We’re halfway through the year. In Minnesota, that means youth sports, lake time, and enjoying the summer. It might not seem like the best time to review your financial plan—but it’s actually perfect for a quick check-in.
Think of this as a wellness visit for your financial life. It doesn’t have to be stressful or time-consuming. And if you'd like help talking through your plan, schedule a visit with me here.
1. Revisit Your Financial Goals
What goals did you set in January? Saving more? Paying off debt? Building an emergency fund?
Ask yourself:
- Are you making progress?
- Have your priorities changed?
- Do any goals need adjusting?
Life shifts, and that’s okay. The key is to stay flexible and intentional.
Pro Tip: If you didn’t set any goals earlier this year, choose one or two now to aim for by December.
2. Check Your Cash Flow
Are you earning more than you spend? Or are expenses creeping up?
Take a fresh look at your budget. Watch for spending patterns—especially on dining out, subscriptions, or impulse buys. A few small changes can free up cash quickly:
- Try a no-spend weekend
- Pause unused subscriptions
- Shop around for insurance savings
If your income has changed, adjust your spending now before it affects your savings or leads to credit card debt.
3. Review Retirement Contributions
If you're working, check your 401(k) or IRA. Can you increase contributions—even just 1%?
If you’re retired, review your withdrawal plan. Are you drawing from accounts in the most tax-efficient way? Would a Roth conversion make sense?
These are great questions to explore with a fiduciary planner.
4. Look at Your Tax Withholding
Avoid surprises at tax time by checking your withholding now.
If your income, deductions, or marital status have changed, your withholding might be off. That can lead to a big bill—or a big refund.
Use the IRS Tax Withholding Estimator or talk to your tax advisor. I’d be happy to help coordinate.
5. Update Key Documents and Accounts
Mid-year is a good time to review the often-overlooked stuff:
- Beneficiaries – Make sure your retirement accounts and insurance reflect your current wishes.
- Estate plan – If you’ve had a major life change, it may be time to update your will, trust, or powers of attorney.
- Insurance – Are you covered appropriately? Too much? Not enough?
These may not feel urgent—until they are.
6. Review Your Investment Performance (Without Panicking)
It’s natural to be curious about how your investments are doing—but don’t focus too much on short-term ups and downs.
Check in to ensure your asset allocation still aligns with your goals and risk tolerance. If something doesn’t feel right, let’s review it together.
Bonus: Celebrate Your Progress
Even small wins matter:
- Paid off a credit card?
- Saved consistently?
- Talked about money with your partner?
That’s progress. Give yourself some credit.
The Bottom Line
A mid-year check-up is your chance to reflect, reset, and keep your plan moving forward.
You don’t have to go it alone. I’d love to help you make smart choices and feel confident about your path.
If you think a visit with an experienced, highly trained CERTIFIED FINANCIAL PLANNER™ professional and Behavioral Financial Advisor in West Saint Paul, Minnesota could help, schedule a no-obligation visit today.
As a fiduciary financial planner, I offer guidance based only on what’s best for you—not commissions or sales goals. I’m still taking on a few great families here in Minnesota and across the country via Zoom.
Dunncreek Advisors does not provide legal or tax advice. This content is for informational purposes only.
Frequently Asked Questions (FAQs):
1. Why is a mid-year financial check-up important?
It helps you stay on track with your goals, make needed adjustments, and avoid surprises—especially with cash flow, taxes, or investments.
2. What should I look at during a mid-year review?
Focus on your goals, cash flow, retirement contributions, tax withholding, legal documents, and investment performance.
3. How often should I update my estate plan and beneficiaries?
Review these at least once a year or after any major life change like marriage, divorce, birth, or death.
4. Can a financial advisor help with my mid-year review?
Yes! A fiduciary advisor like Dunncreek Advisors can help you create or adjust your financial plan so it stays aligned with your life and goals.