Mid-Year Financial Check-Up: 7 Key Steps Before Summer Hits

As summer approaches and calendars begin to fill with vacations, celebrations, and long-awaited downtime, it’s easy to let financial planning take a backseat. But before you dive into the busyness of the season, a strategic mid-year financial check-up can help you stay on course to meet your goals—and maybe even discover some opportunities to enhance them.

At Axial, we recommend reviewing the following areas to ensure your financial house is in order. Here’s your simple, actionable guide:

1. Review Your Financial Goals

Reassess short- and long-term objectives.

Mid-year is a great time to revisit your financial resolutions or goals set earlier in the year. Have there been major life changes—like a new job, marriage, home purchase, or a child’s graduation? These milestones may shift your priorities or investment time horizons. Make sure your plan still aligns with your evolving personal and financial picture.

2. Check In On Your Budget and Spending

Track your current spending patterns.

With inflation still impacting many household budgets, understanding where your money is going is more important than ever. Use budgeting tools or review credit card statements to ensure your discretionary and fixed expenses are aligned with your income and saving goals. Look out for subscriptions or recurring expenses you may have forgotten about.

3. Maximize Retirement Contributions

Ensure you’re on pace for your annual limits.

If you contribute to a 401(k), IRA, or other retirement accounts, check your year-to-date contributions. The IRS increased contribution limits for 2025, so verify whether you’re taking full advantage—especially if you’re eligible for catch-up contributions. Adjusting contributions now can help you avoid scrambling at year-end.

4. Evaluate Your Investment Portfolio

Review performance and risk allocation.

Markets fluctuate, and so should your portfolio—based on your goals, not emotions. Are your current allocations still appropriate given your risk tolerance and financial plan? Midyear is a good time to rebalance your portfolio, take gains/losses where needed, and ensure diversification is working in your favor.

5. Review Insurance Coverage

Protect your family, assets, and income.

Life insurance, disability insurance, umbrella policies—are all worth reviewing annually. Life events or asset growth can mean your current coverage is outdated. Also, if you’re traveling more this summer, check if your health insurance covers out-of-network or international care.

6. Prepare for Upcoming Taxes

Avoid surprises with estimated payments and withholdings.

If you’ve had changes in income (raises, side jobs, investment gains), you may need to adjust your withholdings or make estimated tax payments. Consider speaking with a tax professional now to avoid an April surprise later.

7. Organize Estate Planning Documents

Update or review wills, beneficiaries, and healthcare directives.

Mid-year is a smart time to ensure your estate plan is up to date. Review beneficiary designations on retirement accounts and insurance policies. If you don’t have essential documents like a healthcare proxy or durable power of attorney in place, make it a priority.

Final Thoughts

Summer is a season for making memories, not financial stress.

Taking time now for a midyear financial check-up can give you clarity and confidence heading into the second half of the year. As always, our team is here to help guide you through these steps and tailor them to your unique financial goals.

Need help? Reach out to schedule a check-in with your advisor before you unplug for the summer.

This content was created using generative artificial intelligence. Output used in this material has been verified by the author/advisor.