How to Give Yourself a Mid-Year Financial Review

How to Give Yourself a Mid-Year Financial Review

It’s time to shatter the conventional wisdom that money reviews are reserved exclusively for year-end reflections or tax season preparations. In fact, right now is the perfect time to take a step back and evaluate your current financial landscape with a mid-year financial review.

This comprehensive evaluation helps you assess how you’re doing, what areas you’re excelling in, and what areas you want to improve while you still have 6 months left of the year to make changes in your spending, saving, and investing habits. 

A thorough mid-year financial review is not only crucial for individuals, but also essential for businesses striving to maintain healthy cash flow. It enables business owners to identify key aspects affecting their business’ financial performance while helping them create robust cash flow management strategies.

This blog post will explore various facets of a mid-year financial checkup, ranging from reviewing your personal finances and taking control over your spending, to tax planning strategies and insurance coverage reviews. We’ll also discuss how working with me, Erika Wasserman, Your Financial Therapist, can contribute significantly when it comes to improving your overall monetary health.


The Importance of a Mid-Year Financial Review

Under the current unpredictable circumstances, it’s crucial to conduct an in-depth analysis of your financial status midway through the year. I know it’s tempting to just coast along, but I promise you’ll thank yourself later if you perform a detailed financial review for yourself. 

Consider it as a health-check for your finances. This process not only helps you identify any potential issues, but also provides an opportunity to reassess and realign your financial goals for the remainder of the year.


Adjusting Your Financial Strategy Based on Current Situations

Life can throw curveballs, and your financial strategy needs to be able to dodge them. That’s why it’s important to stay flexible and to make adjustments as needed. 

Remember, your financial plan is not set in stone. As circumstances change, so should your strategy. This could mean revisiting your budget, reassessing your investments, or even altering your long-term goals. Staying proactive and adaptable is the key to maintaining financial stability, no matter what life throws at you.


Preparing Questions Ahead of Time for a Comprehensive Review

Starting your review without preparation is like stepping onto a battlefield without a plan. 

To ensure you make the most out of your session, it’s important to start by booking a date and time for your review like you would for an important meeting. By scheduling your review, you’re making a commitment to your financial health and ensuring it gets the focus and attention it deserves.

The next step to prepare for your review is to write down all of your pressing questions. These should encompass a wide array of topics, from savings goals to debt management plans. 

This is where self-reflection comes into play. Ask yourself: What financial concerns are keeping you up at night? Have you noticed any significant changes in your spending or saving habits? Are there any particular financial documents that would offer insight or validation to these concerns or changes?

Once you’ve identified these relevant documents such as bank statements and bills, collect all of your digital files in one place and collect your paper documents in another to ensure a smooth and organized review process. This systematic approach will save you time during your financial review, allowing you to focus on what’s truly important – evaluating your financial health and planning your next steps.

Being meticulous in your preparation will allow you to gain a deeper understanding of your financial status and guide future decisions.

Related: 9 Ways to Save the Earth and Your Wallet


How to Give Yourself a Mid-Year Financial Review from Your Financial Therapist at


Business Owners and Mid-Year Financial Reviews

If you’re a business owner, evaluating your company’s finances halfway through the year could provide an extremely useful understanding of your business’ effectiveness, performance, and direction. If your company’s financial progress isn’t meeting expectations midway through the year, it might be time to reassess.


Performing a Cash Flow Health Analysis

An analysis of your cash flow health is crucial for understanding where your business stands financially. Evaluating your cash flow health can give you the insight needed to determine if modifications are required in order to reach your desired objectives. 

To evaluate your business’s cash flow health, you need to review your cash inflows and outflows, or your profit and loss. Look at your revenue streams, operational costs, loan repayments, and any other financial commitments.

If the cash coming in is consistently higher than the cash going out, your business is in good health. However, if the opposite is true, it might be time to reassess your strategies and make necessary changes to improve your cash flow situation.


Identifying Areas Requiring a Change in Management Plans

Of course, a mid-year review can help you pinpoint areas that need stronger management plans. This could involve budget adjustments, staffing changes, or even strategic shifts in product offerings. Check out this article for more tips on reaching your financial business goals and managing your business finances effectively.


Reviewing Your Personal Finances

Whether or not you own a business, it’s vital that you don’t neglect your personal financial health. One way to do this is to check on your emergency fund to make sure it’s growing. This allows you to be prepared for any eventuality.


Make Your Money Work Smartly with High-Yield Savings Accounts

A passive way to boost your emergency fund is by stashing it in high-yield savings accounts. These types of accounts are a smart way to make your money work harder for you without any additional effort because they offer above-average APYs and zero monthly fees. Cha-ching!

By simply storing your funds in these types of accounts, you can earn significantly more interest compared to traditional savings accounts. It’s an effortless strategy to maximize your savings and grow your emergency fund faster.


