Take Your Temperature

It’s a good time for a mid-year financial check-in

Congratulations on making it halfway through the year! If you have financial goals set for yourself, now is a great time to do a mid-year check-in to see how you're doing. A mid-year check-in is more than a pit stop on the way to turning your today dreams into bright tomorrows. Six months into your plan for the year, seeing your progress can encourage you to keep going. It’s also a crucial time to find out your financial health status, while there’s still time to of course correct if needed. This is a crucial step in staying on track and making sure you get to your goals.

Here are some exercises to guide you during your mid-year financial check-in:

• Revaluate your goals. Are they still aligned with your priorities? As circumstances change, some goals may become less important or feasible. A mid-year check-in is a great time to take a look at your goals and make sure they're still aligned with your current priorities. If a goal is no longer a priority, you can either change it or set it aside.

• Gather your financial records. This includes your bank statements, credit card statements, investment statements, and any other financial documents you have.

• Review your budget. Make sure you're still on track and not overspending in any particular area.

• Track your progress towards your goals. Tracking your progress is essential for getting to your financial goals. It gives you a chance to see what's working and what's not, so you can make adjustments. There are a number of ways to keep tabs on your progress, such as using a budget tracking app, maintaining a spreadsheet, or simply reviewing your bank statements each month.

• Reward yourself for your accomplishments. It's important to celebrate your accomplishments, no matter how small they may seem. It helps you to stay motivated and on track with your goals. When you reach a milestone, find a way to give yourself a pat on the back or do something nice for yourself. Celebrate your successes and stay motivated!

When you’re ready to do it, set aside some time to do your midyear financial check-in. Instead of trying to do it all in one sitting, take more than one session if you need to. It’s also important to be honest with yourself about your progress. Avoiding the natural tendency to sugarcoat things will ensure you have a more realistic perspective, which helps with decision making.

A mid-year check-in lets you know where you are in relation to your financial goals. By tracking your progress, you can reevaluate your goals and make the necessary changes. Along the way, it’s important to celebrate your wins, even the small ones. By taking the time to do it right, you can make the most of your mid-year temperature check and stay on track to reach your financial goals.