How to Perform a Mid-Year Financial Check-In - Genisys® Credit Union

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How to Perform a Mid-Year Financial Check-In

on 7/10/2024

Girl calculating bills at home

As we are past the midway point of the year, now is the perfect time to perform a quick check-in with your finances. Regularly reviewing your saving and spending habits, and making necessary adjustments, helps ensure you stay on track to meet your financial goals.  

In the current economic state of rising prices and inflation affecting our budgets, it’s more important than ever to remain proactive about financial planning. 

Here’s a step-by-step guide to help you conduct your mid-year financial check-in. 

Revisit Your Financial Goals 

The first step of your financial review is to look at the financial goals you set at the beginning of the year. Whether your goals include paying down debt, building your emergency fund, saving for the future, or anything else, performing a thorough review is essential.  

Assess Your Progress: 

Review the goals you set at the start of the year. See where you stand now in relation to where you intended to be when you initially set the goal. Are you on track? Are you ahead of your prediction? Or are you behind where you thought you would be? 

Adjust as Needed:

If you find that you’re not entirely on track, there’s no need to panic! You still have plenty of time to make changes. 

Reassess your goals and see if any adjustments are necessary. Are your goals still realistic? Do they need to be shifted, considering current economic conditions? Make any necessary changes to help you get back on track. 

Review Your Spending Habits 

The next step in your evaluation is to examine your spending habits so far this year. Review your spending activity in your checking account and any credit cards. 

Analyze Your Transactions: 

Review your monthly statements on each active account to identify where your money is going. See if you can identify any patterns in your spending or pinpoint areas where you may be overspending. 

Cut Out Unnecessary Expenses:

Identify any discretionary expenses that you can either reduce or eliminate entirely. These might include adjustments like dining out less frequently, canceling unused subscriptions, or finding more affordable alternatives for specific items. 

Evaluate Your Savings & Investment Accounts 

Your various savings and investment accounts are integral to your overall financial health and achieving long-term security. Now that we’re halfway through the year, it's a great time to review how your accounts are performing and see how much your money has grown. 

Review Your Rates: 

Check the yields earned on your savings accounts and compare them to current rates in your area. If rates are higher now, moving your funds to a new account type with a better yield may benefit you. 

Check Your Progress:

Are you regularly contributing a portion of your earnings to your savings? If you’re not hitting the mark consistently, consider setting up automatic transfers to your savings account to ensure you stick to your savings plan. 

Review Your Investments:

Look at the performance of your investment accounts over the first half of the year. Are they performing as you predicted? Are your investments aligned with your financial goals? If you are unsure about making necessary adjustments yourself, consult your financial advisor to help guide you. 

Reassess & Adjust Your Budget 

Your budget is meant to be flexible and dynamic, able to evolve with you and your financial situation throughout the year. Reviewing your budget in the middle of the year can help you realign your spending to better meet your goals. 

Compare Budget vs. Spending: 

Compare the budget you created to your actual spending over the first half of the year. This practice will help you identify any discrepancies in your plan vs. reality. Plus, you can identify any areas where adjustments will benefit you most.  

Make Changes:

Make any necessary adjustments based on your spending analysis and any fluctuations in your financial situation. This could mean reallocating funds to different areas of your budget, increasing your savings contributions, or shifting your spending to accommodate upcoming expenses or higher costs. 

Focus on Progress, Not Perfection  

Even if the first half of the year didn’t perfectly align with your plan, there’s no need to fret. You still have plenty of time to correct the course and make meaningful progress toward your financial goals. 

Set Short-Term Goals: 

Break down your big goals for the year into smaller, more manageable ones. Set quarterly or even monthly objectives that will lead you to your goals for the year. This step makes it easier to track your progress and stay motivated.  

Celebrate Small Wins:

Reward yourself for progress as it’s made, no matter how big or small. Recognizing and celebrating your achievements will encourage you to stick with it until you achieve your ultimate objectives. 

Stay Flexible:

Life can be unpredictable. Your financial plan should be able to adapt to changes, whether to your personal financial circumstances or the greater economic conditions. It’s important to stay willing to adjust your goals and strategies as necessary. 

Adapt to Economic Changes  

With prices and inflation remaining on the rise, it’s essential to adapt your financial plan to any changes in the current economic environment. 

Boost Your Emergency Fund: 

Maintaining an ample emergency fund provides peace of mind amid economic uncertainty. Experts recommend having at least three to six months’ worth of living expenses saved up, but everyone must start somewhere. Save what you can and increase your contributions when you are able. 

Adjust for Inflation:

Adjust your budget throughout the year to account for higher costs in categories like groceries, utilities, and transportation.  

Performing a mid-year financial check-in is a proactive way to ensure you stay on track with your financial goals despite economic hurdles. By re-evaluating and adjusting your finances as needed, you can navigate the rest of the year with higher confidence and make greater progress towards your goals. Once again, remember that it’s important to focus on progress, not perfection. Stay adaptable to changes in your personal finances and the broader economy. 

If you want more tips about managing your finances or are looking for personalized guidance, we’re here to help. Our team of financial advisors is ready to assist you. Please stop by any of our convenient branch locations or call us at 248-322-9800 extension 5 to speak with a team member today. 


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