skip to main content

Tips for Performing a Mid-Year Financial Checkup

Jun 20, 2023

June marks a midpoint in the year and the start of summer. A lot can happen in just six months, so take some time to give your finances a checkup before you get wrapped up in your summer plans! Doing so will help you enjoy the warm weather without a worry.

Not sure where to start? That’s what we’re here for! We’ve whipped up a checklist you can use as a guide.

1) Review your budget.

If your rent or income has changed, you got married or had a kid, or you experienced some other life event, this is a good time to make sure you’re still on track with your spending and saving. And if you don’t have a budget yet, now is a great time to make one. (See our blog about budgeting tips!)

As a reminder, you should have three to six months’ worth of living expenses in an emergency fund. If you’re saving up for anything else, such as a trip to Disney World or a new computer, you should be tracking that separately as well. And, of course, you should make sure you’re not spending more each month than you take in. If you are, reviewing your budget will help you figure out where the leaks are and what costs you can trim.

2) Review your retirement contributions.

Are you on track for your target retirement age and net worth? Have you had a recent promotion or raise, or just had your 50th birthday? Has a life event changed your plans? Your mid-year checkup is the perfect opportunity to make adjustments and possibly increase your contributions.

As of 2023, the yearly contribution limit is $22,500 for a 401(k) and $6,500 for a Traditional or Roth IRA. If you’re age 50 or older, you have the option to add an extra $7,500 to your 401(k) and an extra $1,000 to your IRA each year thanks to catch-up contributions.

If you need some assistance or want to open an IRA, we’re happy to help. We offer both Roth and Traditional IRAs, as well as online learning  related to retirement, or you can always reach out to us.

3) Review your other investments.

Similar to your retirement accounts, you should be checking up on your other investment accounts. Take a look at your entire portfolio and how your investments have been performing over time. A good portfolio should include both high-risk and low-risk investments, but you may find you need to adjust the mix to meet your long-term goals.

4) Review your credit report.

You can get one free copy of your credit report per year from Equifax, Experian and TransUnion. If you’re only going to check your credit report once a year, it doesn’t matter which agency you choose – the information will be approximately the same among the three companies. However, you could take it a step further and monitor your credit throughout the year by requesting a report from a different company every four months.

Checking your credit report at this mid-year checkup is a great habit, as it’s your chance to make sure everything looks right. Some identity theft and fraud situations can slip under the radar for a while, resulting in a lower credit score and impacting your future. Head to to request your credit report. Then, carefully review it and look for any discrepancies or odd information.

5) Get ahead on tax prep.

The best way to avoid the last-minute scramble in April is to plan ahead and stay organized throughout the year. Make sure you’re keeping track of any tax-deductible expenses, such as out-of-pocket medical expenses, mortgage interest and charitable donations.

This is also a good chance to check how much is being withheld from your paycheck to cover taxes. If you find yourself owing money in April, it may be a good idea to increase the withholding amount. Alternatively, if you’re getting large refunds, you could decrease the amount and put the money toward monthly savings.

Once you’ve done your mid-year checkup, you’ll likely feel a lot better about your finances and long-term goals. Give it a go, then enjoy your summer with confidence!