Summer Savings Strategies: Your Mid-Year Financial Check-In

Jun 5, 2024

By Ashlee Ogrzewalla, CFP®, CFDA®, Vice President and Manager of Financial Planning & Marketing
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A midyear financial review in 2024 is a great way to ensure you’re on track with your financial goals and to make any necessary adjustments. Here’s a step-by-step guide to conducting a thorough midyear financial review:

  1. Review Your Financial Goals: Start by revisiting the financial goals you set at the beginning of the year. Assess your progress towards each goal and determine if any adjustments are needed. Are there any goals you’ve already achieved? Are there others that need more attention?
  2. Assess Your Budget: Look closely at your budget for the year so far. Compare your actual income and expenses to what you had planned. Identify any areas where you may have overspent or underspent and consider the reasons behind these variances.
  3. Track Your Debt Repayment: If you have any outstanding debts, review your progress in paying them down. Check your remaining balances and interest rates. Are you on track to meet your debt repayment goals? Consider if there are any strategies you can employ to accelerate your debt payoff.
  4. Evaluate Your Savings: Assess your progress in building savings accounts, including your emergency fund, retirement savings, and any other savings goals you have. Make sure you’re contributing regularly and consider increasing your contributions.
  5. Review Investments: Evaluate your overall investment allocation from all sources to ensure your investments are overall aligned. Consider consulting with your financial advisor and consolidating accounts to get more strategic with your investments as they pertain to your long-term goals.
  6. Check Your Insurance Coverage: Review your insurance policies to ensure you have adequate coverage for your needs. Consider any changes in your life circumstances that may necessitate adjustments to your coverage, such as getting married, having children, or purchasing a home.
  7. Assess Tax Planning: Evaluate your tax situation for the year so far. Consider any significant life events or changes in income that may impact your tax liability. Take proactive steps to optimize your tax strategy, such as maximizing contributions to tax-advantaged accounts or harvesting tax losses in your investment portfolio.
  8. Evaluate Additional Income Opportunities: Assess any additional income streams you’ve pursued since the beginning of the year. Determine if these sources of income are meeting your expectations and if there are any opportunities to increase or diversify your income further.
  9. Adjust Your Financial Plan: Based on your review, make any necessary adjustments to your financial plan for the remainder of the year. Update your budget, savings goals, investment strategy, and any other aspects of your plan as needed to stay on track toward your objectives.
  10. Seek Clarification and Guidance: If you need clarification on any aspect of your financial review or need guidance on adjusting your plan, consider consulting with your financial advisor. They can provide personalized advice tailored to your specific situation and goals.

By conducting a midyear financial review, you can ensure that you stay proactive and make informed decisions to achieve financial success.


IMPORTANT DISCLOSURES: The information provided is based on internal and external sources that are considered reliable; however, the accuracy of this information is not guaranteed. This piece is intended to provide accurate information regarding the subject matter discussed. It is made available with the understanding that Benjamin F. Edwards is not engaged in rendering legal, accounting or tax preparation services. Specific questions on taxes or legal matters as they relate to your individual situation should be directed to your tax or legal professional.