TOMORROW

by Rev. James Cook, CFP^®, RICP^® 

What's in this Article

Eight steps for giving yourself a financial checkup:

• Revisit Your Financial Goals
• Evaluate Your Budget and Spending Habits
• Check Your Emergency Fund
• Assess Your Debt and Credit Health
• Review Savings and Investment Contributions
• Update Your Insurance and Protection Plans
• Plan for Upcoming Expenses
• Create a Simple Action Plan

The first half of the year tends to fly by in a blur of deadlines, family commitments, and the occasional attempt at work‑life balance. That’s exactly why the midpoint of the year is the perfect moment to pause and take stock of your financial health. A mid‑year check‑up isn’t about perfection—it’s about making sure your money is working for you, not against you, and giving yourself enough time to course‑correct before December sneaks up.

Revisit Your Financial Goals

Start by pulling out the goals you set back in January—whether that was building savings, paying down debt, investing more consistently, or preparing for a big purchase. Ask yourself three simple questions:

• What’s on track
• What’s behind
• What no longer fits your life

Make sure that you have specific actionable targets for each of your goals, like “Contribute $250 a month to my 403 (b).”  It is OK if circumstances have changed and you need to revise goals (or create them if you have not!). If your goals don’t reflect your current reality, adjust them. A goal that’s slightly revised is still a goal you can achieve. The key is clarity for the next six months.

Evaluate Your Budget and Spending Habits

If you are on track for each of your goals, great!  If not, look at your spending from the first half of the year and compare it to what you thought you were spending. Most people discover at least one category that quietly ballooned: takeout, subscriptions, rideshares, or impulse Amazon buys. 

Identify:

• Categories where you consistently overspent
• Categories where you underspent
• Opportunities to reallocate money toward savings or debt

If you are off-target for your goals, creating a budget can be a helpful tool.  This is a great time to start using a budgeting app that automates the heavy lifting. The goal isn’t to restrict every dollar—it’s to make sure your spending reflects your priorities.

Check Your Emergency Fund

Life happens. Cars break down, kids get sick, layoffs occur, and home repairs never seem to wait for a convenient moment. That’s why an emergency fund is non‑negotiable.

Financial planners typically recommend 3–6 months of essential expenses. If you’re not there yet, don’t panic—just make a plan. Even an extra $50–$100 a month can build meaningful protection over time. If you dipped into your emergency fund earlier this year, prioritize replenishing it before increasing discretionary spending.

Assess Your Debt and Credit Health

Debt can quietly drain your financial momentum if you’re not paying attention. Mid‑year is the perfect time to:

• Review balances on credit cards, student loans, and personal loans
• Check whether your payoff strategy is working
• Look for opportunities to refinance or consolidate if interest rates have shifted
• Pull your credit report and scan for errors or suspicious activity

Even small improvements—like lowering a credit card balance or correcting a credit report mistake—can make a noticeable difference in financial flexibility.

Review Savings and Investment Contributions

If you’re contributing to a 403 (b), IRA, or taxable investment account, check your progress. Are you on track to meet your annual contribution goals? Has your income changed since January? Could you increase your automatic contributions by even 1–2 percent?

Also take a moment to review your investment allocation. Market swings in the first half of the year may have shifted your portfolio away from your target mix. Rebalancing ensures your risk level matches your long‑term goals.  You may want to work with your financial planner to review your portfolio. Remember, if you’re an MMBB member, financial planning services are available at no additional cost to you as a benefit of membership.

Update Your Insurance and Protection Plans

Insurance is one of those things you don’t think about until you desperately need it. Review your coverage for:

• Health
• Auto
• Home or renters
• Life insurance

If you’ve had major life changes—marriage, a new child, a home purchase—your coverage may need updating. Many professionals also overlook disability insurance, which can be crucial if your income supports your household.

Plan for Upcoming Expenses

The second half of the year brings its own financial rhythm: holidays, travel, back‑to‑school costs, home maintenance, and end‑of‑year events. Identify these expenses now and build or adjust sinking funds so they don’t catch you off guard.

A little planning now prevents a lot of stress later.

Create a Simple Action Plan

After reviewing everything, choose three to five high‑impact actions to focus on. Maybe it’s increasing your emergency fund, cutting back on subscriptions, or bumping up your retirement contributions. Keep the list short and realistic. Consistency beats intensity every time.

A mid‑year financial check‑up isn’t about judgment—it’s about awareness and empowerment. By taking a few hours to review where you stand, you give yourself the chance to finish the year stronger, more confident, and more in control of your financial future.

The information contained herein is for informational purposes only.  While MMBB made every attempt to ensure that the information is accurate, MMBB is not responsible for any errors or omissions or the results obtained from the use of this information.  MMBB is not liable for any success or failure that is directly or indirectly related to the use of the information contained herein.  The information contained herein does not constitute any financial, insurance, investment, legal, or tax advice.  In no event shall, MMBB and/or its fiduciaries, directors, officers, employees, or agents thereof be liable for any special, direct, indirect, consequential, or incidental damages or any damages whatsoever, whether in action of contract, negligence or tort, arising out of or in connection with the use of the information contained herein.

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