Conduct A Mid-Year Financial Review

Conduct A Mid-Year Financial Review
02 Jul 2024

2024 is halfway over, and now is an excellent time to conduct a mid-year financial review. This proactive step helps you stay on track with your financial goals and allows you to make any necessary adjustments. Here are 7 steps you can take now to review your finances:

1. Review Your Budget

  • Analyze Spending: Examine your expenses for the first half of the year. Identify areas where you may have overspent and opportunities to cut back.
  • Adjust Categories: Update your budget categories to reflect any changes in your financial situation or priorities.

2. Assess Your Savings Goals

  • Emergency Fund: If you haven’t built up an adequate emergency fund, now is the time to do so. Aim for 3-6 months’ worth of living expenses. If you had to dip into your emergency reserves in the first half of the year, now is the time to evaluate and replenish your savings.
  • Retirement Savings: Check your contributions to retirement accounts like 401(k)s and IRAs. Consider increasing your contributions if possible.
  • Short-Term Goals: Evaluate your progress toward short-term savings goals, such as vacations, home improvements, or new gadgets.

3. Review Your Investments

  • Portfolio Performance: Assess the performance of your investment portfolio. Does it still align with your risk tolerance and long-term objectives.
  • Rebalance Portfolio: Rebalance your portfolio if necessary to maintain your desired asset allocation. This can help manage risk and optimize returns.

4. Check Your Credit Report

  • Credit Score: Obtain a free credit report and review your credit score. Look for any discrepancies or signs of identity theft.
  • Debt Management: Evaluate your debt repayment plan. Consider strategies to pay off high-interest debt more aggressively.

5. Update Your Financial Goals

  • Set New Goals: Reflect on your financial goals and adjust them as needed. Have you had any major life changes in the last year?
  • Plan for the Future: Think ahead to major expenses or life events coming up in the next 6-12 months and start planning accordingly.

6. Review Your Insurance Coverage

  • Health Insurance: Make sure your health insurance is up to date and sufficient for your needs.
  • Property and Life Insurance: Review your property and life insurance policies. Do they still provide adequate coverage?

7. Plan for Seasonal Expenses

  • Summer Activities: Budget for summer activities, vacations, and back-to-school expenses. Planning ahead can prevent overspending.
  • Energy Costs: Anticipate higher energy costs during the summer months and adjust your budget accordingly.


Conducting a mid-year financial review on the first day of summer helps you stay on track with your financial goals, make necessary adjustments, and prepare for upcoming expenses. This proactive approach can lead to better financial health and a more enjoyable summer season.

Important Information: 

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

Securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

All investing involves risk including the possible loss of principal. No strategy assures success or protects against loss.

Rebalancing a portfolio may cause investors to incur tax liabilities and/or transaction costs and does not assure a profit or protect against loss.


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