11 Reasons To Check Your Midyear Money Goals (And How To Stay on Track)

Midyear is the perfect time to assess your financial progress and adjust your strategies to stay on track.

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Updated June 6, 2024
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As we approach the middle of the year, it's an ideal time to evaluate your financial progress and adjust your strategies to ensure you meet your money goals.

A midyear money checkup involves assessing your financial health, revisiting your goals, and making necessary changes to stay on track. This practice is invaluable for anyone aiming to retire early, grow their savings, or achieve specific financial objectives.

Here are 11 critical areas to focus on during your midyear financial review and tips on how to keep your goals in sight.

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Your budget needs consistent attention

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Reviewing your budget midyear helps you understand if you are sticking to your spending plan or if adjustments are needed. Look at your income and expenses to see if there have been any changes since the beginning of the year.

Adjust your budget to reflect any new financial realities and ensure you’re allocating enough toward savings and investments.

Avoid underpaying or overpaying taxes

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The middle of the year is a perfect time to review your tax withholding to avoid surprises come tax season. Check if your income or tax situation has changed and update your withholding if necessary.

This can help you avoid underpaying or overpaying taxes, ensuring you keep more money in your pocket throughout the year.

Ensure your credit report and score is in good standing

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Your credit score is crucial for obtaining favorable interest rates on loans and credit cards. A good credit score can save you money on interest and open up better financial opportunities. Many banks and credit card companies offer credit scores to customers.

Midyear, obtain your free credit report. Look for any errors or signs of identity theft and take steps to correct any issues. You are legally entitled to a free credit report from each of the credit reporting agencies. Go to annualcreditreport.com to request yours.

Resolve $10,000 or more of your debt

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Keep your retirement savings going

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Assess your retirement savings to ensure you are on track to meet your long-term goals. Check your contributions to your 401(k), IRA, or other retirement accounts. Consider increasing your contributions if possible, especially if you are aiming to retire early and need to grow your savings more aggressively.

Adjust for evolving life expenses

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Your financial plan should evolve with your life circumstances. Midyear is a good time to revisit your financial goals and adjust your plan accordingly.

Specifically, update your plan to reflect any significant life changes, such as a new job, marriage, or the birth of a child, and ensure your strategies are aligned with your goals.

Make sire you're paying off the right debts

Shisu_ka/Adobe women stress about debt

When tackling debt, prioritize paying off the ones with the highest interest rates first, especially credit card interest rates which can exceed 20%.

This strategy, known as the avalanche method, helps you save money on interest and pay off your debts faster. Midyear is a great time to reevaluate your debt repayment plan and ensure you are focusing on the most expensive debts first.

Determine if you have unusual upcoming expenses this year

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Unexpected or irregular expenses can derail your financial plans. Midyear, identify any upcoming expenses that aren’t part of your regular budget, such as medical bills, home repairs, or vacations. Plan and save for these expenses to avoid dipping into your savings or going into debt.

Adjust and rebalance your portfolio

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Investment portfolios can drift from their target allocation due to market fluctuations.

Review and rebalance your portfolio midyear to maintain your desired level of risk and return. This ensures your investments stay aligned with your financial goals and risk tolerance.

Set aside extra funds for holiday gifts

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Holiday expenses can be a significant financial burden if not planned for. Start setting aside money midyear to cover holiday gifts, travel, and festivities.

By saving gradually, you can avoid the stress and financial strain that’s often associated with the holiday season.

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Review and update all estate-planning documents

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Estate planning is crucial for ensuring your assets are distributed according to your wishes.

Take the time in the middle of the year to review your will, trusts, and other estate-planning documents to ensure they reflect your current situation and desires.

Don’t forget to update beneficiaries and make any necessary changes to keep your plan current.

Keep health costs low

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Maintaining your health may have a direct impact on your financial well-being. Staying active and healthy can reduce medical bills and improve your overall quality of life.

You’ll want to schedule your annual health checkup if you haven’t done so already. Incorporate regular exercise and healthy habits into your routine to avoid costly health care expenses and stay productive in your financial journey.

Bottom line

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Conducting a midyear review of your money goals helps you stay on track and make necessary adjustments to achieve financial success.

Are you ready to take control of your financial future and ensure you meet your year-end goals? By focusing on these 11 areas, you can confidently navigate your financial journey and work toward a secure and prosperous future.

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Author Details

Adam Palasciano

Adam Palasciano is a personal finance-obsessed and money-savvy individual who loves to hash out content on all things saving money. He specializes in writing millennial-friendly personal finance content, covering topics ranging from trending financial news, debt, credit cards, cryptocurrency, and more.