Mid-Year Financial Check-In: How to Assess and Adjust Your Budget

As we approach the mid-year mark, now’s a great time to assess your financial progress, review spending habits, adjust your budget and set financial goals for the remainder of the year.

Why a Mid-Year Financial Check-Up Matters

A lot can happen in six months: unexpected expenses, job changes, shifts in priorities, or new financial goals. A mid-year financial check-up allows you to: 

• Evaluate your income and expenses 

• Track progress on your financial goals 

• Identify spending patterns or budget killers 

• Adjust your budget before year-end

How to Assess Your Budget

Start by gathering your financial information, including your account statements, bills and recurring subscriptions and your pay stubs. If your financial institution, like Service Credit Union, offers a mobile app, you’ll be able to see this all in one spot. You may even be able to view all your subscriptions and recurring bills at once with a tool such as Service Credit Union’s Subscription Manager. 

Once you have everything in front of you, review your budget categories. Ask yourself: 

• Are you spending more or less than planned in each category? 

• Have there been any large or unexpected expenses? 

• Are you saving as much as you intended? 

Compare your actual spending and saving with the goals you set at the beginning of the year. This process is essential for effective financial goal tracking.

How to Assess Your Financial Situation

Next, take a broader look at your financial health:

• Emergency Fund: Do you have 3–6 months’ worth of expenses saved? 

• Debt: Are you making progress on paying down loans or credit cards? 

• Credit Score: Have there been any major changes? 

• Net Worth: Has your overall financial position improved?

Tools like Service Credit Union’s online banking can help you track your balances, review spending, and monitor your financial progress.

Adjusting a Budget Mid-Year

If your review reveals that you’re off track—or if your goals have changed—it’s time to adjust your budget. Here are some budget review strategies to help: 

Reevaluate Your Goals 

Are your original goals still relevant? If you had planned to take a vacation but now want to focus on paying off debt, shift your savings priorities accordingly. 

Trim Unnecessary Expenses 

Review where your money is going and look for areas to cut back: unused subscriptions, takeout or impulse purchases can add up quickly. 

Update Income and Expenses 

If your income has changed, or you’ve added new bills, your budget needs to reflect that. Rebalancing ensures you’re not overspending. 

Reallocate Savings 

If you’ve built up a healthy emergency fund, you may want to redirect some of that savings toward retirement, education or another long-term goal. 

Use Budgeting Tools 

Consider apps or budgeting spreadsheets to help track spending and stay accountable.

Stay Consistent and Check in Regularly

Managing your budget and finances isn’t a one-time task. Schedule financial check-ins quarterly or monthly, especially if your income or expenses fluctuate. A consistent review process helps you stay agile and make smarter financial decisions all year long. 

Taking the time for a mid-year budget review gives you the clarity and confidence to move into the second half of the year with a solid plan. Whether you’re working toward financial freedom, paying off debt, or simply staying on top of day-to-day expenses, Service Credit Union is here to support your financial journey.