Mid-Year Financial Review: Time to Pause and Reflect

Mid-year is the perfect time to evaluate your financial progress and adjust your plans if needed. Just like a GPS recalculates when you veer off route, regular periodical financial check-ins help ensure you’ll reach your destination.

Time for a Financial Health Check

Remember those financial resolutions from January? Now’s the time to see how you’re doing. Pull out your budget and financial goals list. Are you still on track? Did life throw some unexpected expenses your way?

“Mid-year financial reviews are crucial for long-term success,” says Nicholas Jembelis, Senior Vice President, David Lerner Associates. “Taking the time to adjust your financial plan can make the difference between meeting your goals and falling short by year’s end.”

Five Steps to Evaluate Your Progress

1. Review your savings goals. Have you contributed to your emergency fund or retirement accounts as planned? If not, what got in the way?
2. Check your spending patterns. Look at the expenses for the last three months. Are there categories where you consistently spend more than budgeted? This might signal a need to either adjust your budget or your habits.
3. Examine your debt – Are you making progress paying down credit cards or loans? A recent study found the average revolving credit card balance (one that persists between payments) was $6,380. Compare your current balances to where you started in January.
4. Reassess your goals – Were your original plans realistic? Sometimes we set overly ambitious goals that need adjustment. There’s no shame in recalibrating based on real-life experience.
5. Work with your investment counselor to align and adjust your activities you’re your goals for the next six months.

Making Adjustments

If you’re off track, don’t panic. Financial plans are meant to be flexible. Here are some ways to course-correct:

• Find small wins – Can you cut back on streaming services or dining out to free up cash for your priorities?
• Automate your savings – Sometimes, willpower fails us. Setting up automatic transfers to savings accounts can help ensure you stick to your savings plan
• Look for income opportunities. Could you work extra hours, get a second job,, or sell items you no longer need for extra money?

Planning for the Second Half

With six months left in the year, you have plenty of time to make progress. Consider these strategies:

• Break big goals into smaller milestones – Instead of focusing on saving $6,000 by December, aim for $1,000 monthly.
• Schedule regular check-ins – Mark your calendar for monthly financial reviews to stay on track.
• Celebrate progress – Did you pay off a credit card? Reach a savings milestone? Recognize these achievements to stay motivated.

Financial success isn’t about perfection but persistence. By taking this mid-year pause to reflect and adjust, you’re demonstrating the mindfulness that characterizes smart money management. The most successful people aren’t those who never face setbacks but those who respond to challenges with thoughtful adjustments.

Your financial future starts with action today. Don’t just plan—do. Which small but powerful step will you tackle first?

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.