progress. Have you been consistent? Can you increase your payments, even slightly? Reducing debt can free up money for other goals. Try the snowball or avalanche method for faster debt reduction.

Think back to the goals you set in January. Are they still important? Have your circumstances changed? Maybe you need to tweak your goals or add new ones based on life changes. That’s perfectly normal, financial plans should be flexible! Write down three financial goals for the rest of the year.

Summer fun doesn’t have to wreck your budget. Start planning now for upcoming costs like childcare, vacations, back-to-school shopping, and higher utility bills. Knowing what’s coming helps you prepare instead of panic. Create a summer spending plan and set spending limits for each category.

Doing a mid-year financial checkup helps you stay focused, catch problems early, and make smart money decisions for the rest of the year. Whether you’re saving for a home, paying off debt, or simply trying to stay afloat, a little planning now can make a big difference later.

Need help getting started? WE GOT YOU! Download our free Mid-Year Money Checkup Worksheet below to guide you through the process!

Midyear money worksheet.pdf

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