Market shifts or personal changes? Your financial plan might need an update. Start with this mid-year checklist.

We’re halfway through 2025 – how are those financial goals you set in January looking? Are you on track to achieve them, or has life nudged you in a different direction?

Don’t worry if things aren’t exactly as planned. Now’s a fantastic time to pause and see how things are actually going, celebrate successes, make adjustments, and re-focus on your goals.

✅ The mid-year financial checklist

Want to make sure your money is working for you? This mid-year checklist breaks down the key areas to review, helping you identify opportunities to save more, reduce debt, and build a stronger financial future.

🎯 Review your goals

First, take a look at the financial goals you set for the year. If you haven’t made any yet, now’s the perfect time to start! This first step will help guide the rest of your mid-year checkup.

Write your goals down, and double check to make sure they are SMART goals: specific, measurable, achievable, relevant, and time-bound. For example, “save $5,000 for a car down payment by the end of the year.”

Next, ask yourself if they still fit your current life and priorities. Can you still realistically achieve them in the time left this year? Are they still important to you right now?

• If yes: Great! These are the targets you’ll want to keep in mind as you review the rest of your finances. They’ll serve as your benchmark for progress.
• If no: That’s okay! Life happens, and priorities can change. Now is the time to adjust your goals to better reflect your current situation. Don’t be afraid to modify or even create new goals that feel more relevant and achievable for the remainder of the year.

💰 Check in on your budget

Now it’s time to look at your spending. Gather your bank statements, credit card bills, and any money-tracking apps you use. Compare what you actually spent to what you had budgeted, and adjust your plan if you’ve had changes in income. If you don’t have a budget, make one now.

If you notice any places in your budget where you’re spending money on things you don’t really need – maybe too much shopping, subscriptions you forgot about, or other regular charges – this is a good time to cut them out and direct that money towards your goals.

🏦 Look at your savings

Next, shift your focus to your savings, evaluating both your dedicated goal funds and your essential emergency savings.

First, focus on your financial safety net: your emergency fund. If you don’t have enough savings to cover 3-6 months of unexpected expenses, now is the time to make building it a priority in your financial plan for the rest of the year.

Then, see how much you’ve saved towards each of your specific financial goals this year. Calculate your savings rate (total savings / total income). Are you on track to meet your 2025 savings targets?

• If yes: Congrats! Keep up the consistent effort and consider if there are any opportunities to boost your savings further.
• If no: Figure out why you’re falling behind and brainstorm potential adjustments to your budget or savings plan to get back on track.

💳 Manage and prioritize your debts

Now, let’s turn our attention to your outstanding debts. Make a list of everything you owe (credit cards, loans, etc) and their interest rates. Check how much progress you’ve made on paying them down this year.

Are your balances decreasing as planned?

• If yes: Keep up the good work and continue to look for ways to accelerate your progress.
• If no: See why you’re not paying down debt as planned. Consider changing your budget or how you pay debts (like the snowball or avalanche methods). If these DIY methods aren’t working, it may be time to call a credit counselor for help.

📈 Take stock of your retirement accounts

Next, take a moment to check your retirement accounts like your 401(k), IRA, or any other investment vehicles you have for your future.

• Contributions: Are you contributing regularly, especially if your employer matches contributions?
• Performance: See how your investments have performed this year. While short-term fluctuations are normal, it’s good to understand the overall trend.
• Asset Allocation: Does your mix of investments still make sense for your age and how much risk you’re comfortable with?
• Fees: Be aware of any costs associated with your accounts.

Looking ahead and staying on track

The mid-year mark is your chance to hit reset if needed. If your checkup showed areas to improve, see it as a chance to refocus and recommit with fresh energy.

Think of this as halftime. You’ve seen what worked and what didn’t. Now, get back in the game with clear steps. Make those budget tweaks, boost savings, or tackle debt with renewed effort. Celebrate small wins to stay motivated.

If you’re on track, great! Keep the good habits going. See if you can speed up progress or set new mini-goals.

🌟 Financial success is about consistent effort, not perfection. Stay focused, be proactive, and you’ll reach your financial goals for the rest of 2025.