Summer is the halfway point of the year, and it is the perfect time to pause, reflect, and evaluate your financial health. Just like routine physical exams help keep your body in check, a financial check-up can ensure your money is working for you—and not the other way around.
As the needs of individuals and families change, financial plans tend to get forgotten – unless you maintain them. Life events such as a death, a marriage, the birth of a child or a job change, for example, can trigger tax and financial implications you need to address before the year’s up. Whether you’ve set goals in January or you’re just starting to think seriously about your finances, this mid-year moment is a valuable opportunity to assess your progress and make any necessary adjustments.
- Review Your Budget
Take a look at your income and expenses from the past six months:
- Are you staying within budget, or have your spending habits changed?
- Have there been any major life changes—like a move, job change, or growing family—that affect your finances?
- If you uncover any unnecessary expenses in your budget, like excessive shopping, subscriptions or other recurring fees, now is the time to eliminate them.
- Use budgeting tools like Core Bank’s Personal Finance Tool to help categorize your spending and spot trends.
- Check Your Emergency Fund
Financial advisors often recommend having 3–6 months of living expenses set aside. Mid-year is a great time to:
- Recalculate your expenses based on inflation or lifestyle changes.
- Set a savings goal if your emergency fund is lacking.
- Evaluate Your Debt
Take stock of all outstanding debts:
- Are you making progress on paying them down?
- Are there opportunities to consolidate or refinance for a better rate?
- Consider increasing monthly payments if your income has increased.
- Revisit Your Financial Goals
Think back to the goals you set in January:
- Are you saving for a home, vacation, education, or retirement?
- Are you on pace to meet those goals?
If not, don’t panic—just adjust. A small change now can make a big difference by year-end.
- Review Your Credit Report
Your credit score plays a major role in loan approvals and interest rates. Mid-year is a smart time to:
- Request a free credit report and look for errors or signs of fraud.
- Take steps to improve your score if needed. Read more about how to Get Smart About Your Credit from Core Bank’s blog resources.
- Assess Your Investments and Retirement Accounts
Even if retirement feels far off, your future self will thank you:
- Review 401(k), IRA, and brokerage account balances.
- Are you contributing consistently? Consider increasing your contributions or rebalancing based on performance and goals.
- Look Ahead to Tax Season
It’s never too early to plan for taxes:
- Review your withholdings and estimated payments.
- Keep track of deductible expenses.
- Consider consulting a tax advisor if you’ve had major financial changes this year.
Core Bank is Here to Help
A mid-year financial check-up doesn’t have to be overwhelming. By taking just a few hours to evaluate where you stand, you’ll gain clarity and confidence—and set yourself up for a strong financial finish to the year.
If you need help reviewing your finances, setting goals, or planning for the future, don’t hesitate to reach out to a financial advisor or your local bank. Small steps now can lead to big wins later!
Core Bank covers all your unique needs by offering several different account options for private, personal, and business banking alike. Whatever your goals, you’ll have access to great benefits when you sign up for an account with Core Bank. Open your account online today!