Save Small, Save Consistently, and Watch Your Savings Grow

While conducting your mid-year financial review, it’s important to assess your current savings strategy. Consider the consistency and amount of your savings. Are you setting aside a certain amount of cash regularly? Even if it’s a small amount, consistent saving can lead to substantial growth over time. 

You’ll also want to evaluate whether you can increase your savings, even slightly. Remember that every little bit adds up. 

If you’re not already doing so, consider automating your savings. This way, a designated amount is transferred to your savings account each month without you having to lift a finger. This strategy can make saving money effortless and ensure it becomes a regular part of your financial routine.

Even if you’re only able to save a small amount each week or month, the important thing is to make saving a regular habit. As time passes, you’ll be surprised to see how these modest contributions can accumulate into a significant nest egg. It’s a simple yet effective approach to long-term financial stability and growth.

Related: Our Mother’s Impact on Our Financial Mindset, Habits, and Growth


How to Give Yourself a Mid-Year Financial Review from Your Financial Therapist at


Take Control of Your Spending

Another crucial aspect of performing a financial review in the middle of the year is to assess your spending habits so that you can cut unnecessary expenses. 

Are there any recurring subscriptions or services that you no longer use? Or perhaps there’s a pattern of impulse buying that can be reduced for the rest of the year. Cutting these unnecessary expenses can result in significant savings over time. 

It’s also beneficial to categorize your spending as either necessities or luxuries to better understand where your money is going. This will give you a clear picture of your spending habits, allowing you to make informed decisions about where you can save and where you might need to tighten the reins.

An easy way to do this is to print your bank and credit card statements and highlight each transaction you enjoy spending on with one color, and the ones you don’t with a different color. 

Once you’ve highlighted the transactions, take a closer look at the ones you don’t enjoy spending on. Ask yourself: Is there a way to shift these expenses to something more beneficial or enjoyable? Could you potentially reduce the cost of these expenses, or even eliminate them entirely? 

By scrutinizing these less desirable expenditures, you can identify areas for potential savings and make more room in your budget for the things you truly value and enjoy. Remember, even small savings can add up.


Review Your Investments and Interest Rates

Another critical part of your mid-year financial review should be a thorough examination of your investment portfolio and the interest rates on your debts.


Give Your Investment Portfolios Some TLC

When it comes to investments, consider the performance of each asset. Are your stocks, bonds, or mutual funds meeting your expectations? If not, it might be the perfect time to reevaluate your investment strategy. 

Remember, diversification is key to managing risk. If you’re heavily invested in one type of asset, consider spreading your investments across different asset classes.


Stay on Top of Interest Rates for the Best Deals

Next, take a look at your interest rates, particularly on any loans or credit card debt you may have. It’s crucial to keep a close eye on these rates as they can significantly impact your overall debt and monthly payments. 

High-interest rates can significantly increase the cost of borrowing and slow your progress towards financial goals. If your interest rates are high, consider strategies to lower them. This could involve refinancing loans or transferring credit card balances to cards with lower interest rates.

Often, my clients overlook the fine details of these rates, as they’ve grown accustomed to seeing the same amount due each month. However, there may be opportunities to reduce your rates with just a simple phone call to your lender or credit card company. By proactively negotiating your interest rates, you could potentially save a significant amount of money in the long run.

Keep in mind that both investments and interest rates can fluctuate with changes in the economy. That’s why it’s important to stay informed about economic trends and adjust your strategies accordingly. Consulting with a financial advisor can be beneficial in navigating these complex areas and making decisions that align with your financial goals.

Related: 5 Financial Questions to Ask Before Marriage


How to Give Yourself a Mid-Year Financial Review from Your Financial Therapist at


Boost Your Retirement Contributions

Retirement planning should be another key component of your mid-year financial review. Your retirement savings plan is a long-term investment in your future, and it’s important to ensure that you’re contributing enough to meet your goals.

Start by reviewing the current state of your retirement accounts. Are you maximizing contributions to your 401(k), IRA, or other retirement plans? If not, consider increasing your contributions. Even a small increase can have a significant impact over time, thanks to the power of compound interest.

If your employer matches your 401(k) contributions, aim to contribute at least enough to take full advantage of this “free money.” It’s an immediate 100% return on your investment that you won’t get from any other type of savings or investment strategy. 

Furthermore, it’s essential to regularly review and potentially adjust your contribution amount. This action step ensures that you’re maximizing your retirement savings and staying on track with your long-term financial goals.

Additionally, if you’ve received a raise or bonus, consider dedicating a portion of that extra income to your retirement savings. This allows you to boost your retirement contributions without impacting your day-to-day budget.

Remember, the earlier and more consistently you save, the more comfortable your retirement will be. So make sure to prioritize your retirement contributions in your mid-year financial review.


Assess Your Insurance Coverage

Another integral part of your mid-year financial review should be an evaluation of your current insurance policies. Health, home, auto, and life insurance are all important safeguards for your financial future.

Start by reviewing your health insurance plan. Are you utilizing all the benefits that your plan offers? If there have been significant changes in your health or family status, you may need to adjust your coverage. Also, consider whether a Flexible Spending Account (FSA) or Health Savings Account (HSA) could help you save money on healthcare expenses.

