It’s Time For Your Mid-Year Financial Review

As we reach the midway point of the year, it’s an ideal time to pause, reflect, and conduct a comprehensive financial review. A mid-year financial review allows you to reassess your financial goals, evaluate your progress, and make necessary adjustments to ensure your financial well-being. If you have yet to schedule your mid-year or even annual review, now is the time, and here is why. Let’s delve into some key areas to focus on during your mid-year financial review, including cash management, insurance analysis, account consolidation, estate planning, and just overall financial organization.

Cash Management: Given the current high interest rate economic environment, there is tons of opportunity to make your cash work harder for you. Managing your cash effectively is crucial for maintaining financial stability and achieving your goals. Consider taking advantage of higher interest rates currently available in high-yield savings accounts and CDs. These options provide a safe and secure way to grow your money while keeping it easily accessible, with little illiquidity and risk. Review your current savings strategy, check in on your emergency fund balance, and determine if it aligns with your goals. Make small adjustments to your monthly savings strategy and budget  to optimize your cash flow and maximize your savings potential.

Insurance Analysis: This next topic is one we’ve been talking a lot about with clients now that we are officially through the first half of the year. Insurance is a vital component of financial security, providing protection for your health, property, and loved ones. Whether you have insurance or not, use this mid-year review as an opportunity to conduct a thorough analysis of your insurance coverage to ensure it meets your current needs. Review policies such as health, life, disability, umbrella, home, and auto insurance, comparing rates and coverage options. This analysis will help you identify any gaps in coverage and potentially reduce costs by consolidating policies or negotiating better rates.If you would like a referral to a life insurance professional, please let us know and we are happy to help.

Estate Planning Review: Next, while your analyzing your insurance coverage, make sure you don’t forget about your estate plan. Estate planning is often overlooked, but it’s a critical aspect of ensuring your assets are protected and eventually distributed according to your wishes. Reach out to your estate attorney and review your will, trusts, and power of attorney documents to ensure they accurately reflect your current circumstances and intentions, and are also updated to reflect for current tax code provisions. Life events, such as marriage, divorce, or the birth of a child, may require updates to your estate plan. If you haven’t established an estate plan, now is the time to consult with an attorney to create one that aligns with your goals.

Account Consolidation: Over time, it’s common to accumulate multiple bank accounts and retirement savings plans, such as 401(k)s. Consolidating these accounts can simplify your financial life, reduce headaches and the possibility of “losing” an old account, and potentially save you money on fees. Review your accounts and consider consolidating them where appropriate, while also maximizing the interest rates and return you are earning. Streamlining your financial accounts will not only make it easier to track your progress but also provide a clearer picture of your overall financial health.

Organization: Lastly, financial organization is key to maintaining control over your finances. Take the opportunity during your mid-year financial review to organize your financial documents, including bank statements, investment account statements, tax records, and insurance policies. Consider automating and aggregating your financial picture, especially for document management and budgeting, as aggregation can streamline the process and provide easy access to your financial information.

Take this opportunity to sit down and conduct your own mid year review, or schedule a meeting with your financial professional. Checking in not only with your family, but with your financial progress mid-year is a great way to benchmark your progress towards reaching your goals. If you are interested in setting up a mid-year review, email us at or schedule a 30-minute consultation meeting here.

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