Mid-Year Personal Finance Check-In

Are you on track? Now that you have a tax return to review, use the midpoint mark of the year to see where you stand on your goals, budgeting, and financial housekeeping. 

 Decide on your financial goals as a family. 

• How much money will you need? When will you need the money, and how will you get it? 
• Construct a net worth statement (a list of your assets and debts) and compare it to last year’s statement. Are you gaining or losing ground? 
• With your goals (and the effects of inflation) in mind, review the performance of your savings and investments  

Take steps to protect what you already have. 

• Do you have adequate disability insurance coverage to replace take-home pay if you become incapacitated?
• Do you have enough life insurance if you or your spouse should pass away? 
• Do you have replacement value property insurance on your home? 
• Do you have adequate insurance for calamities such as automobile accidents or lawsuits?

Update your withholdings. 

Was your tax bill this year higher than you anticipated or was your refund lower than you would have wanted? Review your paycheck withholdings to make sure they’re up to date, and submit a new W-4 if you need to make changes. 

Evaluate your spending history. 

Make it a goal to not live beyond your means and set a budget for the rest of 2026 that will keep your unnecessary spending down, while also paying down debt. 

Consult with your CPA. 

Talk to your accountant and financial advisor about your goals and expectations now — your future self will thank you!