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How to Do Your First Mid-Year Financial Review

Written By
Angelo Silva

Published on
Jun 09, 2021

Reading time
3 mins

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Have you ever conducted your own financial review? If this is your first time hearing such a term then don’t worry. This month of June could be a perfect time to take a look and review where you are financially. Still in sync with your budget? Are you near your target saving goals for 2021? And, are you making your money work for you through investments? The half-way point of the year represents an ideal time to pause, assess, reflect and reset your money mindset. Perform a mid-year financial checkup to ensure that you remain financially stable. Here's a five-item checklist you can use!

Reorganize your financial goals

If you’ve set goals before the year begins then it’s time to look back and update your progress. How close are you to reaching your goals? Are there any goals that are already irrelevant to you? Which goals do you plan to prioritize more in the final half for 2021?

Review your spending habits

Evaluate your big purchases for the first six months of 2021. Where did most of your money go? Were you more of a saver or a spender? Were you happy and satisfied with your purchases?

Revisit your budget

Go back through your budget item by item and update where there is an increase or a decrease. You may need to adjust your income because of a recent promotion or salary increase. Or worse, you may have a new appliance that’s costing you a higher utility bill instead. You also want to make sure that your budget is still aligned with your goals.

Raise or add up to your emergency fund

How much have you saved up for your emergency fund? Emergency Fund is three to six months' worth of your living expenses reserved for emergency situations only. Check whether you have enough emergency funds and find ways you can fill in this buffer money.

Reinvest in your future

As we all know investing is one of the best ways we can build wealth for the future. Ensure that you are invested in the right vehicle that matches your risk appetite and financial goals. Diversify if you must. Reinvest should you be forgetting to add to your current allocation. Make sure that you stay on track in meeting your desired goals.

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