Financial Wellness Checkup - Mid-Year Review

June 24, 2024

As we approach the midpoint of 2024, now is a perfect time to conduct a personal financial wellness checkup. Reflecting on your financial goals and progress can help you stay on track and make necessary adjustments to ensure a prosperous year. Here’s a comprehensive guide to performing a mid-year financial checkup.

Evaluate Your Budget

The first step in your mid-year financial review is to evaluate your budget. If you followed the 52-Week Money Challenge we discussed at the start of the year, you’re already well on your way to building up your savings. Review your budget to see how your spending compares to your initial plan. Identify areas where you might have overspent and look for opportunities to reallocate funds to more critical areas.

For example, if you’ve been able to save more than expected, consider directing those extra funds toward debt repayment, boosting your emergency fund, or setting extra aside for retirement. However, if you’ve overspent, now is the time to identify non-essential expenses you can cut back on for the remainder of the year.

Check Your Emergency Fund

An essential component of financial wellness is having an emergency fund. Mid-year is an ideal time to either continue to grow your emergency fund or to replenish it if you’ve had to use it this year. Ideally, your emergency fund should cover three to six months of living expenses.

To optimize your emergency savings, consider using a high-yield savings account. MSUFCU's Savings BuilderSM account, for instance, offers competitive rates on smaller balances, making it easier to grow your emergency fund quickly. By keeping your emergency fund in a high-yield account, you ensure your savings grow, providing a more substantial financial cushion for unexpected expenses.

Review Debt Management Strategies

Managing debt is crucial for financial health. Reflect on the progress you've made toward paying off any debts. If one of your goals this year was to pay down debt, review the debt-reducing strategies you've been using. Are you prioritizing high-interest debts first? Have you considered consolidating debts to take advantage of lower interest rates?

If you’ve made significant progress, celebrate your achievements! If you’re not as far along as you’d hoped, reassess your approach. Consider increasing your monthly payments or using any extra savings from your budget review to pay down debt faster.

Reassess Your Savings Goals

At the start of the year, you likely set various savings goals. Whether you were aiming to build an emergency fund, save for a vacation, or put money aside for a down payment on a house, mid-year is the time to assess your progress. Are you on track to meet your goals by the end of the year? If not, adjust your savings plan.

Consider automating your savings to make the process easier. Set up automatic transfers from your checking account to your savings account each month. This ensures that you consistently save money without the temptation to spend it.

Boost Retirement Contributions

Your mid-year financial checkup should also include a review of your retirement account contributions. If you've received a raise or a bonus this year, consider increasing your contributions. Increasing your 401(k) or IRA contributions by just 0.5% each month can significantly boost your savings in the long term and help you achieve your financial goals faster. Taking advantage of employer-matching contributions in your retirement plan is also crucial to growing your future resources.

If you don’t have a retirement plan yet, consider investigating account options that can help you start saving. It’s never too late to start saving for retirement and even small increases in your contributions can significantly impact your financial security in the long term.

Inspect Your Credit Report

Maintaining a good credit score is vital for your financial health. Consumers with higher scores typically have an easier time qualifying for a loan and will most likely be offered lower interest rates. With a good credit score, you’ll also ensure less red tape when you are preparing to make a big purchase or reach a financial goal this year, such as buying a house. If you check your score and it could use improvement, consider prioritizing building a healthier credit score through the rest of the year to help set yourself up for success financially in the long run.

Mid-year is also an excellent time to check your credit report for errors or signs of identity theft. You can access your credit report for free as an MSUFCU member or directly from the three major credit bureaus. Ensure all information is accurate and take steps to improve your credit score if necessary.

Year in Review

Performing a mid-year financial wellness checkup helps ensure that you are on track to meet your financial goals for this year and be prepared to succeed in the next. By evaluating your budget, checking your emergency fund, managing your debt, reassessing your savings goals, boosting retirement contributions, and inspecting your credit report, you can make the necessary adjustments to maintain or improve your financial health for the rest of the year and achieve your goals.

Stay proactive and use this mid-year review as an opportunity to enhance your financial wellness. For more information on how to build a successful savings strategy or inquire about our helpful financial products, speak to a member of our team at your local branch or visit our website at

Tags: Budgeting, Savings, Retirement