Checklist for a Midyear Financial Checkup

With tax season ending and the start of summer, it’s easy to forget about your finances.  However, this midpoint in the year, as things begin to slow down, is one of the best times to evaluate where you stand, to become aware of issues before it is too late, and to make any necessary course corrections.

We recommend evaluating your:


Now is a great time to fine-tune your budget or spending plan based on any changes (raises, bonuses, additional debt).



Make sure that your emergency savings fund is on track.  While some suggest setting aside 3 months worth of household income, we suggest 6-9 months of cash readily accessible, particularly as the timeframe to fine employment increases.

Check in on your other savings goals such as: your children’s educational planning, retirement savings, family vacation, or home improvements.

Retirement: make sure you are maximizing your annual contributions to your 401k, traditional or Roth IRA, or any other sort of savings you’re looking towards.  For more information check out our retirement posts.  If you see you’re falling short, you may want to consider increasing your contributions.  Take the time to evaluate your company match to maximize your full match potential



Guard against identity theft.  Request your free credit report from the 3 credit reporting agencies online, for free at  Make sure your credit report is updated and accurate – check for any problems or unusual activity.  Close down credit cards that are no longer in use.  Make sure the debt that you’ve taken out is in your name.



The midyear checkup is a good opportunity to review your tax withholdings and make any estimated tax payments.  Contact your CPA or check the IRS withholding calculator.



Take a look at your current insurance plans: life, health, disability, long-term care, auto, homeowner’s policy.  Do you have the right type of insurance and coverage? Make any policy changes or modifications based on changes in the first part of the year.



Now is a good time to review and adjust your asset allocation or your goals, particularly if you want to take on more risk or your retirement time horizon has changed.


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