Next, look at your home and auto insurance policies. Be sure your coverage is adequate to protect you in case of major damage or loss. If you’ve made significant improvements to your home or purchased a new vehicle, make sure these are reflected in your coverage. It’s also a good idea to shop around periodically to ensure you’re getting the best possible rate.

Life insurance is another crucial component of your financial safety net, especially if you have dependents. Your mid-year review is a great time to review your policy to make sure it aligns with your current needs. As major life events occur such as getting married, the birth of a child, adopting a new child, or buying a home, you may need to adjust your coverage.

Remember, insurance isn’t just about protecting against the “what ifs” –  it’s about ensuring peace of mind. That’s why it’s crucial to make sure your coverage matches your current needs and circumstances.


Implement Tax Planning Strategies

Tax season may be over, but incorporating tax planning strategies into your mid-year financial review can lead to significant savings. Effective tax planning involves understanding how different financial decisions can affect your tax liability, and then using that knowledge to minimize the amount you owe.

Start by reviewing your withholdings. If you received a large tax refund last year, you may be having too much withheld from your paycheck. Adjusting your tax withholdings can put more money in your pocket each pay period, which could be directed towards other financial goals.

Next, consider maximizing your tax-advantaged savings. Contributions to retirement accounts like a 401(k) or an IRA, as well as Health Savings Accounts (HSAs), can lower your taxable income. If you haven’t already, look into these options and consider increasing your contributions if possible.

Also, keep track of potential deductions throughout the year. This includes expenses related to education, home office use, medical costs, and charitable donations. Staying organized and keeping good records can make tax time less stressful and potentially more rewarding.

Lastly, consider consulting with a tax professional. Tax laws can be complex and change frequently. A professional can provide guidance tailored to your specific tax situation and help ensure you’re taking advantage of all available tax benefits.


How to Give Yourself a Mid-Year Financial Review from Your Financial Therapist at


How I Can Assist in Your Mid-Year Financial Review

As Your Financial Therapist, my role goes beyond simply crunching numbers. I’m here to guide you through the emotional and behavioral aspects of your financial decisions, ensuring that your mid-year financial review is not just about figures, but also about understanding and improving your relationship with money.

To put it simply, the average person isn’t properly equipped to navigate the intersection between finances and emotional wellness. This is why working with a Certified Financial Therapist CFT-I™ like myself whose extensive training and actionable strategies can provide you with the roadmap to reach your financial-wellness goals.

Together, we’ll explore your spending habits and investment choices. By understanding the motivations behind these decisions, we can develop strategies to break any damaging financial habits and form healthier ones.

I can also help you set achievable financial goals. Whether you’re looking to clear debt, save for a major purchase, or plan for retirement, my role is to provide you with a roadmap to reach these milestones. 

And of course, managing financial stress and maintaining a positive relationship with money is critical. 

When you book a session with me, I’ll provide strategies to help you manage any anxieties you may have around finances, ensuring that money becomes a source of security rather than stress.

Remember, seeking the help of a Financial Therapist doesn’t signify financial failure or distress. Rather, it’s a proactive step towards gaining control over your finances and achieving financial wellness. 

So, let’s include a session together in your mid-year financial review to make sure you’re on track to reach your financial goals. 

Begin your journey towards improved financial health today by booking a free consultation with me, Erika Wasserman, Your Financial Therapist.

I’m here to navigate this journey with you.


FAQs About Performing a Mid-Year Financial Review


What is the purpose of a mid-year budget review?

The purpose of a mid-year budget review is to assess your current financial status, adjust spending habits, and realign goals based on changes in income or expenses.


How do I give myself a mid-year financial checkup?

You can conduct a mid-year financial checkup by examining your spending patterns, reassessing savings plans, evaluating investment portfolios, and checking your credit report.


How do you prepare for a financial review?

To prepare for a financial review, gather all relevant documents like bank statements and bills. Identify areas needing improvement ahead of time and write down any questions you might have.



In a nutshell, conducting a mid-year financial review is one of the best things you can do to safeguard your financial future. 

Knowing exactly where you stand financially allows you to adjust your financial strategy based on current situations, identify areas requiring different management plans, and make smart money decisions like controlling personal spending and increasing retirement contributions.

It also allows you to take control of your finances and set yourself up for future success by monitoring investments and reviewing insurance coverage to ensure you’re getting the best deals and protecting your assets.

Taking the initiative to book a free consultation with me, Erika Wasserman, Your Financial Therapist, can be a crucial next step in this process. 

When we work together, we’ll not only review your financial status, but also explore your relationship with money. 

I’ll help you uncover any emotional or behavioral patterns that might be hindering your financial progress and together, we’ll develop strategies to improve your financial habits and set realistic, achievable financial goals. This proactive approach can lead to significant improvements in your financial health and overall peace of mind. 

So, why wait? Click here to book a free consultation and secure your financial future today.