Use our checklist to get a picture of your financial progress and plan ahead for the rest of the year.
3.5 minutes
When it comes to managing your finances, small proactive steps go a long way. Regularly checking in on your goals and progress is a perfect example: it not only helps you stay on track, but can also reduce stress and prepare you for any surprises in the future.
But when life gets busy, a monthly check-in might not always be in the cards. You can still stay on top of your finances with a quick and easy mid-year wellness check. Our checklist breaks down this process into concrete steps, so you can either set aside a day to complete your check-in, or take care of a few tasks at a time.
So grab a cup of coffee, sit down with your financial statements, and get ready to take control of your financial future!
Having a simple budget is the foundation of financial planning. It helps you understand where your money is going and how much you can set aside for savings or debt repayment.
Here’s what you can do to get a better picture of your spending and income patterns, and adjust your budget for the remaining months:
🔲 Analyze your spending: Look at your bank and credit card statements for the first six months of the year and categorize them (many banks do this for you when you log in to your account online). This will help you see where you might be overspending.
🔲 Reallocate your income: After reviewing your spending, adjust how you allocate your income to better cover your expenses. For instance, if you’ve been spending more on groceries than you thought, adjust your budget to reflect that. If you’re spending less in a category, you can allocate that extra money towards specific goals.
🔲 Plan for upcoming expenses: List any big-ticket items or events in the upcoming months, such as holidays, back-to-school shopping, or travel plans. Setting aside funds for these expenses in advance can make them more manageable.
Life can throw curveballs that lead to debt, and sometimes it seems like those balances won’t ever go away. But by keeping an eye on your debt, you can create a plan to pay it down and keep financial stress at a minimum.
Here’s how you can get on top of your debt:
🔲 List all debts: Gather information on all your debts, including credit cards, personal loans, student loans, and mortgages. Although it may feel daunting, having all of this information laid out in front of you ensures that nothing’s falling through the cracks.
🔲 Review interest rates: Identify which debts have the highest interest rates. Prioritizing these can help you pay down your debt more efficiently, saving you money in the long run.
It’s important to build up a safety net for unexpected expenses while also saving for your long-term goals. Give yourself security and peace of mind with these two simple steps:
🔲 Set your goals: If you haven’t already, determine what you’re saving for and how much you need. Tools like a savings calculator can help you set realistic goals. Use Exhale’s financial calculator.
🔲 Automate your savings: Set up automatic transfers to your savings account so you can “set it and forget it.” Small, regular contributions will add up over time. Learn how to save with Exhale.
Revisiting your financial goals mid-year helps ensure they’re still relevant and achievable. It’s an opportunity to adjust your plans based on any changes in your financial situation.
🔲 Review your progress: Check to see if you’re on track to meet your goals. Celebrate any progress you’ve made 🎉 and take note of where you’re behind.
🔲 Adjust goals: Life changes, and so should your financial goals. For example, if you received a promotion, you might increase your saving goal. Or if you’re facing unexpected expenses, you might need to adjust your debt repayment plan. Re-evaluating and adjusting is normal—don’t be afraid to make changes!
Use this as a chance to take a step back and reflect on what you’ve learned (and accomplished!). Remember, financial wellness is an ongoing journey. By setting aside time to check in every once in a while, you can approach the journey with confidence. And don’t forget to celebrate your progress along the way!
